An organization’s vendors can be managed consistently by regular communication and by monitoring using vendor management software. Vendor management can be tedious and time-consuming when done manually. On the other hand, vendor management software assists companies to keep track of their third-party risk providers’ prices, quality, and performance more efficiently.
Different tools for managing vendors can be found on the market nowadays. Vendor management is a difficult task that requires a lot of preparation and evaluation.
As a result of my decades of experience, I have developed a list of the finest vendor management software options available. If you’re in a rush to find the best vendor management system on my list, here are the top three on my list:
- What Is The Best Vendor Management Software?
- 1. Connecteam – Top Pick
- 2. Genuity – Best For IT And Financial Services
- 3. Gatekeeper – Best For Large Companies
- 4. Precoro – Widest Integration
- 5. Onspring – Excellent Customer Support
- 6. Chondrion – Ideal For Retail Businesses
- 7. Oracle SCM Cloud – Easy to Use VMS
- 8. Bright Source – Fast And Accurate Data Management
- Vendor Management Systems: What To Consider
- What Are The Benefits Of Using A Vendor Management System?
- What Is The Average Price Of A Vendor Management System?
- What Are The Most Common Kinds Of Vendor Management?
- How Can A Vendor Management System Be Put Into Practice?
What Is The Best Vendor Management Software?
|Best overall. All-in-one solution with complete managers dashboard. Starts at $47/month.||Best for value for money. IT-specific features for automating requests. Starts at $29/month.||Most features. Cloud-based technology with limitless storage to use. Starts at $875/month.|
|Try Connecteam||Try Genuity||Try Gatekeeper|
Now if you want to know more about why they are on top, continue reading the get a full-blown explanation.
1. Connecteam – Top Pick
Best Overall Vendor Management Software [$47.00 Per Month]
Remote teams and mobile employees benefit greatly from Connecteam, an award-winning all-in-one solution. When it comes to managing and engaging suppliers and contingent labor, it includes a broad range of functions.
Connecteam enables direct spend management, an easy, safe, and accurate workflow with a complete managers dashboard, and the ability to onboard, connect, and pay suppliers according to your business’s requirements.
Although many of the capabilities provided by Connecteam aren’t specifically intended to manage supply chains, they can be adapted and adjusted to meet the same goals as many of the other vendor management systems on my list.
Cloud-based systems like Salesforce, Oracle, Kronos, and Microsoft Dynamics can all be synced with the system.
You should carefully consider adopting Connecteam’s vendor management capabilities for the following reasons:
Pros And Cons Of Connecteam
|Extremely user-friendly||Not exclusive for a vendor management software|
|Multi-featured all-in-one application|
|Excellent customer service|
|Directly pay suppliers without hassle|
Connecteam Pricing Plan
- Free ($0/mo.): Users can view & edit personal profiles. It also offers in-app links (shortcuts), multi-branch / location management, live GPS tracking (breadcrumbs), process automation, conflicts & custom limitations, and new device login alert.
- Basic ($47/mo.): Smart Groups and admin permissions are possible in this plan. Geofence for the Time Clock, recurring shifts and templates for the schedule, advanced filtering & bulk actions, lock days in timesheets, kiosk only clock in and out, auto clock out, and recurring tasks are possible when purchasing this plan.
- Advanced ($95/mo.): Automatically filter dates for more than 30 days, time tracking includes all report types, GPS, and unlimited jobs. Payroll software integration, shift info (location, notes, media & files), claiming Open Shifts, users can add images to a form, past-due Tasks Quick View, and save Task as a Draft function are available on this plan.
- Expert ($191/mo.): All functions from free to advanced pricing plan and these features: Real-time clock in & out, job scheduling, unlimited checklists & forms with templates library, task management & delegation.
Try out the free features of Connecteam to know the basics of their features. You can then upgrade to the Basic plan which only amounts to $47.00 per month, it offers a lot of features already.
2. Genuity – Best For IT And Financial Services
Best Vendor Management Software For IT And Financial Services [$29.00 Per Month]
Genuity is a supplier relationship management tool for IT professionals that offers a wide range of unique features at a moderate cost.
My top pick for IT organizations is Genuity’s vendor management tool, which was built with IT and financial experts in mind. In addition to standard vendor management capabilities, you’ll discover plenty of IT-specific features, such as the ability to automate help desk requests and control telecom bills.
