Whether you’re in the pursuit of vendor management software open source or supplier relationship management software free, sometimes one can get lost in the sea of information on the internet. That’s where we come in.
We have defined a list of some of VMS software elements and SRM examples to help provide a better introspective on the subject. While no article will be able to provide complete satisfaction for your search, our article is best suited as a helper in guiding you to the end.
SAP Fieldglass
SAP Fieldglass is a well-known name in vendor management. It’s one of the most robust and comprehensive end-to-end solutions, which is why we’re naming it the best overall.
With SAP Fieldglass, you can manage every aspect of your vendor network, from contract management to compliance and performance tracking. You can pay vendors directly from the platform, automate onboarding and offboarding processes, track certifications, and much more.
If you’re looking to hire new vendors, you can tap into the Digital Partner Network, which helps you find and hire contractors and service providers with specialized skills.
Another standout feature of SAP Fieldglass is the integrations. The platform uses an open API framework, which works with on-premise and cloud applications, like Oracle, Microsoft Dynamics, Salesforce, Kronos, and many others.
SAP Fieldglass is not a cheap software. Pricing is available by request only, but there is a free demo available. The software is relatively easy to use, but you’ll want to receive training for easier adoption. Luckily, SAP Fieldglass has 24/7 customer support that is available through the online support portal, phone, or chat.
SAP Fieldglass was founded in 1999 and has received multiple awards, has a presence in 180 countries, and boasts a 99% customer retention rate.
Genuity
Genuity’s vendor management platform is designed with IT and finance professionals in mind, which is why it’s our top recommendation for IT companies. You’ll find tons of IT-specific functionalities, like the ability to automate help desk requests and manage telecom expenses, in addition to classic vendor management tools.
Genuity is one of the most affordable vendor management software programs on the market, but there’s a catch—you get what you pay for. The company has limited features compared to other platforms, but it provides the basic tools that your IT team will need to track spending, manage contracts, monitor your network, and create visibility across all of your assets.
The software integrates with a variety of platforms, including AWS, Salesforce, G Suite, Quickbooks, Azure, and others. You can also shop Genuity’s online marketplace to find new SaaS vendors and get discounted hardware and software.
At just $29.99 per month, Genuity is one of the cheapest vendor management systems available, plus the flat fee comes with unlimited users. There’s also a 30-day risk-free trial if you want to try Genuity before you buy it.
Genuity is headquartered in Chicago, Illinois, and was started by IT professionals. The company has consistently earned high ratings from independent sites like G2, which named Genuity a High Performer for Winter 2021.
Gatekeeper
Gatekeeper is the best vendor management system for large companies that need widespread access. Every plan includes unlimited user seats and unlimited storage. Additionally, Gatekeeper’s cloud-based system is easy to deploy among a big team or department, so you can get up and running quickly.
With Gatekeeper, your team can track every aspect of the vendor lifecycle seamlessly, whether you have 20 contracts or 200 contracts. You can submit new vendor requests, automate onboarding, and use the eSign feature to approve contracts.
Gatekeeper uses a Kanban Workflow Engine to streamline data entry, manage SLAs, and build records automatically. You can even create customized workflows to eliminate manual processes, saving your team time and money.
The platform is completely cloud-based, so you won’t have to recruit your IT managers to configure or install anything. There are integrations with over 220 applications, including popular SSO, communication, DMS, and ERP solutions.
Gatekeeper’s software is pretty straightforward to use, but the company offers excellent training. New customers get paired with a customer success manager who can assist with implementation and onboarding.
Precoro
Precoro is the best vendor management software for SMBs. It’s one of the cheapest solutions on the market, so even if you’re working with a limited budget, you can still take advantage of powerful vendor management tools. Plus, it’s highly customizable, which makes it easy to add or change features as you scale.
Through Precoro’s online portal, you can store vendor contact information, manage contracts, and generate performance reports. The platform also has tools for procurement, including purchase request tracking and budget management.
In Capterra reviews, Precoro users claim that the platform is extremely easy to use and the customer service is top-notch. Precoro has comprehensive customer support, with dedicated customer success managers, personalized training and onboarding, migration preparation, and end-to-end support.
Precoro supports two types of integrations: automatic and flat-file. The product integrates with a variety of platforms, including QuickBooks Online, Xero, and NetSuite.
