Find the Best Vendors Management Software
Best vendor management software includes Oracle NetSuite ERP, TYASuite Vendor Management, mjPRO, TallyPrime, and Gatekeeper. This software allows businesses to control costs, drive service excellence and mitigate risks to increase value from their dealers throughout the deal life cycle.
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Most Popular Vendors Management Software
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List of 20 Best Vendors Management Software
Contenders | 2025
#1 Cloud ERP for Fast-Growing Businesses
Product Description
NetSuite, the #1 cloud ERP, is an all-in-one cloud business management solution that helps more than 29,000 organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. Read More About Oracle NetSuite ERP
Oracle NetSuite ERP Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Workflow Automation
- Analytics And Reporting
- Professional Services Automation (psa)
- Order Management
- Billing
- Business Intelligence
- Fixed Asset Management
- Procurement
- View all Features
Oracle NetSuite ERP Features and Usability-Based User Satisfaction Score
Category Champions | 2025
Product Description
Vyapar is a GST-compatible invoicing and accounting solution for small businesses. You can use it to create GST bills, fulfill orders, generate GSTR reports, track payments and expenses, and manage your inventory. Besides, you can use it to customize invoices and collect payments online. Read More About Vyapar
Vyapar Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Customizable Templates
- Reports And Analytics
- Purchase Management
- Data Security
- User Permissions
- Sales Management
- Mobile App
- Bank Reconciliation
- View all Features
Silver- Desktop (1 year)
$ 40
Device/Year
Silver- Desktop + Mobile (1 year)
$ 47
Device/Year
Silver- Desktop (3 years)
$ 92
Device/ 3 Years
Silver- Desktop + Mobile (3 year)
$ 106
Device/Year
Vyapar Features and Usability-Based User Satisfaction Score
Contenders | 2025
Streamline Vendor Relationships, Boost Efficiency!
Product Description
TYASuite Vendor Management streamlines and automates complex vendor management tasks, enabling businesses to achieve more in less time with ease and efficiency. Read More About TYASuite Vendor Management
TYASuite Vendor Management Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Compliance Management
- Purchase Order Management
- Multi Currency Support
- Vendor Database Management
- Contract Management
- Analytics And Reporting
- Vendor Performance Tracking
- Vendor Risk Assessment
- View all Features
TYASuite Vendor Management Features and Usability-Based User Satisfaction Score
Streamline your procurement process with our eProc
Product Description
Procurement software is a digital solution designed to automate and streamline the procurement process of an organization. It allows businesses to manage their purchasing activities, from supplier management and purchase requisition to invoice processing and payment. Read More About TeroTAM eProcurement
TeroTAM eProcurement Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Purchase Order Management
- Approval Workflow
- Multi Currency Support
- Integration Capabilities
- Invoice Management
- Mobile Access
- Catalog Management
- Reporting And Analytics
- View all Features
Category Champions | 2025
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Product Description
TallyPrime is India’s leading business management software for GST, accounting, inventory, banking, and payroll. TallyPrime is affordable and is one of the most popular business management software, used by nearly 20 lakh businesses worldwide. Read More About TallyPrime
TallyPrime Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- E Way Bill Generation
- Order Processing
- Remote Access
- Gst Compliance
- Reporting And Analytics
- Cost Centre And Cost Category
- Banking
- Credit Management
- View all Features
TallyPrime Silver
$ 313
Full License for Single User
TallyPrime Silver Monthly Subscription
$ 10
Monthly License / Single User
TallyPrime Gold Monthly Subscription
$ 31
Full Monthly License for Multi-User (Easy Renewal)
TallyPrime Features and Usability-Based User Satisfaction Score
Contenders | 2025
Product Description
Gatekeeper is a robust vendor management software preferred by businesses across industries. This AI-powered system offers useful contract, contractor, and vendor management features. It also has a responsive team to resolve your queries. Request a demo now. Read More About Gatekeeper
Gatekeeper Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Audit Trails
- Mobile Access
- Contract Management
- Customizable Dashboards
- E Signature Support
- Data Security
- Approval Processes
- Vendor Onboarding
- View all Features
