Choosing The Right Vendor Management Software for Your Business

Vendor Management Systems are vital for companies and businesses that deal with vendors. VMS allows a business or company to communicate, set projects, and process payroll to its vendors. Additionally, VMS can find, manage, evaluate, and compare vendors, which helps a company to make better strategic decisions.

Some business software or platforms such as those developed by ServiceNow offer vendor management software that incorporates information from other parts of operations which utilize software or platforms from the same developer, allowing for more detailed and accurate vendor management, and enabling comprehensive and centralized management of the company’s operations.

So here are things you’d want to consider when choosing the right vendor management system for your business:

User-Friendly and Easy to Learn

A VMS should be easy to learn and easy to use. The purpose of the software is, after all, to make vendor management easier and more streamlined. The best way to find out is to test the software itself. Test driving the software is paramount when deciding whether or not to purchase it, and retailers (or the developers themselves) often provide demo copies before purchasing and unlocking the entire software.

Alternatively, you can purchase the software from a Value-Added Reseller (VAR). VARs are qualified by the software developer to sell the program, as well as assist the users in installing, implementing, and tailor-fitting the software, and could provide training on how to use it.

Compatibility to Your Business and Its Scope

The VMS your company or business chooses should be one that fits the company and works with other aspects of its operations. See if its features work not only for the vendor management aspect of your business but the overall operations as a whole. You should also consider the capability and scope of the software: Is it for small or big businesses? Again, you have the option to have a VAR consult your business to see if the software is right for your company, and could even tailor-fit it to be not only compatible but fully optimized for your operations.

Accessibility (mobile friendly? Can it be accessed anywhere?)

Businessman using his smartphoneCan the software be accessed anywhere? Is it mobile-friendly? Increased accessibility allows for faster decision-making and 24/7 supervision of vendor-related operations. Although, having a VMS that can only be accessed through a single system or on-site has its advantages; it would be relatively safer to have it only to be accessible on site and have a lesser risk of unauthorized access. But it’s better to have the option of being able to customize accessibility of the VMS anywhere (and restrict its access whenever the company sees fit), than having no option at all.

Background and Reviews

Whether you’re still contemplating on the VMS you’re evaluating, or simply wish to cover all bases, it would be best to read up on the background and client reviews of the product. See if there are companies or businesses under the same industry that have used the VMS, and know their unbiased opinions regarding the product (either through online reviews, or better yet contacting them).

Choosing a vendor management system is just as important as choosing an employee or a business partner. So make sure to keep these tips in mind when picking the right one for your business.