A vendor management software like Genuity is one of the most cost-effective options available, but there’s a catch: you get what you pay for. Although the company’s functionality is restricted when compared to other platforms, it gives the fundamental tools your IT staff needs to analyze expenditures, manage contracts, monitor your network, and establish visibility across all of your assets..
Cloud-based applications like AWS and Salesforce can be integrated with the program. Genuity’s online marketplace is also a good area to look for new SaaS suppliers and to locate low-cost hardware and software products.
Founded by IT specialists, Genuity is based in Chicago, Illinois. Independent review sources like G2 have repeatedly ranked Genuity as a “High Performer” for Winter 2021.
Pros And Cons Of Genuity
|Allows for unlimited users||Not the best alternatives for deskless organizations|
|User friendly||Doesn’t have a wide range of functions|
|Provides telecom expense management|
|Extremely useful for IT|
Genuity Pricing Plan
- Flat Rate ($29.99/mo.): There are six functions in one pricing plan, so you don’t have to pay for six separate services. You will get access to their IT management suite, technology marketplace, and enjoy your favorite cloud app for less with Genuity.
You should try their 30 days free trial that is risk-free. Genuity would not require your credit card details, just your company email address.
3. Gatekeeper – Best For Large Companies
Most Recommended Vendor Management Tool For Large Companies [$875.00 Per Month]
Gatekeeper, a vendor management system with limitless storage and users, is an excellent choice for big organizations.
Gatekeeper is a cloud-based technology that is very simple to teach to large and small groups of people. Its vendor management capabilities are simple to understand and use to their full potential.
Managing, storing, and overseeing contracts is simple, and every step of a vendor lifecycle can be tracked and you will get notifications in real-time, regardless of how many suppliers you interact with. So, from finding new suppliers to signing contracts electronically and automating the onboarding procurement processes, everything is a breeze.
Gatekeeper’s customizability is also a big plus. The Kanban board allows users to customize their business processes to meet their own business requirements. It also works with more than 200 other applications, including document management systems, email, and SSO.
Gatekeeper is one of the more costly options on my list, despite its numerous advantages. A free trial of the solution is the best way to assess whether the solution’s features are right for your organization before investing in a paid subscription.
Pros And Cons Of Gatekeeper
|Cloud-based platform||Only annually paid-plans available|
|Customizable vendor portal||Enterprise plans is expensive|
|Multiple 3rd party integrations|
Gatekeeper Pricing Plan
All pricing plans come with unlimited users.
- Essentials ($875/mo.): Offers 150 suppliers, 150 contracts, unlimited archived suppliers & contracts, unlimited eSign licenses, professional onboarding, and annual reviews.
- Pro ($2,095/mo.): Offers 500 suppliers, 500 contracts, unlimited archived suppliers & contracts, unlimited eSign licenses, professional onboarding, and bi-annual reviews.
- Enterprise ($3,725/mo.): Offers 1000 suppliers, 1000 contracts, unlimited archived suppliers & contracts, unlimited eSign licenses, professional onboarding, and annual reviews.
Gatekeeper is ideal for large companies which is why their pricing plans are way too big compared to other vendor management software pricing plans. Consider purchasing their Essentials plan first before trying their other plan.
4. Precoro – Widest Integration
Wide Range Of Vendor Management Integration [$35 Per Month]
You should use Precoro‘s web portal to handle contracts, maintain essential vendor information, and monitor vendor performance, among other functions. Using this program, procurement is a breeze.
With Precoro, users benefit from its simple, user-friendly interface, and excellent customer support. As a result, suppliers can quickly get up to speed on the latest technologies. Xero and Quickbooks Online are two of the systems it can connect to.
Precoro’s vendor management skills are beneficial to companies in a variety of sectors, including construction, healthcare, hospitality, and manufacturing.
Pros And Cons Of Precoro
|User friendly software||No compliance management feature|
|Useful for all business industries||Direct payment to vendor is not possible|
|Provides suppliers portal||Small Plan is limited to 20 users only|
|Excellent customer service|
Precoro Pricing Plan
- Small ($35/mo.): You can access all the features offered by Precoro like purchase requests, purchase orders, requisition, supplier and budget management as well as all future updates, features, and releases.
Precoro does not offer any free trial on its vendor management software.
5. Onspring – Excellent Customer Support
Best Virtual Training Of Vendor Management Systems [Price Given Upon Request]
Onspring is a fantastic starting point for firms looking for a vendor management solution. Using virtual training sessions and customer assistance, new customers can be up and running with this program in no time.
