7 features to look for when choosing Vendor Management Software

Vinay Agrraval
October 8, 2020

With so many vendor management software in the market, it can be confusing to choose the right one for your organization. And we are here to make things easy for you. 

From our experience working with vendor management software, we have come up with the seven must-have features you should look for when choosing a Vendor Management Software.

7 features to look for

Here are 7 features to look for in a vendor management software:

Vendor Management Software – One-stop shop

It might be a popular term used for something that does multi-tasking. VMS is also a multitasker that allows the user to maintain records about the entire procurement cycle, separate documentation, approvals, order requests, order status, and more.

Budget manager 

One more important aspect of procurement management is budget. It is vital to track and manage the budget as this has a direct impact on the organization.

Supplier life cycle management 

As mentioned earlier, the Vendor Management process is a mix of multiple steps, and supplier lifecycle management is one of the core functions. VMS software helps in identifying, onboarding, managing, and analyzing suppliers across different departments and categories.

Seamless integration

If you procure software and it works as a standalone, then it does not help in handling multiple scenarios. Whereas, one should look for a good procurement platform that lets you integrate third-party tools also for better functionality. These tools can be related to accounting, finance, purchase of goods, and more. 

Reporting for a better understanding 

While looking for an ideal vendor management software, when you are searching for data or want to retrieve data, the information should be presented – something like a report with all the details stated. Reports serve an easy and comfortable purpose of explaining the entire information, simplifying the decision-making.

On the cloud

With almost all the software being cloud-based, having a cloud-based vendor management software makes it accessible, which is a must in today’s on-the-go settlements or discussions.

Self-serve portal 

Another appreciable feature of vendor management software is there is transparency between the buyer and the service provider. This self-serve portal is a feature that one can look for before procuring the software.

Final thoughts

You may have to visit a good amount of time choosing the best fitting software for your organization. As soon as you get it, the waiting will turn out to be worthy of the special features, wherein the user can have accessibility and management of the entire procurement life-cycle.

And Hubbler takes care of all of that. And also apart from vendor management, we can help with your expense management, procure to pay, lease management, and asset management.

So book a demo with us right now!