Importance of vendor Management App And How It Can Benefits your Business
“Remember, a real decision is measured by the fact that you’ve taken a new action. If there’s no action, you haven’t truly decided.” – Quote by Anthony Robbins, author, and speaker.
The jewelry business is a cut-throat industry and a very profitable one. It involves high stakes and big margins. It is also dependent on vendors for a number of goods and services. No one knows that more than Toshi and Sachin Kapoor, who runs a successful business in DLF Gurgaon, the products being exported to many countries. It is Toshi Kapoor who looks after the administrative portion of the business had to manage the vendors and their issues. This was a time-consuming affair and seemed to bother quite a bit. Till she came across some articles on the internet on software called “vendor management app” and was intrigued. The research led to contacting a Delhi based software company and the rest they say is history. The Kapoors are now more at ease with Toshi able to manage other vital tasks in the company.
Toshi and Sachin invested in a vendor management app because they knew it was important and made their life easier. Here are 5 reasons why such apps are important for businesses of all sizes, who deal with vendors and service providers:
Optimize the performance of the company – The app enables you to monitor and measure the performances of each vendor with the contractual obligations. You can track if their processes meet your requirements. This enables the company to perform optimally and leading to overall efficiency.
Reduce costs – With a holistic view of the entire process, hidden and nonessential costs are bought to the fore. Thus you can take measures to reduce costs and impact your financial bottom lines. It enables businesses to negotiate better rates with vendors; gain discounts which all aid in adding to the company profits.
Better relationship with vendors – With good vendor management, processes are streamlined and efficiencies are increased. Good vendors are rewarded with repeat & higher orders. The relationships with vendors are easier, cordial, and fulfilling.
Administrative Competence – A good vendor management software/app boosts the administrative competence of the business. The app allows a business to cut back on data duplication, loss of data, costs on human resources spent on manually overseeing the vendor processes as well as errors. A centralized place for all things associated with vendors can improve the functioning of the company on a daily basis
Business brand value protection – Unprofessional & unethical vendors can mar the public image and reputation of companies and their image. An app such as this will give you inputs into vendors’ ethical, social, and environmental foundations. Thus you are able to protect your brand value from those vendors whose action will tarnish it. For example, sweatshops in Bangladesh have impacted the imaging of many American clothing companies.
Vendor management can be easy-peasy with such intelligent and customizable apps that allow the freedom to track, update, and allocate tasks to the vendors & make them perform optimally. The ability to manage vendors is now in your hands, the power lies with you.
Also know more about Vendor Management App