Running a small business can be challenging when you don’t have the proper vendor software. Vendor software will help your small business management activities, including selecting vendors, negotiating contracts, controlling costs, reducing vendor-related risks, and ensuring service delivery. Finding the right vendor software can take time out of your day, which is why I have researched and come up with nine of the best vendor software that will suit your small business’s needs.
9 Best Vendor Software for Small Business
- Gatekeeper – Best Cloud-Based Vendor and Contact Management Solution
- Order – Best for Tracking Purchases of All Vendors
- Connecteam – Best All-In-One Vendor Management System
- Onspring – Best Vendor Management System
- SAP Fieldglass – Best Cloud-Based Vendor Management System
- Precoro – Best Automated Vendor Management
- Venminder – Best Third-Party Risk Management Solution
- Genuity – Best IT Management
- Resolver – Best Vendor Risk Management Software
1. Gatekeeper – Best Cloud-Based Vendor and Contact Management Solution
PRICING: Free demo. Custom-quoted.
If you’re looking for a cloud-based vendor and contact management solution, Gatekeeper is the perfect software for your business. It includes self-serve onboarding, tracks compliance and risk, and reports vendor performance using a balanced scorecard and survey, providing you with a simple to use yet powerful all-in-one vendor management tool.
KEY FEATURES:
- Automated contract processes
- Integrated credit and risk profile
- Self-service contracts
- Seamless integration
- Manage vendor relationships
- Automated vendor onboarding
REASONS TO BUY:
- Easy to use
- Manages contract life cycles
- Organized agreements
- Great customer service
REASONS TO AVOID:
- Lack of restrictions
- Difficult to organize into a spreadsheet
- Costly compared to competitors
2. Order – Best for Tracking Purchases of All Vendors
PRICING: Custom-quoted
Order provides you with a guided B2B marketplace to help you simplify buying for your small business. You can place and track purchases across all vendors, control spending, and make payments in a single consolidated bill. It will enable you to have all your vendors in one location.
KEY FEATURES:
- Centralized order management
- Multiple payment gateways
- Inventory management
- Fulfillment points integration
- Shipping services integration
- Customer management
- Shopping platform integration
REASONS TO BUY:
- Easy to use
- Functional
- Consistently releases new features and products
- Easy to consolidate invoices
- All units have access to the same item database
REASONS TO AVOID:
- Difficult to block items from being purchased
- Tracking takes a while
- Approvers cannot create orders
3. Connecteam – Best All-In-One Vendor Management System
PRICING: Free 14-day trial. Free plan available. Starts at $39/per month/up to 50 users. Connecteam is an all-in-one vendor management system that provides various features that enable you to manage and engage with vendors and contingent workers. It is a simple vendor management software with a secure and accurate process.
KEY FEATURES:
- Document management
- Training and onboarding
- Internal communication features
- Reporting with forms & checklists
- Compliance management
- Integration with Quickbooks Online and Gusto
REASONS TO BUY:
- Easy to use
- Excellent customer service
- All-in-one software with a wide range of features
- Affordable solution
- Intuitive design
REASONS TO AVOID:
- It is not exclusively a vendor management system
- Lack of GPS coordinates reliability
- Lack of admin features on app
- Lack of hierarchy features
4. Onspring – Best Vendor Management System
PRICING: Custom-quoted.
Offspring helps small businesses manage diverse vendor sets and provides customers with third-party risk assessments and mitigation activities. Your small business will be able to move past redundant, manual procedures and into a streamlined, automated program to organize piecemealed data into a centralized repository for proper analysis and access.
KEY FEATURES:
- Centralized vendor data
- Third-party assessments
- Eliminate manual tasks
- Quick ROI
- Integrations
- People-powered support
REASONS TO BUY:
- Incredibly flexible
- Easy to use
- Compliance tracker
- Audit software
- Issues and incident manager
- GRC tool
- Contract management
REASONS TO AVOID:
- Lack feature maturity
- Delay in new feature releases
- Lack of dashboard elements
- Lack of burndown charts
5. SAP Fieldglass – Best Cloud-Based Vendor Management System
PRICING: Custom-quoted.
