Staying ahead of the competition requires seamless coordination of various vendors and suppliers. But let’s face it: Managing vendors can be a daunting task! From tracking orders and monitoring performance to ensuring timely deliveries and negotiating contracts, it can leave even the most experienced business owners feeling overwhelmed.
Thankfully, as technology continues to advance, so do the solutions that help streamline these essential business processes. In 2024, the market is flooded with vendor management software, each promising to revolutionize the way businesses interact with their suppliers. But how do you know which vendor management software fits your organization’s unique needs?
In this article, we’ll explore the 10 best vendor management systems in 2024 that are reshaping the contract management landscape and empowering businesses to take control of their supplier relationships like never before.
- What is Vendor Management Software?
- How to Choose the Best Vendor Management System
- The 10 Best Vendor Management Software to Use in 2024
- 1. ClickUp – Best for Automating Multiple Business Processes
- 2. Connecteam – Best for Managing the Deskless Workforce
- 3. Beeline – Best for Efficiently Managing External Partners and Consultants
- 4. SAP Fieldglass – Best for Managing Vendors Offering Specialized Services
- 5. Genuity – Best for Managing Technology Assets and Vendor Relationships
- 6. Onspring – Best for Automating Complex Vendor Management Processes
- 7. Precoro – Best for Effective Spend and Vendor Management
- 8. Gatekeeper – Best for Simplified Vendor and Contract Lifecycle Management
- 9. Procurify – Best for Simplifying the Procurement Process
- 10. Tipalti – Best for Fast-Growing Companies
- How Much Does Vendor Management Software Cost?
- Purchasing Vendor Management Software: Key Considerations
Summarize this article for me pleaseWhat is Vendor Management Software?
Vendor management software is a digital tool designed to streamline the process of managing and coordinating supplier relationships. It’s an integral part of supply chain management and plays a crucial role in ensuring businesses can work effectively with their vendors.
Summarize this article for me pleaseHow to Choose the Best Vendor Management System
When choosing the right vendor management software for your business, it’s essential to consider these key factors and align with your specific supplier relationship management requirements and objectives.
- Centralized vendor database: A comprehensive vendor database that consolidates all vendor relationships in one place, making it easy to access, update, and track vendor details
- Streamlined vendor onboarding: Look for vendor management software that simplifies your procurement processes, reducing administrative burdens and accelerating the time it takes to get new suppliers up and running
- Contract management: Effective contract management features are a must-have. Your vendor management system should allow you to create, store, and manage vendor contracts while providing timely alerts for renewals and terminations
- Performance tracking: The ability to monitor vendor performance through key performance indicators (KPIs) is critical for evaluating their efficiency and ensuring they meet your business standards
- Communication and collaboration tools: Look for contract management features with seamless communication and collaboration with vendors, including messaging, document sharing, and performance feedback
- Integration capabilities: Your vendor management solution should integrate smoothly with your existing systems, such as accounting and inventory, to avoid data silos and streamline operations
- Customization options: Every business has unique needs; therefore, the ability to customize your vendor management system to match your specific workflows is highly advantageous
Summarize this article for me pleaseThe 10 Best Vendor Management Software to Use in 2024
By carefully evaluating these top 10 vendor management systems, you can make an informed decision that will lead to smoother vendor interactions, improved efficiency, and, ultimately, better business outcomes.
1. ClickUp – Best for Automating Multiple Business Processes
Top of our list is ClickUp, an all-in-one productivity platform that automates multiple processes, including vendor management. It offers relevant templates and checklists for managing contractors, including vendor master lists, information collection forms, contracts, business agreements, and more. These ready-to-use blueprints make it easy for every dedicated account manager to set up and manage their workloads effectively.
Build a vendor management system with the Vendor Retro Template, which helps collect relevant information to use in a partnership case study. Besides offering critical vendor management capabilities, ClickUp serves as a CRM, enabling seamless client and project management!
