As a vendor management service with a focus on vending machine services, we work with more than 1,500 suppliers across the United States. That's a lot of suppliers and vending revenue to manage. To do that effectively, we use a few tools such as a proprietary SQL database, QuickBooks, and MS Excel.
It works for us and how our company operates.
However, supplier management for many of our clients is far more complex as their sourcing-to-purchase process is longer and more involved. Having the right tools in place to help manage those processes can save your organization a lot of time, money, and headaches.
From selecting the right suppliers to performance evaluation, there are dozens of digital tools that can help companies keep track of all their vendor management needs. Below are ten software tools to help with vendor management.
10 Digital Tools to Help Manage Your Growing List of Vendors
1. Ariba (SAP)
With solutions such as supplier management, strategic sourcing, and financial supply chain services, Ariba combines the buying process into an a single source. Organizations can go from source to settle in one place.
GateKeeper is cloud-based supplier and contract management solution. Their platform allows for easy collaboration, so both suppliers and buyers are up-to-date with the latest information. Key features include: automatic contract renewal reminders, integrated email links to suppliers, reporting and analytics, document management, and automatic compliance and risk management.
For organizations in need of linking up with more specialized suppliers, Claritum provides a platform to help by streamlining the buying and selling of complex products and services.
For a one-stop-shop platform, ProfileGorilla is an excellent choice. Their software provides contract management, vendor management, document management, HR management, asset management, credentialing and records management.
Tipalti's software has a greater focus on accounting and managing accounts payable. Their platform helps manage global payments, supplier onboarding, invoice processing, and more.
This unique, supplier-centered platform integrates supplier lifetime value throughout the entire procurement process. It helps provide the visibility, insight and transparency required to power and improve your eProcurement initiatives and decisions.
NextBuy provides solutions to manage procurement processes with a focus on supplier relationship management, strategic sourcing and operational procurement, all of which help make your purchasing more efficient and transparent.
With a focus on the bidding process, DeltaBid provides a bid management tool to simplify the process of analyzing hundreds of bids at once.
Tradogram provides cloud-based procurement management software that helps manage direct and indirect purchases. Their service allows you to automate requisitions, negotiate with suppliers using RFQ's/RFP's, manage contracts, and more.
Considered the eHarmony for business, Powerlinx is a strategic sourcing tool that connects you with partners that can help you grow your business.
If you're currently using any of these platforms, how are they working out for you?