It features the ability to keep all vendor contracts and information in one location, as well as manage them. New vendors can be easily added and removed, their contracts tracked, the dashboard customized, and much more. Users drag and drop jobs with ease on Onspring’s user interface, which is very simple to use.
Unfortunately, Onspring doesn’t have as many integrations as some of the other options. A salesperson must be contacted to get price information.
Pros And Cons of Onspring
|User-friendly interface||Limited functions|
|Excellent customer service||No direct payment for vendors available|
|Vendor onboarding available|
Onspring Pricing Plan
The only way to know the pricing information is to create a license model, and platform level, then request a quotation from Onspring.
6. Chondrion – Ideal For Retail Businesses
Advanced Inventory Tracking System As Vendor Management System [$100 Per 1000 Orders]
Chondrion provides a consolidated platform from which users can manage all aspects of their party vendors’ businesses, including inventory, centralized dashboards, sales, pricing, and shipping.
For its main feature, Chondrion gives customers the ability to see exactly what they need, as well as the ability to determine price, communication, and operating expenses policies.
The customer support staff at Chondrion is also excellent at helping teams get the most out of the product, while also attempting to provide additional features that are lacking from their present experience.
Chondrion is more adaptable in terms of integrations. Accounting and payroll software like Quickbooks Online can be integrated with many of the solutions on this list.
Pros And Cons Of Chondrion
|Supports built-in accounting reports||Needs more 3rd party integrations|
|Excellent customer service||No quote management|
|User friendly interface|
|Good inventory management template|
Chondrion Pricing Plan
Chondrion’s price is depending on the number of sales orders it receives each month.
- Standard ($100/1000 orders): Offer unlimited users, products, suppliers, and POS lanes. Also offers one online store, one marketplace, one basic warehouse, one company identity, and limited customization.
- Advanced ($500/6000 orders): Offer unlimited users, products, suppliers, and POS lanes. Also offers unlimited online store, unlimited marketplace, unlimited basic warehouse, unlimited company identity, unlimited customization, API access, serial tracking, and more.
Try purchasing the Standard pricing plan of Chondrion. With only $100, you can already have access to 1000 orders. You can then upgrade to their Advanced plan if you think that 1000 orders are too low for your firm.
7. Oracle SCM Cloud – Easy to Use VMS
Vendor Management Software With Interactive Reports And Tracker [$500 Per Month]
Small and medium-sized firms will benefit the most from Oracle SCM Cloud, which is one of the most long-standing vendor management systems on my list.
There’s hardly any vendor management software out there that can’t handle everything from procurement to purchase order management to product lifecycle management to inventory.
Again, it’s worth noting that this solution’s main purpose is vendor management, while Oracle SCM Cloud’s other features give organizations an all-in-one experience for managing personnel. Vendor management can be accomplished using several of the capabilities of Oracle SCM Cloud.
Pros And Cons Of Oracle SCM Cloud
|Big storage space||Experiencing slow loading sometimes|
|Access to product life cycle management||Poor customer service|
|User friendly interface|
Oracle SCM Cloud Pricing Plan
- Planning Central ($500/mo.): Each user will pay $500.00 a month, or $25.00 per 1,000 planned item locations, for at least 10,000 planned item locations.
- Demand Management ($300/mo.): It costs $300 per month per user for at least 20 users; $5 per 1,000 planned item locations per month for at least 10,000 planned item locations; must be an existing Planning Central Cloud subscriber.
- Sales & Operations Planning ($500/mo.): It costs $500 a month for each user with a minimum of 20 users, and $30 per 1,000 planned locations with a minimum of 10,000.
- Supply Planning ($300/mo.): For at least 10 users, $300.00 a month per user; $5.00 per 1,000 planned item locations for at least 10,000 planned item locations; must be a current Planning Central Cloud subscriber.
Sales & Operations Planning is recommended for you to try as the features it offers are already good enough when starting with vendor management software.
Furthermore, there is a 30-day money-back guarantee on all subscription plans. Each plan’s rates and features vary based on a variety of factors, including the number of minimum users, the number of anticipated item locations, and any mandatory Oracle product subscriptions.
8. Bright Source – Fast And Accurate Data Management
Excellent Data Vendor Management Software [Price Given Upon Request]
Vendor management, inventory management, and sourcing are all included in Bright Source. An efficient inventory management system and vendor network are maintained using this software. Bright Source was created for companies of all sizes, whether in healthcare, office supplies, or consumer products.
The ease with which you can manage software connections, pick suppliers by filtering the necessary criteria, and make replenishment orders straight from the software are just a few of the primary advantages of Bright Source.