ClickUp best features
- ClickUp AI writing assistant to speed up vendor management workflows, vendor communication, and more
- The Vendor Master List Template tracks all your business’s existing and prospective suppliers, their contact info, and other relevant data on them. With this master list, you can reduce how much time you spend searching for info on specific vendors and easily collaborate with your team on vendor management tasks
- The ClickUp Procurement Template helps you plan, coordinate, and execute material sourcing, inventory management, and delivery activities across different vendors. This ClickUp template ensures easy access to procurement and related supplier data by organizing all relevant data into simple visualizations
- ClickUp’s resource management tools include custom digital Forms and Custom Fields that can be used to collect vendor information, store details, calculate expenses, allocate budget, and more. The software also integrates with leading resource tools like Jira, Calendly, Hubspot, and Evernote, among others
- You can use the ClickUp Vendor Agreement Template as a contract draft that indicates the key terms of the relationship you have with your vendors, like the products or services they’re offering
- Though the ClickUp Inventory Management Template doesn’t help you manage vendors directly, it helps you track inventory levels, availability, movement, and cost updates so you can purchase only the stock you need from relevant vendors as the need arises
- Contingent workforce management tools to organize and onboard temporary staff
- Use the ClickUp Vendor Management Checklist Template template for evaluating potential suppliers and vendor risk management
ClickUp limitations
- Not all critical features are available on the mobile version
- Tends to have a steep learning curve initially
ClickUp pricing
- Free Forever
- Unlimited: $7/month per user
- Business: $12/month per user
- Enterprise: Contact for pricing
- ClickUp AI is available on all paid plans for $5 per Workspace member per month
ClickUp customer ratings
- G2: 4.7/5 (6,700+ reviews)
- Capterra: 4.7/5 (3,600+ reviews)
2. Connecteam – Best for Managing the Deskless Workforce
Connecteam is a custom-built vendor management system for the deskless workforce—employees who don’t sit behind a desk to get their work done—including healthcare professionals, construction workers, waiters, and more.
While Connecteam is not originally designed for vendor management, it has some features that can be used for the task, from document management to onboarding, company directory, and task management.
Connecteam best features
- Internal communication via in-app chat
- Reporting through checklists and forms
- Digital onboarding courses to train vendors on company workflows
- Digital phonebook for organizing, searching, and contacting critical suppliers
Connecteam limitations
- Too many upgrades are required to access critical—and some basic—features
- Occasional lag when uploading large picture files to the vendor management system
- Administration functions are not mobile-first
Connecteam pricing
- Small business: $0 forever (for up to 10 users)
- Basic: $29/month (for the first 30 users + $0.5/month per additional user)
- Advanced: $49/month (for the first 30 users + $1.5/month per additional user)
- Expert: $99/month (for the first 30 users + $3/month per additional user)
Connecteam customer ratings
- G2: 4.3/5 (30+ reviews)
- Capterra: 4.8/5 (200+ reviews)
3. Beeline – Best for Efficiently Managing External Partners and Consultants
Beeline is an extended vendor management solution that enables businesses to efficiently manage their external partners like contingent workers, consultants, temporary staff—and vendors. With a vendor management system like Beeline, you can automate many aspects of your vendor assessment and selection process, ultimately cutting expenses, improving efficiency, and reducing time spent on decision-making.
Beeline best features
- Global workforce intelligence
- Services procurement
- Direct sourcing and talent pools
- Resource tracking
- Data security
- Extended workforce connectivity
Beeline limitations
- Some users find the reporting inflexible
- The analytics are too limited, according to a few reviewers
Beeline pricing
- Contact Beeline for pricing
Beeline customer ratings
- G2: 3.7/5 (30+ reviews)
- Capterra: 4.3/5 (10 reviews)
4. SAP Fieldglass – Best for Managing Vendors Offering Specialized Services
SAP Fieldglass is a vendor management software that helps organizations easily find, vet, and contract vendors that offer specialized services. With SAP Fieldglass, companies can easily scale their supplier list up or down to streamline their operations and achieve business results quickly.
SAP Fieldglass is an ideal vendor management solution for businesses in various industries, including automotive, consumer products, banking, retail, and more.
SAP Fieldglass best features
- Enterprise resource planning (ERP)
- Supply chain, financial, and spend management tools
- Human capital management functionalities
- CRM software and customer experience solutions for providing end-to-end value chain insights
- Extended planning and analysis
SAP Fieldglass limitations
- Somewhat high implementation costs
- Potential integration challenges with existing tools compared to other vendor management solutions
- Sometimes slow or cumbersome to use, especially when updating worker details
- Complex, manual verification for several features
SAP Fieldglass pricing
- Contact SAP for pricing
SAP Fieldglass customer ratings
- G2: 4.5/5 (290+ reviews)
- Capterra: 4.1/5 (70+ reviews)
5. Genuity – Best for Managing Technology Assets and Vendor Relationships
Genuity is an all-in-one vendor management tool that lets you seamlessly source vendors, make relevant purchases, and manage your technology assets. With Genuity’s critical asset and vendor management features, you can manage your company’s technology lifecycle and make better, data-driven business decisions.
