For any organization, vendor management is a critical aspect of their procurement strategy. A company’s procurement strategy helps them become competitive in the marketplace by gaining access to resources that are vital to business success. This includes accessing the right vendors who will give them the best price for the quality products they need to serve their customers, giving them better profit margins.
Here are the best vendor management software around.
BEST OVERALL SAP Fieldglass
SAP Fieldglass is a leading vendor management system, with an impressive lineup of features, including robust integrations and advanced automation capabilities.Pros
- Excellent customer service and platform support
- Digital Partner Network can be used to hire new vendors
- Good list of integrations
Cons
- Too many features for some companies
- Subscriptions are very expensive
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.
Connecteam
A mobile-first solution for managing and engaging your vendors and contingent workers. The Connecteam solution includes a comprehensive manager dashboard, pre-made templates, and workflows, built-in time clock with geo-tagging capabilities and extensive integration with payroll management systems.
Who it’s for: Small to medium businesses looking to effectively onboard, manage and communicate with vendors.
Pricing: Have your entire team on Connecteam for a fixed monthly price: starting at $39 every month for up to 50 users. If you need more than 200 users, there is an Enterprise plan and it’s also available for a fixed monthly price. Start with the free for life plan now.
Manage and engage vendors & contingent workers
Connecteam is a mobile-first solution for managing and engaging your vendors and contingent workers. You can onboard, manage, communicate, streamline workflows and more in the click of a button.Create Free Account
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
BEST FOR IT COMPANIES Genuity
Genuity is designed to help IT professionals manage their vendor relationships, providing tons of unique features for a very low price.Pros
- Offers IT-specific tools
- One of the most affordable options
- Unlimited users for one flat fee
- Easy-to-use interface
Cons
- Limited features compared to other software
- Not a good option for non-IT teams
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 2021.1
BEST FOR LARGE COMPANIES Gatekeeper
With unlimited user seats, fast and easy implementation, and enterprise-level security, Gatekeeper is our top recommendation for large companies in the market for vendor management software.Pros
- Platform is completely cloud-based
- Integrates with more than 220 third-party platforms
- Discounts available for certain companies
Cons
- Enterprise-level plans can be expensive
- Plans must be paid for annually
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.
In terms of pricing, Gatekeeper is pretty expensive, especially for large companies that need the most capabilities and features. However, you can get a free demo by contacting the company. There are three paid plans available, and each comes with unlimited users:
- Essentials: $775/month
- Pro: $1,855/month
- Enterprise: $3,325/month
- Enterprise Custom: Price by quote
Gatekeeper is used by over 200 customers, including Hotjar, Hubspot, Ford, CBRE, Calendly, and Autotrader. The company was founded in 2012 and is based in London.
Conclusion
Vendor Management Software supplies a number of capabilities for assisting with the management and tracking of vendor item details. The organization can run cross-company shipping, tracking, and monitoring on items (youngsters (items that your business sells) such as components, services and capital goods). VMS takes into account all critical data pertaining to suppliers and merchandise, hence diminishing the requirement for the massive paperwork framework in most organizations.