Gatekeeper Features and Usability-Based User Satisfaction Score
A Flexible VMS Vendor Management System
Product Description
Onspring is a dynamic supplier management software that simplifies the process of reporting and managing data, besides streamlining your workflow. This simple software has an easy-to-use interface. It also offers outstanding technical support to its users. Read More About Onspring
Onspring Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Alerts And Notifications
- Mobile Access
- Vendor Risk Assessment
- Third Party Integrations
- Data Import/export
- Vendor Portal
- Vendor Onboarding
- Compliance Tracking
- View all Features
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A SaaS-based Supplier Management Application
Product Description
Quantivate is a state-of-the-art VMS vendor management system designed to help businesses manage risk, compliance, and governance in one centralized system. This integrated software is known for its scalability, configurability, and flexibility. It offers a free demo. Read More About Quantivate
Quantivate Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Data Security
- User Access Controls
- Policy Management
- Issue Management
- Contract Management
- Integration Capabilities
- Audit Trail
- Reporting And Analytics
- View all Features
Contenders | 2025
A High-Performance Vendor Management Software
Product Description
SAP Fieldglass is a cloud-based, comprehensive software known for its robust vendor management tools. This industry-leading software offers a clean interface that is easily navigable. It is used by businesses in more than 165 countries. Sign up for a free demo. Read More About SAP Fieldglass
SAP Fieldglass Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Integration With Erp Systems
- Worker Profile Management
- Audit Trails
- Talent Pool Management
- Digital Signatures
- Invoice Management
- Mobile Access
- Job Posting
- View all Features
SAP Fieldglass Features and Usability-Based User Satisfaction Score
An End-to-end Vendor Management Platform
Product Description
Zycus iSupplier is a high-performance vendor management system software designed to streamline all aspects of supplier management. This all-in-one software offers impressive features including audit trail, sourcing management, performance metrics, and much more. Read More About Zycus iSupplier
Zycus iSupplier Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Supplier Compliance Management
- Supplier Portal
- Supplier Risk Management
- Supplier Document Management
- Supplier Diversity Management
- Supplier Integration
- Supplier Audits
- Supplier Analytics
- View all Features
A Promising Vendor Management System Software
Product Description
Beeline VMS is a promising supplier management software designed to enhance your workforce agility. This sophisticated software streamlines the process of workforce management and talent acquisition. It also offers unmatched technical support to its users. Read More About Beeline VMS
Beeline VMS Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Alerts And Notifications
- Customizable Dashboards
- Reporting And Analytics
- Audit Trails
- Performance Tracking
- Supplier Diversity Tracking
- Integration Capabilities
- Invoice Management
- View all Features
Contenders | 2025
Product Description
mjPRO is a SaaS-based product that digitises Procurement from "planning a purchase" to "payment to the supply partner." The easy-to-use system connects all data and stakeholders, ensuring 100% spend visibility and successful adoption. Read More About mjPRO
mjPRO Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Integration Capabilities
- Document Management
- Catalog Management
- E Auctions
- Invoice Management
- Notifications And Alerts
- Mobile Access
- User Access Control
- View all Features
Basic - To be discussed
$ 0
Per Month
mjPRO Features and Usability-Based User Satisfaction Score
A Web-based Application for Vendor Management
Product Description
"Intelex is a feature-packed vendor management software that helps you manage supplier relationships and track vendor performance while reducing the peril of operational and financial disruptions. This impressive software also offers 24/7 live rep support." Read More About Intelex
Intelex Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Quality Management
- Inspection Management
- Environmental Management
- Mobile Accessibility
- Training Management
- Risk Management
- Document Control
- Incident Management
- View all Features
Workspace Bookings made Smart and Easy
Product Description
Transform workspace management effortlessly. Perfect for hybrid offices, coworking spaces, and educational settings, this easy-to-use, localized, and affordable system simplifies booking desks, rooms, and parking. Experience seamless organization in every environment. Read More About Whatspot
