Top 7 Best Vendor Management Software Solutions In 2024

Best Vendor Management Software Solutions will be described in this article. Businesses frequently depend on contract workers or outside vendors to streamline processes and cut expenses. However, overseeing all aspects of vendor operations can be difficult, particularly when working with numerous vendors.

Top 7 Best Vendor Management Software Solutions In 2024

In this article, you can know about Vendor Management Software Solutions here are the details below;

Consider a procurement department that works with manufacturers, distributors, suppliers, contractors, and service providers, among other kinds of vendors. They have to manage contracts, monitor the performance of vendors, and guarantee compliance. The procurement team would be forced to keep track of everything via haphazard spreadsheets, emails, and paper papers if they didn’t have a solid system in place.

But all vendor data is organized and readily available with a vendor management program. Teams can handle all vendor activities from a one, timely location, saving time & effort compared to switching between spreadsheets and email.

What is a Vendor Management Software?

A platform called vendor management software (VMS) aids businesses in managing their connections with outside suppliers and vendors. It is a useful tool that helps professionals in similar roles—such as supply chain managers, HR managers, and vendor managers—simplify their everyday responsibilities connected to vendors. This is how a VMS facilitates and simplifies operations:

• Simplified Vendor Onboarding: Vendors can quickly and simply submit their documentation and information online, and the system will automatically verify that it is accurate and compliant.
• Automated Procurement Workflows: This lowers the possibility of human data entry errors by automating procurement workflows including purchase order creation and invoice processing.
• Performance management: Tracks important indicators (like delivery times), quality metrics (like order correctness), and satisfaction levels to assist businesses in keeping tabs on vendor performance.
• Facilitate enhanced channels of communication and cooperation between businesses and suppliers. This covers project tracking, document sharing, and one-on-one messaging.
• Risk management: Assists businesses in recognizing and reducing the risks connected to using outside vendors. For instance, the program may monitor financial stability, keep tabs on regulatory compliance, and spot any possible operational concerns.

Top 9 Vendor Management Software Solutions

Examine the best-rated and well-liked vendor management systems (in no specific order), as well as information on features, costs, advantages, disadvantages, and more.

1. Air Base

Try Airbase, an all-in-one expenditure management platform that also functions as a vendor management tool, if you’re sick of getting lost in a sea of invoices, payments, and receipts.

It provides a complete solution to assist companies (with 100–5000 workers) in taking charge of their spending. You’ll be able to handle everything with Airbase, including corporate cards, expenses, and accounts payable.

Notable attributes:

Real-time transaction capture and easy-to-access audit trail recording are provided by the Automatic Audit Trail functionality.

Multi-Currency & Multi-Subsidiary: Easily manage the complexities of international finance and make payments in foreign currencies.

Perform a three-way match between purchase orders, item receipts synchronized from NetSuite, and invoices.

Vendor Portal: An online tool that allows suppliers to handle their information, including tracking payment status, uploading documents, and issuing invoices.

Digital wallets: To make contactless payments, link your Airbase card to Apple Pay or Google Pay.

Pros:

• smooth interaction with widely used general ledgers, such as Sage Intacct and NetSuite.
• With Airbase’s sophisticated approval criteria, create unique approval workflows.
• provides a single seed of truth for managing several suppliers, checking invoices, and removing fraud.

Cons:

• UX is not always clear. For example, it takes too many clicks to access the core use case, which is the receipt inbox.
• It can take a long time to do simple activities like matching payments or booking ledger entries.
• There is a limit to the expenditure reimbursement module.
• “Although the single “Category” field currently prevents it, it would be great to have the option to submit refunds of different types (transport, meals, etc.) as bulk.” – Airbase User

Pricing:

There are three price tiers available from Airbase. You must schedule a demo or get in touch with a sales representative to find out the precise cost of each package.

• Standard: Increase by up to 200 workers
• Premium: Increase by up to 500 workers
• Enterprise: Increase staffing by up to 5,000

Free Trial: Not accessible

2. QuickBooks Online

QuickBooks Online is an analysis software designed for small & medium-sized enterprises, hosted in the cloud. The technology gives consumers a comprehensive perspective by automatically syncing all financial data, including revenue, expenses, and payroll, onto a single central dashboard.

