Top Vendor Management Software in 2024

Vendors’ management is crucial for businesses to be more effective regarding resource management and cost control. Such dealing with the big-size vendors interconnected with the suppliers, manufacturers, distributors, service providers, and contractors may be challenging for a procurement team. However, they are often left in the dark, wandering between spreadsheets, emails, and paper documents, trying to associate this and that to track contracts, performance, and compliance, which is not a joke.

These separate methodologies decrease productivity and may result in unseen errors and time wastage. This is where vendor management software comes along as a champion, showing its presence by creating a centralized platform to aggregate and access all vendor information intuitively. Instead of using numerous sources and trying to keep track of everything, teams can manage the entire vendor lifecycle just within a one-stop solution that gives them better conduct options, transparency, and control in the procurement process.

What is Vendor Management Software?

Vendor management software is a comprehensive tool that streamlines the movements and complex interactions between the organization and its outside vendors, suppliers, and other third-party service providers. It is a central place for all of this information, where we can keep track of different profiles, contracts, performance metrics, and other relevant data.

Therefore, it enables organizations to conduct detailed evaluations of potential vendors by considering important pre-determined factors such as business goal compatibility, assurance of quality products, and adherence to laws (compliance). This, in turn, simplifies contract management processes that include creating, tracking, or overseeing vendor agreements from their inception until they expire or are terminated.

This software operates efficiently in the entire procurement cycle, from initiating and sending purchase orders to monitoring order status and handling invoices and payments.

Top Vendor Management Software

Here’s a list of top Vendor Management Software that can help you streamline your business’s operations.

Vanta

Vanta is an all-in-one security and compliance system intended to make the audit process more efficient for companies. It has various tools that explore the entire company’s operations to detect weaknesses and automate conformity processes, significantly decreasing the time spent preparing for audits.

Therefore, Vanta focuses on well-known security and privacy frameworks such as SOC 2, ISO 27001, and HIPAA; organizations can establish effective compliance procedures based on them.

Vanta Features:

Trust Reports: Streamline NDAs while reducing back-and-forth communication through customized trust reports that respond to the most commonly asked questions about safety.
Questionnaire Automation: Automate responses to security questionnaires by creating a Q&A library and tracking commonly used answers.
Risk Management: Simplify current audit workflows, manage risks effectively, and resolve problems as they occur.
Vendor Risk Management: Automate vendor review processes, including discovery, risk assessment, and remediation.
Access Management: Secure critical systems by ensuring authorized individuals only use them, thus minimizing the risk of internal abuse or external threats.

PRM360

PRM360 is a one-stop solution that manages the procurement process of posting requirements, receiving vendor quotations, validating invoices, and facilitating payments. This high-level platform handles all procurement activities, ensuring seamless integration and efficient workflow management.

PRM360 Features

Procure-to-Pay: Bring together agreements, contracts, and invoices for faster e-procurement turnaround time.
Contract Management: Automates the whole contract cycle from drafting and collaboration to signing, as well as monitoring contracts, thereby minimizing manual labor
Catalog Management: Users can load, format, publish, and maintain product data in a single dashboard
E-Invoice Management: It enables invoice matching with purchase orders, contracts, receipts, and accounts payable entries. It also identifies invoice errors and prevents the inclusion of fake ones in the system.
E-Auction Procurement: It works as a real-time e-auction tool for procurement purposes, including e-bidding processes, negotiations, reverse auctions, logistics auctions, and forward auctions.

OnSpring

Onspring is a GRC software that integrates several features to streamline and automate business operations. Onspring’s GRC Suite is ideal for Small and Medium-sized Businesses (SMEs) because it utilizes people-powered automation and can handle large amounts of data while integrating with various ERP systems and CRM platforms. Onspring’s GRC Suite provides:

A centralized platform for managing governance frameworks.
Assessing and tracking vendors.
Ensuring compliance with industry standards.

Onspring Features:

GRC Suite: Manages governance frameworks, vendor assessments, and compliance tracking.
Task Management: Assigning individual tasks based on due dates, budgets, and priorities.
Messaging: Automated notifications to team members through email, SMS, or Slack with centralized storage for future reference.
Real-Time Reporting: Data on specific locations to assess vendor risks and continuity plans that can update multiple records simultaneously.
Dynamic Workflows: Built-in templates or user-defined options allow complex business processes to be automated where users are automatically enrolled by multiple means.

Genuity

Genuity is a full-cycle IT management platform that helps companies make informed decisions about the technology that runs their core operations. Its comprehensive vendor cost optimization feature enables businesses to manage expenses, software licenses, agreements, and compliance, optimizing the tech stack.

