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How To Pick the Right Vendor Management Software

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How To Pick the Right Vendor Management Software

“Let your customers be your partners; let your vendors be your employees. What's necessary for this transformation more than anything else is courage and a willingness to change.” – Quote by Safra A. Catz, CEO of Oracle Corporation

Let’s start at the very beginning by understanding what exactly is vendor management software? The answer is that it is an internet-based software/application which keeps tabs on all vendors effortlessly, their contracts, and responsibilities. It also enables a business to obtain and manage temp, contractual, or contingent staff members. It is a centralized place where all activities pertaining to vendors are consolidated for easy management.

Selecting a good VMS is not an easy task. Many parameters must be thought of when looking for a VMS for your business. Here are some pointers to aid you in your search.

Know more about Vendor Management App here

The following considerations must be kept in mind when picking the right Vendor Management Software:

Data-intensive – Choose the software which allows you to upload every piece of information. It could be data, contracts renewal deadlines, contract details, banking documentation, risk assessments, etc. The more the merrier. All the data must be stored in one central place for easy accessibility.

Synchronization with Major ERPs- Go for a VMS that syncs with your ERP systems using native integration adaptors. As a result, you don’t have to spend money on customized interfaces.

Data sharing- An important consideration is that the VMS offers the option for data sharing with vendors and third-party service providers.

Easy accessibility – The software must be easily accessed from anywhere, anytime.  So if a team member is working from home, on the field or in a remote location, they should be able to access, make changes and update records at any given time.

Monitoring and tracking -The software enables you to keep track of the entire vendor process. You get a clear view of vendor work, expenses, and budgeting. The data available in real-time enables quick decisions to be made. Based on certain predefined performance metrics, scores can be allocated to various vendors. This helps in deciding who to allocate more business in the coming times.

Customization - Since the reason for adopting a VMS is to streamline processes and simplify life, select a VMS that is customizable as per your requirements. The provision of after-sales support must be available and the vendor should provide intensive training (onsite or offsite) for higher adoption by users.

Complete process automation – The right and the best VMS offers automation for the entire vendor process. From vendor selection to invoicing and ratings, every step must be automated thus freeing team members from repetitive tasks, thus freeing them for important tasks at work.

Venleo app from Codleo Consulting is your solution for vendor management and for the right software that will take care of all your issues. Crafted by the bright team with years of experience, it is imaginative and encompassing keeping in mind all the needs of businesses of tomorrow.


About the Author

RS Maan

Maan joined Salesforce Ecosystem in 2008 with entry of Salesforce in APAC region. He worked on many of the underlying Salesforce Products & it’s functionality, including Heroku, Chatbots, and Einstein before leading Codleo Consulting - Leading Partner of & In his spare time, he immerses himself in travel, books and spirituality.

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