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In 2023, VMSs can be chock-full of features you didn’t know you needed or even wanted. 6 Major Features of Vendor Management Systems It should also have analytics capabilities for deeper analysis.īeyond these factors, a good vendor management solution comes down to whether it does what you want it to at the price you’re willing to pay. It should help you generate reports to make more informed decisions. Reporting & Analytics – A VMS should offer insights into vendor performance and provide data-driven decision support.It should also be able to track vendor certifications and use automated tools for vendor risk assessments. Security & Compliance – A VMS should have robust security measures to protect vendor data and ensure compliance with legal and industry standards.

It should have features that can automate common tasks, such as onboarding and tracking vendor performance, to save time and energy. Ease of Use – A VMS should be intuitive and easy to use by both vendor managers and vendors.When selecting a VMS, there are a few things you should always look for: What Makes a Good Vendor Management System? In this article, we’ll explore what a good vendor management solution looks like and the major features you should look out for.Īt the very least, you’ll leave this page primed to do your research and find the perfect vendor management software for your business.īefore we begin, if you’re looking specifically for open-source VMS, we have a separate article for that. If you know what you need, all that’s left to do is peruse this list and choose the right vendor management solution.īut there’s always a chance that we won’t have listed the perfect vendor management system for your business. There’s no one-size-fits-all solution, and every business has a unique set of challenges it needs to solve. In fact, the digital transformation of various industries is happening right now, and business process automation in procurement will be a key factor in further digital adoption. Choosing the right vendor management software (VMS) is one of the first and most important steps in building an effective procurement and vendor management process.