What is a vendor management system?
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A vendor management system is a tech-enabled platform that helps organizations manage their suppliers. It enables companies to digitalize everything from goal establishment to performance monitoring and contract renewals/terminations.
Advanced vendor management software systems, like the one integrated into Kissflow Procurement Cloud, let suppliers manage their own catalogs. Such a system lets you, onboard vendors, while storing detailed information like payment terms, financials, etc. You can rate your suppliers yourself, too, and categorize them per standards.
Keeping track of vendor performances through KPI dashboards is straightforward through vendor management systems too. Having one platform makes data assessment less complicated for companies and provides complete visibility into external producers.
It is important to note that the capabilities of vendor management systems do not extend beyond the supply side of the business. The procurement process, in general, does not see automation. If you want to digitize your entire procurement software and benefit from automation when possible, you’re better off going with a procurement automation solution.
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