Whatspot Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Resource Management
- Booking Analytics
- Support For Multiple Locations
- User Management
- Custom Booking Rules
- Booking Calendar
- Recurring Bookings
- Visitor Management
- View all Features
Free
$ 0
Forever
Premium
$ 2
Per space
Ultimate
$ 3
Per space
Enterprise
$ 149
Per Month
Complete suite of SCM and Manufacturing
Product Description
Enterprises can respond swiftly to changing demand, supply, and market conditions with Oracle Fusion Cloud SCM. Transform your business operations by optimizing order, supply, and fulfillment in a single view. Read More About Oracle Fusion Cloud SCM
Oracle Fusion Cloud SCM Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Supplier Qualification Management
- Supply Chain Collaboration
- Sales And Operations Planning
- Product Lifecycle Management
- Inventory Management
- Order Management
- Global Order Promising
- Manufacturing
- View all Features
Category Champions | 2025
#1 Cloud ERP for Fast-Growing Businesses
Product Description
NetSuite, the #1 cloud ERP, is an all-in-one cloud business management solution that helps more than 29,000 organizations operate more effectively by automating core processes and providing real-time visibility into operational and financial performance. Read More About Oracle NetSuite ERP
Oracle NetSuite ERP Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Project Management
- Supply Chain Management
- Order Management
- Professional Services Automation (psa)
- Human Capital Management
- Financial Management
- Fixed Assets Management
- E Commerce
- View all Features
Oracle NetSuite ERP Features and Usability-Based User Satisfaction Score
Contenders | 2025
A High-Tech Supplier Management Software System
Product Description
Ariba Spend Management Suite is an advanced VMS vendor management system designed for businesses of all sizes. This cloud-based platform takes care of vendor master data management, catalog/contract management, sourcing/supplier management, and much more. Read More About Ariba Spend Management Suite
Ariba Spend Management Suite Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Supplier Diversity Management
- Supplier Performance Management
- Supplier Discovery
- Compliance Management
- Supplier Scorecards
- Supplier Onboarding
- Supplier Qualification
- Sourcing
- View all Features
Ariba Spend Management Suite Features and Usability-Based User Satisfaction Score
Trusted by More Than 13000 Financial Institutions
Product Description
Ncontracts is fully-featured vendor management system software designed for credit unions, banks, and mortgage lenders. This impressive software offers a host of useful features to help you manage vendors and risks. It also has an amazing support team. Read More About Ncontracts
Ncontracts Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Audit Trail
- Customizable Dashboards
- Reporting And Analytics
- Incident Management
- Performance Monitoring
- Alerts And Notifications
- Document Management
- Third Party Risk Management
- View all Features
Contenders | 2025
Product Description
VendX stands as the cornerstone of modern procurement management, offering businesses a comprehensive solution to streamline and optimize their sourcing and procurement processes, ensuring efficiency, transparency, and cost-effectiveness. Read More About VENDX
VENDX Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Audit Trail
- Reporting And Analytics
- Integration Capabilities
- Compliance Management
- Document Management
- E Auction
- Contract Management
- Approval Workflow
- View all Features
VENDX Features and Usability-Based User Satisfaction Score
Contenders | 2025
Offers World-Class Vendor Management Tools
Product Description
CobbleStone Software - Contract Insight is a VMS vendor management system designed to help businesses manage contracts and agreements. This fully configurable software is easy to set up and powered by artificial intelligence to streamline your workflow. Read More About CobbleStone Contract Insight
CobbleStone Contract Insight Is Tailored For
StartUps
SMBs
Mid-Market
Enterprises
Features
- Customer Management
- Reporting And Analytics
- Budget And Spend Tracking
- Audit Trail
- Compliance Tracking
- User Permissions And Roles
- Version Control
- Clause Library
- View all Features
CobbleStone Contract Insight
$ 59
Per User
CobbleStone Contract Insight Features and Usability-Based User Satisfaction Score
Get Free Expert Advice
What is Vendor Management Software?
Vendor Management Software (VMS) is a tool that assists businesses in managing vendors from initial contract to final close, including establishing business relationships.