The configurable nature of QuickBooks Online is one of its advantages. Within the dashboard, users can create custom feeds and reports to examine the data that is most important to them.

Notable attributes:

Income Tracking: Link bank and credit card transactions to QuickBooks automatically to keep track of income and expenses while organizing accounting books.

Handle Bills: Pay suppliers and contractors with ease, gather invoices in one location, and designate the payment method (direct deposit or check) for suppliers.

Project Profitability: Keep track of all project information (expenses, labor costs, income), assess your profitability, and obtain immediate cost-controlling insights.

Mileage tracking: Keep track of your company-related miles and separate your personal and business travel.

Auto Payroll: For salaried staff, just perform auto-payroll and review and approve payroll.

Pros:

• Completely interfaces with third-party apps like PayPal, Shopify, Xero, Salesforce, Square POS, and other apps; it fully connects with other QuickBooks products like QuickBooks Online Payroll and Intuit GoPayment.
• Sorts receipt photographs into the relevant tax categories by matching them to the respective transactions. Additionally, you can monitor possible tax deductions.
• regularly and automatically backs up all financial data. This guarantees that crucial data is safe and secure in the event of a system breakdown or other unanticipated circumstance.

Cons:

• Users are able to customize reports, however they are unable to open more than one report at once.
• There is a limit to how many bank accounts customers can sync; they can only do so with large financial institutions.
• Lack of a feature that allows several users to log in simultaneously (one employee must wait for the other to log out).

Pricing:

There are four different pricing editions available on Quickbooks Online.

• Simple Start: $30 a month
• Requirements: $55 monthly
• Plus: $85 a month
• $200 a month in advance

30-day free trial

3. Vanta

Your security audit is made easy using Vanta. With the most popular security and privacy frameworks (such as SOC 2, ISO 27001, and HIPAA), Vanta enables companies to get the information they need to set up effective compliance procedures.

With the help of its toolkit, you may cut down on the time it takes to prepare for an audit by two to six months while scanning the whole company process for security flaws.

Notable attributes:

Trust Reports: To cut down on back and forth time, automate NDAs and provide a personalized Trust Report that addresses frequently asked security topics.

Questionnaire Automation: To create a Q&A library, automate the answers to security questionnaires. Keep track of the answers that are utilized the most.

Risk management: streamline the audit protocols now in place, address problems as they emerge, and simplify the risk assessment process.

Vendor Risk Management: Automate risk assessment, remediation, and discovery to streamline the vendor review process.

Access Management: Limit unauthorized users’ access to vital systems to lower the risk of both internal abuse and external threats.

Pros:

• Using Vanta’s access to more than 20 industry-leading frameworks, create a compliance roadmap or modify an existing one to suit your needs.
• Vanta collaborates with auditors connected with the AICPA to ensure prompt and effective certification. It gathers all required data into a single database, negating the need for distinct repositories for compliance assessments.
• Get alerts and respond to issues within the time frames (SLAs) that are outlined in your compliance program.

Cons:

• For users, the platform and user interface can be initially complex. The dashboard alerts can be a little confusing when it comes to sorting among failed alarms, papers that need to be updated, etc.
• Vanta is a useful tool, however smaller businesses might need to take into account the extended payback period of six to twelve months.
• Vanta has a little bit of an integration gap.
• Vanta’s integrations fall a little short in a few categories. They could make general software improvements to better accommodate integrations that aren’tvanta-based. Such as the ability to add an unsupported cloud provider or upload CSVs of users from unsupported software for access reviews.” – Brandon A.

Pricing:

As opposed to rivals who employ a subscription-based business strategy, Vanta offers customized quotations that are tailored to each organization’s unique requirements rather than having set price plans.

Vanta may therefore turn out to be more affordable than typical compliance audits, which can cost anywhere from $20,000 to $80,000. The precise cost of the services will differ depending on several factors, including the size of the firm and the audit framework selected.