Beeline
We recommend Beeline to companies that are looking for a vendor management system with endless integrations. The company claims that it has a 100% success rate with customer integrations, which means any on-premise or cloud-based applications you’re already using can work with Beeline. Integrations streamline your entire tech stack, and help you get the most ROI out of your programs.
With Beeline, you can take advantage of standard vendor management system capabilities, like resource tracking, services procurement, contract management, vendor compliance, insurance and license validation, onboarding processes, and more.
In addition, you can find, negotiate with, and hire talent directly through Beeline’s Direct Sourcing tool. Beeline partners with TalentNet, a private talent network, to help customers find experienced service providers.
Although Beeline has tons of perks, the company also has a few downsides. For one, some G2 reviewers mention that implementing and using Beeline is somewhat challenging. Because of that, it’s a good idea to set up a team training before you dive in.
Note that Beeline doesn’t disclose its pricing online. To get a quote, you’ll need to contact the company directly.
Beeline was founded in 1999 and has been an innovator in the vendor management space for over two decades. The company works with more than 300 customers, about 70% of which have been using Beeline for at least seven years.
Onspring
Of all the vendor management systems we reviewed, Onspring has the best customer support by a landslide. The company holds regular virtual training sessions, day-long boot camps, and weekly “Free Friday” classes, where you can learn about new features, best practices, and implementation strategies from the client experience and solutions teams.
Onspring’s vendor management solution helps you centralize your vendor information and contracts. Using automation and real-time analytics, you can easily track contract status, streamline the onboarding process, identify overlap in your vendors, view trends, create customized dashboards, and more.
Onspring’s integrations are not quite as robust as some other providers we reviewed, but there are a few options. You can either use ready-made integrations, use a data connector, or create your own integrations using the open API app.
Another reason why we like Onspring is because it’s a no-code platform. You can use the drag-and-drop tool to build dashboards and workflows or build an app from scratch on your own without IT support.
The company doesn’t provide any information online about pricing, but you can contact a sales representative to request a quote.
Onspring first hit the market in 2010. Since then, the company has partnered with more than 125,000 users around the world, including Brigham Young University, Farmers Insurance, Humana, and Western Union.
Ivalua Supplier Management
This robust SaaS solution offers 22 modules for different business processes: procure-to-pay; e-sourcing, spend analysis and supplier management. Its supplier management platform includes features for vendor data management, document validation workflows, risk evaluation and more.
Who it’s for: Businesses looking for a central profile management solution for their vendors. For organizations in highly regulated industries (like manufacturing and healthcare) Ivalua offers industry-specific solution packages.
Pricing: $2,000.00/month/user
Tipalti
This award-winning global payment automation solution is your end-to-end payroll and supplier management system, and more. It can help you organize the administrative side of employee, vendor and supplier payments, from onboarding to tax compliance, all in an online cloud-based solution.
Who it’s for: Businesses looking to manage their payroll and streamline other payment processes.
Pricing: $850 per month plus a flat per-transaction fee that varies according to the payment method the payee chooses.
Lystable
This online tool is built for managing projects with teams of freelancers, issuing payments, managing invoices and tracking vendor performance and qualification. It’s accessible online and allows vendors to manage and update their profiles.
Who it’s for: Companies employing over 50 freelancers or vendors for project-based work and need an internal directory, project management tool and invoicing capability.
Pricing: By quote
eBid Systems ProcureWare
ProcureWare is a supplier management, sourcing, bidding, and contract management software-as-a-service. Supplier management features support the creation of a customized supplier self-registration process, allowing centralized access to a searchable, up-to-date supplier database.
Who it’s for: Organizations looking to automate vendor diversity and allow for vendor project bidding.
Pricing: By quote
Beakon
Beakon for small businesses is a modular system to manage safety, risk, compliance and other aspects of contractor employment. Also, it includes modules for auditing, vendor training, and even visitor management.
Who it’s for: Businesses working in highly regulated and high-risk industries including construction, aviation, transport, services, and healthcare provision.
Pricing: Free for one user, from $59 Australian dollars for 2-10 employees.
Conclusion
Successful firms today extend their reach and suppliers all over the world. The consistent and ongoing vendor management and procurement processes and paperwork can be supported well by a SaaS based ERP system. An ERP software designed well for SMB’s that can support effective vendor sourcing and purchasing process.