A vendor management system is a web-based application that provides businesses a platform to manage and acquire staffing and placement services – both temporary and permanent – along with contingent labor or outside the contract.
The recent regulations in the financial industry have resulted in vendor management consisting of risk classification and due diligence for the management of third-party risk. Vendor management software helps organizations reduce risks, along with controlling costs, improving service quality, and yielding more value from their vendors.
Objectives of Having an Effective Vendor Management Software
With the business world growing more complex, vendors rely on staff, services, and goods to become not only providers but partners in their customers' long-term success. However, vendors need a system that connects them with their onboarding suppliers to meet their unique requirements, along with providing capabilities of risk management software, contract management software, performance tracking, and more.
Here are some of the objectives of having vendor management software.
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To Automate Processes
AI and automation can combine to deliver a robust punch of process improvement. Several workflows, including onboarding and invoicing, are crucial but contain cumbersome, recurring elements that are less productive and vulnerable to human error. Automation gets rid of the human element, thereby eliminating the requirement for manual data entry and cross-checking. The automation of the supplier inroading process provides you with complete access to the profile of your suppliers and service providers.
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For Improving Compliance
A long supply chain increases the chance of vendor risk exposure, and the risk associated is directly proportional to the size of the supply chain. A vendor management system is used to reduce risk and improve regulatory compliance. It consolidates all vendor information, such as documentation, communication, and performance data to obtain fast, accurate results. It also supports reminder workflows and integrates suppliers into your system to promote strategic planning on compliance issues.
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For Deeper Analytics
A VMS collects all your vendor data in a single cloud-based server, and stakeholders can use ML abilities to convert data into actionable insights. A VMS offers powerful reporting and analytics tools, which can help vendors recognize future opportunities, trends, and challenges.
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For Lowering Cycle Times
All vendor procedures have a lifecycle. Shorter life cycles lead to cost savings and increased efficiency. Vendor management systems are used to shorten the span of these life cycles.
-
For Stronger Supplier Management
A cloud-based vendor management system can help you review and qualify your vendors, analyze their performance and compliance, and promote or demote them as needed.
Usability of Best Vendor Management Software in the Current Market
A vendor management system can be used in a wide variety of ways. Let's take a look at some common ways organizations use vendor management capabilities in the existing market.
-
Better Alternative to Vendor Checklists:
Companies no longer need to rely on word processing tools and spreadsheets as the requirements of modern-day auditors can be met more efficiently.
-
Centralized Information:
These software programs allow you to access information on all contracts, suppliers, and reviews from one platform. Organizations also use them to monitor contracts and other vendor documents.
-
Distribution of Access Rights and Roles:
Vendor systems are powered by AI and allow you to assign roles and access rights to different users in the system.
-
Reduction of Risks:
A VMS provides an efficient way to manage vendor resources, thereby streamlining an otherwise tormenting task.
-
Streamlining Vendor Risk Assessment:
The software uses AI to execute preventive and corrective actions from the results, which improves assessing risks and regulatory compliance in areas like finance and quality management.
Few Things to Consider Before Buying Vendors Management Software
With so many tools offering so many capabilities, choosing the one that best suits your business can be a hurdle. The best VMS solutions have versatile integration abilities and you should pick one depending on your inch and vertical.
Your business does not need another tool but something that works with tools that you already have. Here are a few things to consider before investing in vendor management software.
-
It should be accessible easily from a browser, an app, or a smartphone
-
It should seamlessly integrate with all your accounting systems, invoicing systems, and collecting system
-
It must offer cloud capabilities
-
It should help you reduce time-to-hire timelines
-
It should standardize and centralize billing rates, invoicing, contracts, and payment options
-
It must provide actionable insight into the supplier, vendor, and contingent workforce performance
Components of Vendors Management Software
A vendor management system, at its core, is designed to manage and mitigate third and fourth-party vendor risk. Here are the top components of a vendor management software solution.
