8 Best Professional Vendor Management Software in 2023

If your business has vendors and you need to manage their relationships and operations, you should consider using a Vendor Management Software. These systems help streamline processes and reduce mistake rates by automating key tasks and generating real-time dashboards.

The top vendor management software solutions are easy to use and offer excellent support. They’re also scalable and can handle large numbers of users.

1. SAP Fieldglass

Designed to help companies manage contingent labor, independent contractors, and statement of work (SOW) employees, SAP Fieldglass offers a unified platform to find and hire workers. It helps organizations streamline their processes, reduce costs and increase productivity.

It has a modular structure and allows users to set up contingent labor, services, custom fields, time sheets and onboarding for their external workforce programs. It also supports standard integrations and connects to SAP SuccessFactors, SAP Ariba and SAP S/4HANA for a seamless spending landscape.

The software can be implemented by an internal team or by an MSP or SAP partner. The implementation phase involves a discovery stage, where the project team interviews managers and key stakeholders to determine the goals, vision and possible risks.

A program management team is necessary to ensure that the implementation process is successful and aligned with business priorities. It may include people from purchasing, HR, IT, payroll and legal. They administer processes within SAP Fieldglass in day-to-day operations and answer user questions.

2. Precoro

Precoro is an automated procurement system that streamlines the entire process from requisition to approval. It eliminates manual work for employees, the purchasing manager and the financial department. It also keeps all information in one place so you can track requisitions, budgets and orders easily.

With the help of this software, you can reduce the need for manual data entry by 80%. It also reduces time-consuming paperwork and eliminates the need for expensive faxes and paper copies of invoices.

The application is easy to use and comes with features that make it simple for people from different departments to collaborate. It also allows users to restrict access and set security levels to protect data.

Vendor management software is a vital tool for managing your company’s supplier relationships. It streamlines your processes, increases transparency, and reduces risk and costs associated with vendor onboarding.

3. Gatekeeper

Gatekeeper is a cloud-based vendor management software that offers features such as customization, automation alerts, centralized communication, document management, unlimited storage, and searchable audit trail. The platform also helps you track workloads and monitor risks better.

GateKeeper automates workflow to make compliance and security a breeze without relying on people’s time. The software can easily be configured to meet HIPAA and DFARS requirements.

Businesses across the globe use Gatekeeper to protect their data and secure access. They include airports, cruise ships, hotels, chemical companies, and five-star restaurants.

The software can also be used to secure government facilities in 28 countries. It can help to reduce security risks by preventing malicious activity.

It also provides a robust authentication solution that enables users to log in with their presence, using a hardware-based password manager or wireless tokens. This is especially useful for remote workers. It can automatically authenticate and lock PCs and workstations so employees can focus on their jobs without compromising security.

4. Onspring

Onspring is a multi-faceted supplier management software solution that enables you to efficiently report and manage data. It also provides outstanding technical support.

The software is easy to use, scalable and customizable to suit your needs. Its robust dashboards and charts enable you to visualize your business in real time, which helps you improve operations and make informed decisions.

You can also track your supplier’s activities and manage your vendor relationships. The software is designed to handle large amounts of data and integrates with various ERP systems, accounting applications, CRM platforms and more.

Onspring’s GRC suite is a flexible, scalable and customizable platform that can be deployed via the cloud or on premises. It offers features such as audit planning, project delivery and issue management, as well as a continuity and recovery system to help you manage disaster recoveries. Its other features include a quality management system, supplier and asset management, business intelligence and customer management. The software is a good choice for small and midsize businesses that are looking to automate processes.

5. Connecteam

Connecteam is an all-in-one business solution designed to help businesses manage their non-desk workforce. It’s a popular choice for field-service-heavy industries such as logistics, cleaning, construction, real estate, and delivery.

Its streamlined communication and workplace tools make employee scheduling, time logging, task assignments, and more crystal clear. The platform also includes a variety of communication tools, including group chat filters that let you filter conversations to specific groups and departments.

The Forms feature is also useful, allowing you to create checklists and fill out forms that your employees can submit from anywhere with just the click of a button. You can also assign forms and checklists to Smart Groups, which automatically cluster users who share common job or location information.

Moreover, Connecteam’s mobile app allows workers to clock in and out (with GPS tracking), request absences, view their work schedules and past timesheets, and choose a “tag” to track their locations. Its HR & People Management Hub also lets you collect employee documentation, create courses and quizzes, and track employee compliance.

6. VendorBase

Vendor management software is a powerful tool that can improve organizational efficiency, reduce human error, and eliminate manual processes. It can also help you organize vendor contact information, track spending, automate payment processing, and more.

The best professional vendor management software can be a great asset for any company, regardless of size or industry. They can save your business time and money, increase visibility, help you identify overspending, and make your employees more productive.

Abnormal Security’s VendorBase is a cloud-based tool that can help your team combat third-party risk. It evaluates email communication between vendors and your organization and computes a risk score for each one.

This risk score is used to assess risk across the entire supply chain. This allows you to protect against compromised or fraudulent suppliers, and keep your data safe from external hackers.

VendorBase has been a big hit with businesses that are concerned about their exposure to vendor risk. The platform automatically computes a risk score for each vendor by evaluating their email communication, identifying malicious emails, and checking if their domains have been impersonated or spoofed.

7. Vendify

Vendify is a full platform that optimizes your product offering to earn the most revenue. It provides a seamless experience for users of any skill level and features a suite of tools your vendors will love to use.

The drag-and-drop editor allows you to create marketplace shops and product pages in real time, saving you time and helping you display your products in beautiful layouts that will push sales. Additionally, Vendify’s branding and customization options enable sellers to stand out from the crowd and keep their own identity, which will ultimately increase their online presence.

Vendify is a powerful platform that provides a high-quality user experience and impressive support channels, which are factors that vendors are prepared to pay a monthly subscription for. It also provides a variety of useful features, including advanced analytics that will supply vendors with data on their sales, which can be used to tweak their marketing strategies and boost revenue.

8. Vendify Supplier Portal

Vendify Supplier Portal offers a variety of features, including automated purchase order creation and spend analysis tools. It also allows suppliers to submit invoices online and request payments directly from the system.

A vendor portal is a great way to centralize all of your supplier information and make it easier for your business to reconcile accounts. It can also be used to perform supplier payment automation, which helps you eliminate the traditional friction between your ERP and supplier payment systems.

In addition to automating many of the manual processes associated with vendor management, a supplier portal can also help reduce your staff’s workload. This saves your organization money and gives you more time to focus on more important tasks.

The vendor portal software can also be customized to meet your specific business needs. For example, it can be integrated with Microsoft Dynamics 365 to offer advanced functionality not included in the off-the-shelf software.

If you’re looking for a vendor portal solution, it’s best to pick one that has a proven track record of success. The platform should also be easy to implement and use. It’s also a good idea to work with an experienced consultant.