Seven-day free trial

4. SAP Fieldglass

Advanced Vendor Management System (VMS) SAP Fieldglass offers solutions for external workforce management and services procurement. The platform is made to assist businesses in recruiting, selecting, and managing a range of workers, including independent contractors, temporary employees, and full-time staff. Additionally, SAP Fieldglass offers a talent management tool to assist businesses in screening possible hiring, selecting the best applicant, and handling freelancer and contractor payments.

Notable attributes:

Contingent Workforce Management: Monitor contract employees, assess applicants, and gain insight into their daily schedules.

Purchasing Services: Oversee master agreements and SOWs to guarantee adherence to regulations. Automate the creation of security IDs and system access throughout the onboarding process.

Worker Profile Management: Get in-depth data about outside employees. For increased security, give every employee a special security identifier and combine all previous information into a single record.

Assignment Management: Use a single interface to expedite the team assignment process. Choose a resource or resources from your pool of resources, or choose a single resource to manage several tasks in a particular day, week, or month.

Reporting and Analytics: Get up-to-date information on your non-payroll labor as well as practical insights.

Pros:

• Take use of the smooth integration features and link SAP Fieldglass to SAP SuccessFactors, SAP Ariba, and SAP S/4HANA with ease.
• Utilize tools such as budgeting, time tracking, milestone-based payments, fixed and recurring payments, and attendance tracking to keep tabs on external personnel.
• Utilize SAP Fieldglass’s integrated tax and labor compliance features to guarantee adherence to municipal, state, and federal tax laws as well as labor rules. You can quickly comply with government demands and make sure you are in compliance with all relevant legislation with support for 180 countries and 21 languages.

Cons:

• The reports take a long time to load and are quite complex.
• It can get costly, especially for startups or companies with a small number of outside vendors on staff.
• The user interface is hard to use.
• The user interface is a little unclear. Before someone can utilize it effectively, they must have formal instruction. The user’s path through the UI is not entirely seamless. In addition to this, Vaibhav S. noted that it is challenging to find the information you are looking for due to the congested nature of the job page.

Pricing:

Not accessible. To find out the price schedule that applies to your company, get in touch with a SAP agent.

Free Trial: Not accessible

5. PRM360

A complete Procure-to-Pay system is PRM360. It provides a single, integrated platform for efficiently managing the whole procurement process, including automated vendor quotes, online requirement posting, and intelligent system validation.

PRM360 removes payment schedule delays by automatically reminding merchants to submit invoices. As a result, purchase teams spend less time ineffectively following up.

Notable attributes:

Procure to Pay: Effortlessly combine contracts, invoices, and agreements. Receive quicker response times for transactions pertaining to e-procurement.

Contract management: Automate every step of the contract lifecycle, from writing and teamwork to signing and keeping an eye on the documents, to cut down on manual labor.

Catalog Management: Utilize an all-inclusive dashboard to upload, format, publish, and oversee your product data.

E-Invoice Management: AP entries, contracts, receipts, and POs may all be easily matched to invoices. Identify invoice problems with intelligence and stop phony invoices from getting into the system.

Pros:

• Supports e-bidding and negotiations for a variety of auction types, including reverse, logistic, forward, and more. Doubles as an efficient real-time E-Auction Procurement tool.
• provides cutting-edge technologies and tailored processes to meet the demands of larger businesses, including manufacturing and construction organizations, pharmaceutical companies, and hospitals.
• The vendor bidding procedure is structured neatly. A function to help the vendors taking part in an auction is provided by the tool.

Cons:

• There isn’t yet a way to get rid of inactive RFQs.
• Occasionally, the system experiences a slowdown.
• does not permit several user logins from the same organization.

Pricing:

PRM360 is 37% less costly than the average Procure to Pay product for mid-market businesses, according to G2, despite the pricing not being made explicit. Additionally, it is 43% less expensive for businesses.