Moreover, Genuity can be easily integrated with commonly used applications such as Salesforce, Office 365, GSuite, Azure, Xero, and QuickBooks, hence providing an effortless experience.

Genuity Features:

Contract Tracking: Use an all-in-one contract monitoring function to track every phase of the contract lifecycle and manage supplier contracts.
Asset Monitoring: Get insights into each company’s assets in real-time, know what you have, and track their statuses through a comprehensive dashboard.
Telecommunications Services Management: Efficiently handle utilization rates, expenditures, network resources, and services by all vendors while keeping track of telecommunication activities based on location, service type, or features, e.g., DID/IP addresses.
Network Surveillance: Obtain total visibility across your infrastructure; monitor all traffic, applications, or systems via pervasive monitoring; gather live performance data and take immediate action.

Leadsquared

It is a platform that can perform numerous customer relationship management (CRM) functions for businesses to ease their vendor management process. LeadSquared is designed for companies looking for an all-in-one platform to manage vendor and customer relationships cost-effectively.

This means businesses can use it to improve their vendor management strategies by automating vendor onboarding, centralizing communication, and generating insights from data.

Leadersquared Features:

Automated Workflows: Automate everything associated with your vendor’s onboarding, communication, or review processes so your teams get more time for strategic issues.
Centralized Communication: In Leasquared, all correspondence with vendors, including emails, notes, and documents, is fully integrated, ensuring clarity and facilitating easy referencing.
Customizable Reporting: Track vendor performance in real-time, identify weak areas to improve, and maintain a data-driven approach to managing suppliers using personalized reporting tools.
User-friendly Interface: This simplified platform makes it easier for acquisition teams to adopt and use it effectively and quickly.
Scalable Solution: It grows as the business expands its supplier base without affecting vendor management.

Airbase

Airbase is an all-in-one spend management platform that allows companies with 100 to 5,000 employees to take control of their expenditures. It is also an application for managing vendors and running accounts payable and corporate cards.

Airbase aims to simplify financial operations by incorporating features such as automatic audit trails, multi-subsidiary and multi-currency support, invoice matching in three ways, a vendor portal, and digital wallets for contactless payments.

Airbase Features:

Automatic Audit Trail: All the transactions are captured at once, and then this information becomes easily accessible through its trail.
Multi-Subsidiary & Multi-Currency: It manages the complexities of global finance by allowing payments in foreign currencies.
3-Way Match: It matches purchase orders against invoices and item receipts synced from NetSuite via three-way match.
Vendor Portal: This is a venue for vendors to manage their details, send invoices, upload documents, track payment status, etc.
Digital Wallets: We can add Airbase cards to Apple Pay or Google Pay to make contactless payments possible.
Seamless Integration: The system works well with shared general ledgers such as NetSuite and Sage Intacct.
Custom Approval Workflows: Provides advanced approval rules to allow customization of approval workflows.

SAP Fieldglass

SAP Fieldglass is a comprehensive vendor management system (VMS) that provides organizations with a centralized platform for managing their external workforce, including freelancers, contractors, and temporary staff.

This advanced solution streamlines the process of finding, hiring, and managing contingent workers, ensuring compliance with relevant regulations and enhancing visibility into the external workforce’s day-to-day activities.

SAP Fieldglass Features

Contingent Workforce Management involves Tracking and managing external workers, evaluating candidates, and gaining visibility into their daily activities.
Services Procurement: Manage master contracts and statements of work (SOWs) and automate onboarding tasks like creating security IDs and system access.
Worker Profile Management: Access comprehensive information on external workers, assign unique security identification numbers, and consolidate historical data into a single record.
Assignment Management: Streamline team assignments through a single interface, allocate resources from a resource pool, and assign workers to multiple assignments across different periods.
Reporting and Analytics: Gain real-time access to data and actionable insights on your non-payroll labor force.
Seamless Integration: Easily integrate SAP Fieldglass with other SAP solutions like SAP SuccessFactors, SAP Ariba, and SAP S/4HANA.
Compliance and Localization: Ensure compliance with regional and local tax and labor regulations across 180 countries and 21 languages.

Conclusion

Selecting an appropriate vendor management platform is a decisive decision that can significantly impact the robustness and endurance of your relations with vendors. This will mean purchasing the proper system that can provide organizations transparency and control over vendor costs, thus helping them reduce risks and maximize returns from their vendor portfolios.

Businesses should evaluate different aspects, such as the scope of functionalities available, ease of use, and ability to grow while deciding on the best vendor management solutions. Companies can thoroughly evaluate these factors and find a vendor management solution that suits them perfectly and meets their needs. Hence, it supports their business growth.