Vendor Management System

So before we dive into a vendor management system’s intricacies, features, and benefits, let’s start with the basics.

What is a Vendor Management System (VMS)?

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.

Why do you need Vendor Management System?

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.

Vendor Management capabilities in Procurement Cloud

Here’s what a system like Procurement Cloud offers regarding vendor management capabilities.

Supplier self-service

Suppliers can manage their catalogues and other information by themselves, and so can you.

Supplier registration

Have suppliers provide registration details without having them log into Procurement Cloud.

Supplier onboarding

Onboard suppliers with detailed information such as remittance details, payment terms, shipping terms, certificates, financials, etc.

Supplier rating

Rate your suppliers on several factors, such as timely delivery, product quality, etc.

Avoid duplications

Avoid onboarding the same supplier more than once & maintain good master data hygiene.

Supplier categorization

Map suppliers to one or many categories by leveraging pre-populated UNSPSC standards.

Effective controls

Configure granular details such as access controls of the supplier’s users, three-way or 2-way matching type, PO transmission mode, PO transmission method, invoice limits, & more. Improve your supplier relationship in just a click!

Why should you choose comprehensive procurement software over a standalone Vendor Management System?

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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