So before we dive into a vendor management system’s intricacies, features, and benefits, let’s start with the basics.
A vendor management system, also known as VMS, is a software suite that helps businesses take care of vendor management processes end-end, from initial contract to final closure of a deal or while establishing a business relationship.
Vendor management is critical to the success of any procurement team, and using the best vendor management system helps you make the most of your supplier relationship. A vendor management system like Procurement Cloud has many benefits, from supplier qualification to onboarding to allowing them to create & manage catalogues to capture supplier performance.
Here are some of the other advantages of having a vendor management system.
Here’s what a system like Procurement Cloud offers regarding vendor management capabilities.
While a standalone Vendor Management System is effective at everything to do with suppliers, it is more or less disconnected from the overall procurement process and operates in silos. For this reason, it is always wiser to go with a comprehensive procurement software like Kissflow Procurement Cloud that has all the functionalities from source-to-pay
Some benefits of adopting a procure-to-pay software like Kissflow are as follows.
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