You know that competition is tough when you search for a product and the Wikipedia link,which is usually the first result to pop up,is on the second page. Despite the aforementioned fierce competition,there is a lack of articles and websites clearly explaining what Vendor Management is. All you can see is that it is “important” for your business and the various packages offered by each company.
Comprehensive articles about a Vendor Management Software is quite hard to find so I took the liberty of summarising all the research that I’ve done and write an article about it.
But what is Vendor Management Software really?
According to Wikipedia,a vendor management system (VMS) is an Internet-enabled,often Web-based application that acts as a mechanism for business to manage and procure staffing services â temporary,and,in some cases,permanent placement services â as well as outside contract or contingent labour. Typical features of a VMS application include order distribution,consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes. Example: https://www.gatekeeperhq.com/blog/effective-vendor-management
If you’re an ordinary person like me,the above statements will not make sense to you. In fact,with its use of technical terms,its capability to be understood goes further away. It took me two hours of research to fully understand what Vendor Management Software is. In simple terms,it is a software that companies can use to track and monitor their third-party service and good providers. Because of how complicated businesses can be,traditional tools like handwritten notes or Excel spreadsheets are no longer enough.
The bigger the company grows,the more complex the system becomes. This is the reason why you need a Vendor Management Ssoftware. The human mind,while understandably incredible,has a limit. You will need an entire department just dedicated to your third-party transactions to match with the processes of the Vendor Management Software,and maybe not even then.
It allows its users to view,control,and manage all documents,contracts and records of each vendor. This allows for faster decision-making and negotiation. What Gatekeeper HQ is selling is efficiency. By implementing their Vendor Management Software into your company’s system,you can maximize your Return on Investment (ROI),assess the risks and manage your current pool of vendors. Through this,you can determine which are working and which are not. The software also minimizes time spent on each transaction.
Imagine that all your company’s third-party transactions are organized in one cabinet,each vendor segregated in each folder,each transaction documented and noted. All information would be at your fingertips,whether you want it or not. What this service does is let you identify the problematic aspects of your company and allow you to fix them before it becomes a major problem and affect your operations.
A Vendor Management Software also allows you to integrate eSignatures into it. You can send contracts to your clients overseas and have it be considered legally binding. An eSignature makes the signing contract process far more efficient than before.
Implementing Gatekeeper HQ’s Vendor Management Software lets you devise a clear strategy on how to work with your third-party vendors. You can renegotiate contracts,ask for Key Performance Indicators,etc. What it will do is provide you with the peace of mind that you are not being ripped off by your employees and more importantly,that you are getting the most value out of each and every third-party vendor you employ.
According to studies,a company without a proper Vendor Management Software or a mismanaged one can lose up to 9% of their annual income. 9% of a company’s annual income is a number that even non-business owners can say is big.
An entire department is needed to fulfil what a Vendor Management Software can do. The insights that can be garnered from it is vital and can make or break the company’s future. A Vendor Management Software also provides business owners with the peace of mind that their company is fully optimised and that they are getting the most out of their clients.
Vendor Management Performance Review and Analytics
Gatekeeper HQ’s Vendor Management Software ( https://www.gatekeeperhq.com/vendor-management-software ) also creates a Performance Review and analytics feature which could give helpful insights for your company. It provides you with predictive analytics that will determine market trends,worker behaviour and future needs.
It may seem overwhelming but contrary to popular belief,Gatekeeper HQ’s Vendor Management Software is quite easy to use. Because of its user-friendly interface,one of its main selling points,anyone can work out its processes without much help or preparation. All successful businesses invest time and money on their internal structure. Not everything has to be outbound. Having an organized system can prove to be useful in the long run,especially if it can help you identify the flaws and problems of your strategies.
If you are still sceptical of Gatekeeper HQ’s Vendor Management Software,check them out https://www.gatekeeperhq.com/blog/effective-vendor-management and request for a FREE Demo. They’ll be more than happy to provide you with one.