Genuity best features
- SaaS/Vendor management
- Contract and asset management
- Telecom management
- IT help desk
- Network monitoring
Genuity limitations
- Inability to change the date on tickets
- Limited module connectivity
- Inability to brand forms with company logo
- No feature for adding default ticket filters
- Limited integrations compared to other vendor management systems
Genuity pricing
- Free Trial
- Paid: $29.99/month for unlimited users
Genuity customer ratings
- G2: 4.8/5 (50+ reviews)
- Capterra: 5/5 (3 reviews)
6. Onspring – Best for Automating Complex Vendor Management Processes
Onspring offers automated business solutions for managing vendors, minimizing supplier risks, managing incidents, and keeping organizations audit-ready. This vendor management platform empowers organizations to solve complex problems, simplify repetitive business process management processes, and implement resource-saving automation.
Also, implementing the Onspring vendor management platform is easy because it uses no-code development, allowing any user to drag and drop elements to create workflows, apps, dashboards, and more.
Onspring best features
- Real-time reporting in tables, graphs, and maps
- Automated email, SMS, and Slack notifications
- Shared lists and dynamic docs
- Access control features that regulate users who can create, read, edit, or delete items
- Policy, risk, and vendor management
Onspring limitations
- Difficulty accessing data from different platform sections
- Clunky timeout function
- Inflexible field sizes for dashboard reports
- Limited access for non-users
- Steep learning curve
Onspring pricing
- Contact Onspring for pricing
Onspring customer ratings
- G2: 4.8/5 (40+ reviews)
- Capterra: 4.8/5 (50+ reviews)
7. Precoro – Best for Effective Spend and Vendor Management
Precoro is a spend management system that helps companies manage their spending more efficiently, with features for seamlessly requesting, approving, and controlling purchase orders. With its different pricing tiers, it’s ideal for small businesses, mid-scale companies, and enterprise firms looking to streamline their vendor relationships and payments.
With Precoro, organizations also gain access to useful resources like an accounts payable ROI calculator, an approval matrix template, a procurement process strategy template, and more.
Precoro best features
- Purchase request creation, collection, and management
- Integrations with QuickBooks, Slack, NetSuite, and more
- Supplier and stock planning, control, and automation
- Corporate spend management solutions
- Custom reports for analyzing purchasing data
- Inventory upload and maintenance tools
- Ability to add or invite suppliers
- Flexible and customizable for adding new roles, approval conditions, and document fields
Precoro limitations
- Clunky receipt and purchase order workflow
- Inability for admins to edit invoice drafts
- Supplier base customization is poor
- Filter fields have no subheadings
- Purchase orders can’t be seen as images
Precoro pricing
- For smaller teams: Starts at $35/month per user billed annually
- For larger teams: Contact Precoro for teams of 20+ users
Precoro customer ratings
- G2: 4.7/5 (120+ reviews)
- Capterra: 4.8/5 (200+ reviews)
8. Gatekeeper – Best for Simplified Vendor and Contract Lifecycle Management
Gatekeeper is a vendor and contract lifecycle management software ideal for all kinds of teams, from legal to procurement, finance, operations, vendor management, and more. It offers critical features like AI data extraction, esignatures, and contract workflow automation, making it easy to enter beneficial business agreements with vendors, suppliers, and other external partners.
The platform also provides contract and vendor visibility, enabling organizations to track and control all their business partnerships as well as ensure compliance with all the relevant regulations in their niche.