One-day free trial

6. Tradeshift Pay

Tradeshift Pay is an electronic invoicing and AP automation solution. Tradeshift gives companies total digital control over all facets of their supply chains. It provides a scalable way for businesses to become paperless across the whole order-to-pay cycle by automating vendor activities.

Notable attributes:

Using e-procurement, you can obtain a list of approved suppliers. Make the most of your network of vendors and buyers to build a long-lasting company plan.

Pay: This function assists in coordinating invoices with purchase papers, such as contracts and orders, by using multi-way matching.

Engage: Engage provides a dashboard view of payment and transaction analytics for sellers.

Cash: This feature enables quick and reliable payments by removing the requirement for sellers to rely on their purchasers for underwriting.

Sell: Gain entry to a worldwide network of B2B online marketplaces. The platform assists companies in expanding their consumer base and generating new income.

Pros:

• As part of their goal to link companies of all kinds, Tradeshift provides forever-free invoicing to consultants, independent contractors, and small enterprises.
• It facilitates communication between buyers and vendors by providing a single center.
• Over 50 countries have invoice tax compliance. Tradeshift is a reliable resource for businesses to manage all local rules.

Cons:

• The process of organizing document pages can be complicated and difficult for novice users to comprehend.
• It is unable to automate the filing of invoices or the arrangement of purchase orders.
• At times, the platform may experience extreme lag.
• It appears to have technical problems frequently and can be very slow at times. Another restriction is that email notifications are limited to one recipient. Our company consists of 23 locations, so either my colleagues need to remember to check in every day or two, or I need to go through the purchase orders and attempt to send them to the appropriate colleague.” – Tradeshift Pay user

Pricing:

Not offered. You must schedule a demo or call ((800) 381-3585).

Free Trial: Not accessible

7. Onspring

A governance, risk, and compliance (GRC) software is called Onspring. Onspring offers vendor relationship management and supplier activity tracking in addition to workflow automation.

Its adaptability is increased by its capacity to manage massive volumes of data and interact with different CRM and ERP platforms. Because of its “people-powered automation” methodology, Onspring is the best option for small and medium-sized enterprises.

Notable attributes:

GRC Suite: Manage your governance frameworks (such CMMC, ISO, and NIST) with ease. Evaluate, classify, and monitor suppliers.

Task management: Assign team members to specific tasks and monitor their fulfillment according to priorities, budgets, and deadlines.

Messaging: Send Slack, email, and SMS notifications to team members automatically. Notifications and messages are recorded and kept in one place for easy access.

Real-Time Reporting: Gain insight into vendor risks and continuity strategies across several geographies by utilizing data particular to a given area. Update several records at once.

Dynamic Workflows: To automate complex business processes, Onspring provides pre-built templates and customized choices. Through a variety of methods, including data imports, integrations, surveys, and direct record creation, editing, and saving, users can be quickly added to workflows.

Pros:

• Its no-code development methodology is a notable advantage as it enables companies to quickly and simply construct personalized dashboards, workflows, and applications (using simple drag-and-drop tools).
• combines compliance, risks, and rules into a single, easy-to-use solution.
• Fast configuration of several modules without requiring a laborious change management procedure.

Cons:

• does not permit paying merchants directly.
• Managing user licenses can be challenging.
• The survey feature seems to be restricted.
• “I wish there was more flexibility in the survey function, like the ability to create surveys instantly from a bank of questions.” Furthermore, appropriately organizing access rights can be a little tedious. – Onspring User

Pricing:

unclear in its definition. It uses a two-tiered subscription-based business model, according to a quick search.

• Team plan: $175 per user per month, good for up to 20 people.
• Enterprise plan: Needs a special quote and is for companies with more than 20 users.
• Free Trial: Not accessible

Conclusion and way forward

Making the correct vendor management platform choice is essential to maintaining solid, long-lasting connections with each of your vendors. Businesses may reduce risks, increase value from their vendor portfolio, and obtain better visibility and control over vendor spending with the correct platform.

Through the evaluation of features, usability, and scalability, enterprises may choose a vendor management solution that best suits their particular requirements and promotes sustained success.