As a part of the Deposco Bright Suite, Bright Source is only one of a number of apps that can be used for a range of purposes, including order and warehouse management, as well as a point-of-sale retail application.
Pros And Cons Of Bright Source
|Excellent software for procurement||Limited functions|
|User friendly interface||Lack of pricing transparency|
|Free demonstration available|
Bright Source Pricing Plan
The pricing plans of Bright Source are provided upon request.
Vendor Management Systems: What To Consider
When selecting a vendor management system, there are a few crucial features to keep in mind:
- Data management: Vendor data and documentation including financial statements, contracts, and insurance certificates can all be managed in a remarkable VMSt.
- Risk and KPIs: Automated assessments of new suppliers and automated risk assessments should be implemented. You should be able to monitor suppliers based on risk and performance metrics in your VMS system.
- Vendor communication & collaboration: Vendors should be able to securely give your company documents and information. Before, during, and after contract terms, you and your suppliers can interact and cooperate with the correct VMS gateway.
- Reporting: Vendor-based procedures should be straightforward to track and report on in an ideal VMS.
- Compliance management: Business needs vendor management software that makes it simple to adhere to stringent laws and regulations, such as those in the healthcare industry.
- Staffing and onboarding process: For this reason, it’s likely that you’ll want a VMS that makes it easy to find, interview, and onboard the best suppliers for your company.
- Integrations: Payroll software and 3rd party risk intelligence solutions should be able to be integrated with your vendor management platform.
What Are The Benefits Of Using A Vendor Management System?
There are several ways a vendor management system can be beneficial to a company. These are some examples:
- Vendors and suppliers’ performance can be monitored by users.
- To ensure safety and compliance, they use vendor management systems.
- Users can readily follow all transactions during audits as a result of greater transparency, which streamlines the approval process.
- Standardization of billing rates, invoices, contracts, and payment methods is made possible with VMS software. Forms, checklists, certificates, resumes, and IDs can all be uploaded and managed by users.
- VMS software has a slew of other advantages. Organizations become more efficient, overspending is discovered, and expenses are reduced because of the transparency of procedures.
What Is The Average Price Of A Vendor Management System?
A vendor management system’s cost is determined by the number of users, as well as the plan that is offered, and this varies from provider to provider. The number of suppliers you need to deal with will also be determined by your company’s size.
It’s also worth noting that many vendor management systems don’t make their price information available to the public on their websites. To receive an answer, you’re more than likely going to have to speak with a sales representative.
With a monthly fee of $29.99 for an unlimited number of users, Genuity is one of the most reasonably priced systems for managing vendors on my list. Gatekeeper, for example, costs $875 a month, but it has unlimited users as well.
At the end of the day, you need to pick a vendor management system that gives you the most bang for your buck. My top selection, Connecteam, charges $39 a month for the first 50 users on its basic plan.
What Are The Most Common Kinds Of Vendor Management?
Vendor management can take a variety of forms:
- Procurement: Choosing and obtaining services from suppliers.
- Vendor relationships management: establishing and sustaining mutually beneficial business partnerships with suppliers.
- Onboarding: assisting suppliers in adapting to your company’s procedures and culture.
- Performance management: Vendor performance is monitored and analyzed.
- Contract management: dealing with the contract life cycle, including renewals, revisions, and cancellations.
- Vendor risk management: managing the risks to the vendor’s financial health, information security, and intellectual property that are associated with these sectors.
How Can A Vendor Management System Be Put Into Practice?
You should use this program in many different ways. Including:
- Shared management services: As part of a shared responsibility arrangement, some businesses work with a VMS provider.
- In-house management: The vendor management system is completely under the authority of the customer, enabling them to employ features without consulting the supplier.
- Manager service provider: Alternatively, a company should opt to outsource all of its operations to the service provider.
It’s important to note that all of the VMS portals on my list are geared toward making it easier for companies and their suppliers to collaborate and communicate openly, while also providing total control over contract lifecycles.
It’s no doubt that Connecteam offers the greatest value, even if it isn’t precisely a vendor management system like the others on my list. This is because you are able to manage your in-house personnel while simultaneously doing almost all vendor management activities.
My recommendation is that you take advantage of the free trials or plans offered by the vendor management software on my list before making a final decision. So that you can get a better sense of which one is the greatest match for your organization, you should try out their essential features first.
You should also try visiting other review articles to get to know more about other software you can leverage for your business.