In the business world, vendors are a must. Businesses work with vendors, and as a result, they’ll need to take notes on invoices received, orders pending and delivered, payments, and deliveries. The list is endless. In times past, this had to be done with paper and ink leading to waste, increased possibility of errors, and waste of time in handling this type of work manually. With vendor management software, everything is sorted.

Vendor management software is software that allows the business manager to communicate with vendors. To, assign tasks, pay contractors, and keep track of invoices. Primary functions involve payroll management, project management, vendor engagement, and compliance management. The top best vendor management software has been reviewed below.

Top 8 Vendor Management Software.

  1. Gatekeeper – Best Vendor Management Software for Large Businesses
  2. SAP Fieldglass – Best Vendor Management Software for People Management
  3. Genuity – Best Vendor Management Software for IT Companies
  4. Vendasta – Best Vendor Management Software for Multi-location Businesses
  5. Precoro – Best Vendor Management Software for Medium-sized Businesses
  6. Beeline – Best Vendor Management Software for Quality Integration
  7. Onspring – Best Vendor Management Software for Customer Support
  8. Procurify – Best Vendor Management Software for Expenses Tracking

1. Gatekeeper – Best Vendor Management Software for Large Businesses

Pricing: Pricing begins at $875 per month for the Essential plan. The Pro planks bikes at $2,095 per month, while the Enterprise plan is billed at $3,725 per month.

Simple cost-effective Cloud-based vendor management software that keeps all management activities in one place rather than having to purchase separate software to accurately manage your business.

Key Features:

  • Alerts/Notifications
  • Compliance Management
  • Contract/License Management
  • Fixed Asset Management
  • Inventory Management
  • Performance Metrics
  • Sourcing Management
  • Spend Management
  • Supplier Management

Reasons to Buy:

  • Ready to use clean user interface.

Reasons to Avoid:

  • Price is ridiculously high for small businesses.
  • For such payment plans, the reporting feature is basic.
  • Sometimes, it gets hard to extract and compare the multiple available data.

2. SAP Fieldglass– Best Vendor Management Software for People Management

Pricing: Custom-based pricing list.

From each step, let SAP Fieldglass guide you through the process to fundamentally reduce every problem possible.

Key Features:

  • Audit Trail
  • Budgeting & Forecasting
  • Cataloging & Categorization
  • Compensation Management
  • Competency Management
  • Contract/License Management
  • Contractor Database
  • Contractor Management
  • Employee Management
  • Employee Scheduling
  • Fixed Asset Management
  • Goal Setting & Tracking
  • Individual Development Plans
  • Inventory Management
  • Invoice Processing

Reasons to Buy:

  • With SAP Fieldglass, you get to enforce compliance with regulations
  • It allows you to automate and streamline requisitions and approvals.
  • With its alert tools, get to be on top of your business even when off-site.

Reasons to Avoid:

  • Frequent lagging of Software
  • It gets difficult to navigate through.
  • It could get slow when used by large companies to update workers’ details.

3. Genuity– Best Vendor Management Software for IT Companies

Pricing: Pricing begins at $29.99 per month for unlimited users.

This web-based deployment administrative suite makes it easy to receive requests and manage requests in due time.

Key Features:

  • Alerts /Escalation
  • Automated Routing
  • Customizable Branding
  • Document Storage
  • Email Management
  • IT Asset Management
  • Knowledge Base Management
  • Macros/Templated Responses
  • Multi-Channel Communication
  • Network Monitoring
  • Reporting & Analytics
  • Self Service Portal
  • Ticket Management

Reasons to Buy:

  • It is simple to set up, use, and handle
  • Its bulk import feature is top tier.
  • Customer service is helpful and handy.

Reasons to Avoid:

  • It is not supported by Android or iOS.

4. Vendasta – Best Vendor Management Software for Multi-location Businesses

Pricing: Individual plan is billed at $119 per month, $579 is charged for the Team plan, and $1159 is charged for the advanced plan.

Vendasta reduces the cost of having to purchase various vendor management software for each location of business. It combines all-in-one solutions that increase business reputation.