-
Vendor Lifecycle Management
Vendor management is a continual process that addresses the risk associated with a third-party vendor. It ensures that vendor risk exposure is aligned with the risk appetite of the organization. Some essential features every vendor management software provides are:
-
Classification of vendors
-
Aid in risk management
-
Conduct a review of policy and procedures
-
Audit
-
-
Collaboration
Vendor management is a concept in which all departments work to monitor vendors efficiently and effectively. The process consists of two parts: thorough vendor management and redundant vendor management. In thorough management, different departments work collaboratively, whereas in redundant management, various departments work individually. Vendor management software offers features that end redundancies, avoid discrepancies, and eliminate inefficiencies.
Some common collaboration features of a vendor management solution include:
-
Vendor management
-
Enterprise risk management
-
Compliance
-
Cybersecurity
-
Business continuity planning
-
-
Review Critical Information
Vendor management is all about recognizing, assessing, managing, and reducing third-party vendor risk, through appropriately using procedures, policies, and documentation. A full-fledged vendor management system provides a detailed oversight of the following components:
-
Generate email reminders
-
Assess key points
-
Gather missing contracts
-
Flexible and extensive reporting features
-
-
Assessment of an Evolving Vendor Environment
Assessing a vendor is an ever-lasting process, and you should pick a vendor management software solution that helps you keep up with the evolving vendor environment. From collecting and managing documents to reporting and monitoring, a vendor system offers a wide range of features that help you stay on top of your vendor assessment and management tasks. These features include:
-
Collect documentation
-
Analyze reports
-
Provide ongoing monitoring and risk assessment
-
-
Seamless Execution
The objective of a vendor management system is to streamline vendor management and not increase the workload of an already outworked staff. Companies should look for solutions that are tailored to their specific business requirements. The solution you pick should allow you to continue using your proven processes instead of converting to new procedures to meet vendor expectations.
Moreover, each vendor management comes with a learning curve during adoption. The solution provider should be there with the team throughout the journey to provide one-on-one help to employees.
Pros and Cons of Vendors Management Software
Recently, larger companies have been turning to vendor management systems to manage their labor force. However, these solutions have some unintended side effects as well. Let's take a look at the pros and cons of a vendor management software solution.
Pros
-
It provides access to vendor performance tracking, cost controls, cost reduction results, document management, and process improvement.
-
Vendor management systems increase the overall efficiency of your business by improving the security of confidential files. It provides a safe management service for agreements, licensing agreements, inspection reports, and more.
-
They help you reduce costs. These solutions provide you with increased visibility, that allows you to recognize and eliminate unnecessary expenses.
-
It helps you manage contractual compliance, including the standardization of all the billing procedures. You can manage active suppliers in your vendor management system to track their performance and compliance with your requirements.
-
Vendor management solutions help you track performance and derive data and analytics. These analytics provide you with enhanced visibility into vendors, budgeting, ROI, etc.
Cons
-
VMS can separate the staffing company account managers from developing strong relationships with client hiring managers.
-
This reduced relationship can hamper the ability of account managers to understand the intangible qualifications of the company.
-
These solutions also decrease the confidence that recruiters have in the ability of their account managers to pre-market candidates and get interviews.
Major Issues with Vendors Management Software
While the latest vendor management programs help companies overcome all vendor management challenges, some challenges persist, especially for businesses using outdated or manual solutions. These include:
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Getting the right documentation from vendors
-
Automating the process (if automation is not supported)
-
Analyzing SOC reports
-
Managing contracts and negotiations
-
Completing risk assessments
-
Having appropriate internal resources
FAQs
What is the difference between VMS and Billing Optimization?
Billing optimization is the management of your vendor bills, whereas vendor management refers to the collective activities, including searching, sourcing, and managing vendors.
How much does a Vendor Management Software cost?
The costs of vendor management software can vary depending upon the features and requirements you want. Typically, beginner level vendor management systems start from $100-150.
Our organization has established relationships with vendors. Will we have to change vendors with LIMITLESS VMS?
No. LIMITLESS VMS allows you to add your existing vendors in the system, along with adding new vendors as per requirements.