Gatekeeper best features
- Vendor and contract lifecycle management
- Branded vendor portal
- Balanced scorecards
- Compliant esignature tool
- Developer-friendly integrations
- Touchless contract creation and execution
Gatekeeper limitations
- Minor fixes that boost functionality take too long to implement
- Inability to archive or delete vendor contracts
- The software’s time stamps don’t update with clock changes
- Clunky workflows
- Implementation does not convert neatly from Word to PDF versions
Gatekeeper pricing
- Essentials: $1,125/month for unlimited users (paid annually)
- Pro: $2,715/month for unlimited users (paid annually)
- Enterprise: $4,815/month for unlimited users (paid annually)
- Enterprise custom: Contact Gatekeeper for pricing
Gatekeeper customer ratings
- G2: 4.5/5 (50+ reviews)
- Capterra: 4.7/5 (50+ reviews)
9. Procurify – Best for Simplifying the Procurement Process
Procurify is a software solution that makes the procurement process easy. It gives everyone in different business departments the tools to manage their spending decisions and gain real-time payment visibility.
The Procurify platform enables company-wide financial accountability and transparency for the procurement process, all while storing accurate spending data to drive business growth and expansion.
Procurify best features
- Purchase requests and approval workflows
- Expense management
- Electronic reimbursement forms
- In-app notifications and chat
- Physical and virtual spending cards
Procurify limitations
- Difficulty with correcting mistakes in purchase orders unless you raise new ones
- Inability to see a catalog’s order history without generating a report
- Filling the tax section of an expense report in the app is sometimes tricky
Procurify pricing
- Contact Procurify for pricing
Procurify customer ratings
- G2: 4.6/5 (160+ reviews)
- Capterra: 4.5/5 (140+ reviews)
10. Tipalti – Best for Fast-Growing Companies
Tipalti is a payables automation software for fast-growing and innovative companies. This procurement and vendor management tool enables businesses to manage invoices and payments without increasing headcount or implementing additional systems. With Tipalti’s custom-built financial and compliance features, companies can also limit business risks and expenses.
Tipalti best features
- Supplier and invoice management
- Automation of accounts payable
- Global partner payments
- Procurement tools and expense management solutions
Tipalti limitations
- Its tax forms tend to be difficult to fill
- Constantly changing account representatives
- Basic reporting features
- Occasional duplicate records
- Linking to your existing system requires a lot of backend configuration
Tipalti pricing
- Contact Tipalti for pricing
Tipalti customer ratings
- G2: 4.5/5 (150+ reviews)
- Capterra: 4.7/5 (120+ reviews)
Summarize this article for me pleaseHow Much Does Vendor Management Software Cost?
The cost of vendor management software can vary significantly depending on the specific features, the number of users, and the provider. The price range can start from free up to several thousands of dollars per month, particularly for large enterprises with numerous users.
Free versions or trials are offered by some software providers, although these can be somewhat limited in terms of functionality and support. They can serve as a good introduction to use and evaluate the basic features before upgrading to paid versions.
Basic paid plans for small businesses, startups, or solo entrepreneurs typically start from $20 to $40 per month. These programs come with essential features such as a centralized vendor database, basic reporting, and usually provide support for a small number of users.
Mid-range plans, suitable for medium-sized businesses, can cost between $100 and $500 per month. Such plans offer more advanced features like performance tracking, enhanced user support, increased storage options, and can accommodate a larger number of users.
Enterprise-level plans, designed for larger businesses and corporations, are naturally more expensive. They can range between $1,000 to several thousands of dollars per month. These plans offer extensive functionality, including advanced analytics, integration capabilities, unlimited users, and often comes with dedicated customer support.
Summarize this article for me pleasePurchasing Vendor Management Software: Key Considerations
When seeking out the appropriate vendor management software for your business, it’s essential to carefully consider several critical factors. Choosing a system that best fits your operations can make all the difference in seamlessly managing your vendors and streamlining your processes.
- Identify your specific vendor management needs and objectives
- Assess if the software can integrate seamlessly with your existing systems, such as accounting, inventory management, and project management tools
- Check for support of standard integrations with commonly used business tools to ensure smooth data flow
- Look for software that offers API access for customized integrations
- Consider the impact of these integrations on your overall business efficiency and resource optimization
- Evaluate if these integration capabilities align with your business goals and bottom line.
Summarize this article for me pleaseFind the Best Vendor Management Software for Your Business
ClickUp is a holistic vendor management solution. With its critical features and easy-to-navigate interface, the software accounts for the entire vendor management process, transforming how teams choose suppliers, make purchases, plan events or activities, allocate resources, and more.
It also seamlessly combines client management, project planning, task tracking, event coordination, and document sharing, eliminating the need for multiple tools. Ready to transform your vendor management process and unlock the full potential of your business? Adopt ClickUp as your vendor management system today!
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