Key Features:

  • Brand Tracking
  • Campaign Analytics
  • Campaign Management
  • Cataloging & Categorization
  • Categorization and Grouping
  • Communication Management
  • Content Management
  • Customer Journey Mapping
  • Dashboard
  • Engagement Tracking
  • Inventory Control
  • Inventory Management
  • Keyword Rank Tracking
  • Keyword Tracking
  • Mobile Access

Reasons to Buy:

  • Get to monitor each account collectively and access the difference in growth.
  • The online marketplace has over 200 solutions to problems encountered.
  • It has a free trial without having to input card details.

Reasons to Avoid:

  • Could take a while to understand the onboarding process.
  • No Zapier Integration

5. Precoro– Best Vendor Management Software for Medium-sized Businesses.

Pricing: Charges small businesses with less than 20 users $35 per month while businesses with over 20 users are Custom based.

A cloud-based solution featuring automated procedures and integration with other accounting solution software.

Key Features:

  • Approval Process Control
  • Approval Workflow
  • Audit Trail
  • Billing & Invoicing
  • Budgeting/Forecasting
  • Cataloging & Categorization
  • Compliance Management
  • Contract Lifecycle Management
  • Contract/License Management
  • Data Extraction
  • Expense Tracking
  • Financial Reporting
  • Import & Export Management
  • Integration Management
  • Inventory Management

Reasons to Buy:

  • Great budgeting functionality
  • Functionality is basic which makes it easy to understand and use.
  • Helpful and quick assistance from the customer support team
  • Ability to integrate with the local ERP SAP Business One

Reasons to Avoid:

  • Does not implement the SSO logging process.
  • Slightly basic inventory help tool.

6. Beeline – Best Vendor Management Software for Quality Integration

Pricing: Pricing not provided. Based on Custom Quota.

Beeline helps manage engagement between employees as well as across external talents. Ensures compliance by allowing managers to set up onboarding and offboarding processes.

Key Features:

  • Audit Trail
  • Budgeting & Forecasting
  • Compliance Management
  • Contractor Management
  • Offboarding
  • Performance Metrics
  • Recruitment Management
  • Self Service Portal
  • Skills Tracking
  • Sourcing Management
  • Transaction History
  • Variable Workforce
  • Vendor Payment

Reasons to Buy:

  • User-friendly interface with easy navigates the system.
  • Ability to prompt users when certain actions need to be taken.
  • Automatically logs interviews in the calendar and reminders through the mail.
  • Supports multiple user Languages.

Reasons to Avoid:

  • The reporting system howbeit top-notch could become very confusing.

7. Onspring– Best Vendor Management Software for Customer Support

Pricing: Pricing not provided. Based on Custom Quota.

Onspring puts you at the top by letting you customize your dashboard to brand preference. Get to utilize vendor management audit trail by aligning audit plans, and organization objectives, and get to manage and review goals in milestones.

Key Features:

  • Access Controls & Permissions
  • Alerts & Notifications
  • Business Process Control
  • Collaboration Tools
  • Drag & Drop
  • Process Change Tracking
  • Reporting & Analytics
  • Third-Party Integrations
  • Workflow Management

Reasons to Buy:

  • Incredibly flexible to use.
  • It makes internal auditing much more efficient and effective.
  • Customer service assistance is usually of tremendous help.

Reasons to Avoid:

  • While being multi-functional, it lacks specific advances in most tools.

8. Procurify– Best Vendor Management Software for Expenses Tracking

Pricing: it offers three plans. Enterprise plan, Pioneer plan, and Voyager plan. All three plans come with custom costs.

While fully integrating with companies existing accounting software, procurify helps businesses to speed up the workflow between employees. It seeks to combine functionality and team management to produce optimal performance.

Key Features:

  • Accounting
  • Alerts & Notifications
  • Audit Trail
  • Compliance Management
  • Financial Analysis
  • Performance Metrics
  • Activity Dashboard
  • Reporting & Analytics.
  • API
  • Third-Party Integrations
  • Customizable Reports
  • Document Management
  • Reporting & Analytics
  • Sourcing Management
  • Transaction History
  • Vendor Payment
  • Workflow Management

Reasons to Buy:

  • Procurify’s expense tracking tool is top-notch. Gives users automated estimation of expenses within set periods.
  • The Knowledge-based home on how to make the software easy to use and navigate through
  • Gives satisfying reports and analytics.

Reasons to Avoid:

  • It does not allow users to edit locations for purchase orders which makes it stressful for Sam orders and different locations.