Vendor Management Software

Why companies must store Vendor database systematically?

If workforce data and metrics are safely kept in a central, digital location, your company will indeed be able to computerize labour-intensive tasks and will also be able to make sure that hiring management strategies are standardized across your whole organization.

The benefits of storing Vendor database systematically are:

(i)   It will help in matching the needs of the business units to the correct vendor. For example, the administration can identify the relevant vendors for office stationeries, computer equipments, etc.

(ii)  cross-vendor comparison becomes easier for evaluation after the categorization of vendors on the basis of their type,

(iii)  It helps in streamlining valuable information – scattered, distinct vendor information will be stored in a single location and it will provide close insights into the current status of the vendors, for example, vendors within contract, vendors that require renewals, etc.

(iv)  It will enable successful budgeting – you can effortlessly recognize the long-term critical vendors and the short-term tactical vendors and thus gauge the budget assignments accordingly.

(v)  Identification of the Selection Criteria for Vendors

Storing a vendor database is necessary for any successful contingent workforce management program.

Once all vendor-related information is streamlined, simplified and categorized, next you have to select the criteria on the basis of which all relevant vendors will be chosen. Even though cost has always been the primary selection criteria for choosing vendors, businesses today are increasingly looking at other criteria’s to find out which vendor would best serve their requirements – in any case, lowest cost doesn’t actually guarantee the highest value.
Creative Vendor Management Software to store Vendor data more effectively
Creative Vendor management software is fabricated by services and workflows to enable OEM and Vendor collaboration during the service life-cycle and thus boost customer service, optimize costs, and improve quality.
  • Increase Vendor Performance
  • Product Information Management
  • Online shipment
  • Purchase Order Status Tracking
  • Control Vendor Data updates
  • Document Management
  • Incorporated Supplier Management
  • Computerized Compliance
  • Global Vendor Support
  • Advanced materials management

Nowadays companies also engage in bidding procedures that involve RFQs, RFIs, and RFPs before choosing the vendor before making purchases of high value.