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How to measure Vendor Management
Good procurement software should make your life easier, but first things first, it should be easier to adopt. For that, procurement software must have an easy-to-use interface that requires minimal end-user training. Next, choose software that provides flexibility, scalability, and smooth integration with your current operations.
It should be able to eliminate all the tedious manual operations and automate them to provide clear visibility, transparency, and trackability to all stakeholders. A comprehensive approval system is a must-have to ensure all these features, so every transaction gets cleared in less possible time.
Moreover, good procurement software should help you collaborate with your suppliers in real-time by letting them update information and product catalog on their own. Not only this, but it should help you manage supplier performance and compliance data in an organized way, along with improving collaboration within your teams by breaking data silos with a centralized data management system.