6 Tips For Choosing the Best Vendor Management Software In 2020

Vinay A
February 9, 2021

In any business environment, good vendor management is key to improving efficiency. Vendor management software can help you to save time, save costs, and build better relationships with vendors.

Searching for the best vendor management system doesn’t need to be confusing - it can be quick and easy! To help you, we’ve compiled a list of the top 6 aspects you should be looking for.

Key Aspects To Look Out For:

1) Easy-to-use interface  

This is equally as important for vendors as it is for businesses. If the interface is disorganized and badly constructed, it will take up more of your time and effort. Vendor management software needs to make updates efficient to execute and clearly display all relevant information.

You may want to look for software that has intuitive, easy-to-use interface options so that everyone on the team can be introduced to it in no time. The interface should be accessible on the web, mobiles, and even offline.

2) The key is customization

Although there is merit in choosing a pre-designed interface, the option to modify this is critical for business-software integration. You will want to look for a vendor management solution that offers fully customized interfaces.

Customizing the app will allow your teams to work with a solution that addresses each challenge that their vendor management process requires - which differs for each business and workflow. Note that you shouldn’t have to be able to code to customize your app - it can be much simpler than that!

3) Keep in sync with an activity log

You’ll want to keep in-the-know with regards to the movements of your vendors. For instance, you might want to track the hours that your vendors are logging. Here it would be useful to be able to see check-in and check-out times.

Activity logs help to keep everyone in sync with each other’s activities. It would also be important to customize the actions available to track in the log so that you can easily access the information that you need.

4) Easily oversee the RFQ and RFP processes

Request for Quote (RFQ) and Request for Proposal (RFP) management are critical aspects of vendor management systems. A solution that helps you to effectively manage the RFQ process, as well as the RFP process, will allow you to engage better with potential vendors.

With important processes made easier, new agents can be integrated into your business seamlessly through the vendor management software.

5) Don't want to wait? Automate!

The software solution that will work best for your business is one that ensures everyone is kept in the loop when specific actions take place. For example, if an order is placed, certain employees may need to be notified immediately so that they can respond accordingly.

Automating these notifications will keep you aware of what’s happening in your business at all times. This can help make your business decision-making more efficient as the relevant employees can take action quicker.

6) Seamless integration will leave a legacy

Legacy systems are often still the cornerstones of business data. A great vendor management solution should integrate easily with your older systems and be able to work to improve them.

Improvements to legacy systems will speed up their processing cycles and increase your savings. The ability to automate can play a big part in this as well!

Final Thoughts

Looking out for these 6 top features will help you to choose the best vendor management software for your business. Not only does Hubbler feature all of these tools, but it is a flexible vendor management solution that can integrate into any business with ease. It is guaranteed to provide you with customized, high-quality vendor management and automation solutions.