February 4th, 2019 • Procurement Process • Vendor Management
Vendor management tools are the technological solutions that allow organizations to manage their vendors consistently, through frequent collaboration and regular monitoring.
Managing vendors manually is a cumbersome and time-consuming process. Vendors management tools help businesses manage costs, track quality, and measure the performance of third-party vendors.
There is an array of vendor management tools available in the market today. Picking the right solution for vendor management is challenging, and demands a lot of planning and assessment.
We have compiled a list of the best supplier management solutions that help organizations in their search for the right VMS. Here are four vendor management tools that stand out from the crowd:
Procurify is an all-in-one procurement management software. Its vendor management module stores essential vendor information like contact information, address, payment terms, and contracts all in one place.
For organizations that purchase multiple goods from the same vendor, Procurify allows them to store all purchase orders in a centralized location to cut down shipping costs and minimize paperwork for both parties involved. Their vendor performance rating helps buyers determine how well a vendor is performing through scorecards and team reviews.
While Procurify is easy to use and implement, it lacks flexibility. Businesses have trouble tailoring workflows to fit around their operations. Also, Procurify can be a bit too expensive for small and medium businesses.
KiSSFLOW comes pre-equipped with 50+ apps like vendor onboarding, vendor offboarding, and performance reviews, which can be customized to suit your vendor management needs.
KiSSFLOW lets users create a dynamic vendor management process in minutes using its drag-and-drop visual form builder. It integrates seamlessly with other third-party tools through Zapier, so there is no need for manual workarounds.
The only drawback of choosing a custom vendor management solution like KiSSFLOW is that you need to build the workflows yourself. However, KiSSFLOW is not just restricted to vendor management. Users can create a number of other procurement apps as well!
Zycus is a workflow-based procure-to-pay management solution that optimizes every step of the vendor management process from vendor qualification to selection and vendor rating.
It offers an online self-service portal for suppliers which can be used for pre-qualification, catalog and bid management.
Its transparent rating system evaluates suppliers based on a number of pre-defined factors and picks an accurate bid winner every time. The AI-based auto-classification capability of Zycus made it a leader in the spend analysis space.
While Zycus offers a deep value for small to medium businesses, it may not fulfill the needs of large enterprises that are looking for a product with a global footprint.
Precoro is a user-friendly spend management solution that is designed to help businesses optimize their spendings and generate savings.
Its supplier management module stores all vendor information, purchase orders, invoices, and contracts in one place. The smart notification feature tracks agreements and makes sure nothing falls through the cracks.
Precoro’s self-service supplier portal allows vendors to manage catalog, update prices, control delivery dates, and respond to RFPs (request for proposals) in a click. It simplifies vendor communication and enhances collaboration.
Although it is quite extensive when it comes to functionalities, Precoro’s rigid approval workflows make users wish for more flexibility when trying to tailor a vendor management process attuned to their business needs.
Procurement teams have started using vendor management tools to collaborate efficiently with their vendors and track their performance better. With the evolution of technology, vendor management tools have evolved as well.
Although all the vendor management tools listed above offer an incredibly powerful vendor management experience, their feature set and customization functionalities set them apart. So, before leaping onto a specific product, take a look at each tool and verify whether it suits your unique vendor management process.
Take a look at KiSSFLOW, and see if it is the right fit for your organization.