Innovations in information technology have provided actionable ways to simplify business management. With the market going up and down constantly, companies try to keep their workforce limited and hire contingent workforce whenever there is a huge need. This has resulted in a shift in the economy and work processes in the general direction of task-based, mobile employment.
A vendor can be anyone who manufactures, supplies, contracts, or fills a need that you and your employees don’t provide in your organization in any way. This specialized contingent labor, talent, and skill can prove to be a very strong resource for a company. But it also possesses a leadership and management challenge. The majority of the vendors that offer their services on a temporary basis are not quite like B2B service providers. The majority of the manpower involved in outsourced development projects are unfamiliar with the employing company and its policies.
Vendor Management System (VMS) solutions assist in acquiring a vendor, managing the delivery of goods and services, making payments, and all other functions in between.
But the market is already filled with dozens of vendor management solutions to choose from. In order to simplify your work of searching, comparing, and buying a VMS for your business, we have compiled a list of top vendors currently in the market.
Procurify simplifies purchases among vendors and allows you to quickly analyze vendor performance. It breaks down the company spending by users, approvers, departments, and vendors. With its comprehensive workflow and user-friendly interface, management teams can create a better spend culture in the company.
- Create custom purchase orders so that you can add legal disclaimers, terms & conditions, or any other information you wish to add
- Receipt Management
- Purchase order generation tool to create and email purchase orders to vendors and suppliers
- Easy catalog management
Price: Procurify comes with a subscription-based pricing model with 3 plans namely PIONEER, VOYAGER & ENTERPRISE, for which you need to send a quotation on their official website.
It helps you organize your employee, vendor, and supplier payments. It offers a cloud-based solution for easy onboarding and tax compliance. It has earned the Innovative Payments Technology of the Year (2017) award for a global payment automation solution. Tipalti claims to eliminate 80% of the company’s Payables Workload with its automated solutions. Its global customers include Amazon Twitch, Google, GoPro, Zumba, Twitter, Nikon, DreamWorks, Vimeo, and GoDaddy.
Price: The price of the software is not disclosed on their website but it generally ranges between $100/month for basic software to $1,000/month for more advanced applications
SAP Fieldglass is a cloud-based Vendor Management System (VMS) to manage services procurement and external workforce management. Industries across the world are achieving workforce visibility, maximizing cost savings, improving worker quality, and enforcing compliance using SAP Fieldglass. Organizations can effectively manage their contingent workers across any region or industry, including aerospace, banking, construction, utilities, professional services, and more.
You can request a demo on their website: https://www.fieldglass.com/request-demo
Connecteam is an all-in-one employee app that is powerful and easy to use, designed and built especially for non-desk employees. It provides a mobile-first solution for managing and engaging your vendors and contingent workers.
- Comprehensive manager dashboard
- Pre-made templates and workflows
- Built-in time clock with geo-tagging capabilities
- Easy Payroll management
Price: Connecteam comes with a basic plan that is free for unlimited users. Plans with additional features starts at $29/month.
Beeline VMS is a powerful Software-as-a-Service (SaaS) platform, which provides a full spectrum of solutions for managing your entire non-employee workforce.
Like other tools listed here, it automates the end-to-end management of all types of contingent labor. But also provides great support throughout the engagement to ensure that your company receives the greatest possible value from your extended workforce. It is a market leader in software solutions for outsourcing and managing the contingent workforce.
Price: Beeline provides a VMS calculator to show how much you can save using their software. Prices can be enquired by sending your quotation.
Profile Gorilla is a simple solution if you are having trouble managing all your vendor’s documents, contracts, profiles, and records. It is suitable for businesses of most sizes. It provides a SaaS solution that includes comprehensive vendor profile management and online collaboration tools. Anyone looking for easy compliance management should try Profile Gorilla to create trust, reduce risk, and build confidence between Vendors.
Price: It has free and paid versions. Paid versions start at $99 per month and you can use their free version for managing just 1 client with limited support.
Every business has its own requirements. No one knows about your business requirements like you do. But the tools highlighted above are the kick-starters for finding a tailor-made solution that fits into your business. The tool that you will use is ultimately your choice. But consider the following features in your VMS solution that are true for every business:
- Cost efficiency
- Compliance Regulations
- Easy Project management
- Cyber Security
- Easy Assessment
- Easy Communication and Collaboration
- Simplified Payment
Accounting the above factors in your selection criteria will help you to find a VMS that simplifies administration and offers stability and security.