SAP Fieldglass is a cloud-based vendor management system that enables you to engage, manage, and pay external workforces. It will allow your small business to transform how your work is organized to optimize the use of external workers and service providers to create more agile and accelerated business outcomes.
KEY FEATURES:
- Contingent workforce management
- Services procurement
- Workers profile management
- Assignment management
REASONS TO BUY:
- Improves service delivery
- Manages costs
- Easy to use
- Keeps track of consultants’ time and expenses
- Manages external and contract workers
REASONS TO AVOID:
- Can be slow when updating worker details
- Confusing layout
- Not user friendly
6. Precoro – Best Automated Vendor Management
PRICING: 14-day free trial available. Starting at a small plan costs $35/per user/per month.
Precoro is an automated vendor management software that has highly customized features. It will enable your small business to manage contracts, store all relevant vendor information, and track performances. Precoro software solutions make procurement easy to manage.
KEY FEATURES:
- Suppliers portal
- Performance reporting
- Contract management
- Contact directory
REASONS TO BUY:
- Easy to use and set up
- Useful for businesses in all industries
- Tool functionality and usability
REASONS TO AVOID:
- No compliance management feature
- Can’t pay vendors directly via the platform
- Lacks in some features
7. Venminder – Best Third-Party Risk Management Solution
PRICING: Custom-quoted.
Venminder is a third-party risk management solution software that enables you to have high-quality assessments of vendor controls, store documentation, onboard vendors, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risks assessments, create workflows, and run reports. You will be able to identify possible risks and understand areas of strength in your vendor’s information security and privacy standards.
KEY FEATURES:
- Third-party risk management
- Outsourced due diligence
- Continuous monitoring
- Control assessments
REASONS TO BUY:
- Great customer service
- Flexible options
- Pre and post-contract signing
- Keeps all compliance information in one place
REASONS TO AVOID:
- Configurable can be challenging to set up
- Lack of record-keeping
- Outdated system
8. Genuity – Best IT Management
PRICING: 30-day free trial available. Starting at $29.99/per month/unlimited users.
Genuity is an IT management software that enables your small business to manage telecom expenses and automate help desk requests. It helps you with contract management, spend tracking, and asset visibility. You will be able to integrate Genuity with Quickbooks, AWS, Salesforce, and G Suite.
KEY FEATURES:
- Contract management
- Track spending
- IT assets
- Telecom expense management
REASONS TO BUY:
- Unlimited users
- Easy to use
- Attractive interface
- Easy to set up
- Automation
REASONS TO AVOID:
- Lack of features
- Lack of email reminders
- Lack of filtering or automating staff directory
9. Resolver – Best Vendor Risk Management Software
PRICING: Custom-quoted.
Resolver is a vendor risk management software that enables you to manage risk aversion and mitigation plans, budgets, and forecasts. You will be able to customize reports and make data-driven decisions with complete visibility into your small business.
KEY FEATURES:
- Automated risk processes
- Custom trigger alerts
- Risk scoring
- Real-time continuous risk assessments
- Configurable drag-and-drop dashboards
- ISO management
- Response management
- Internal controls management
- ERM
- ORM
REASONS TO BUY:
- Great customer service
- Customizable and intuitive
- Works well on mobile devices
- Endless flexibility and capabilities for configuration
REASONS TO AVOID:
- Glitches in login capabilities
- Lack of feature functionality
- Overwhelming options for storing and retrieving data
References & Links
- https://www.gatekeeperhq.com/
- https://www.capterra.com/p/145449/Gatekeeper/reviews/
- https://get.order.co
- https://www.softwareadvice.com/scm/order-profile/reviews/
- https://connecteam.com/
- https://www.getapp.com/hr-employee-management-software/a/connecteam/reviews/
- https://onspring.com/
- https://www.capterra.com/p/138931/Audit-Software/#reviews
- https://www.fieldglass.com/
- https://www.getapp.com/operations-management-software/a/sap-fieldglass/reviews/
- https://precoro.com/
- https://www.g2.com/products/precoro/reviews#survey-response-6528383
- https://www.venminder.com/
- https://www.g2.com/products/venminder/reviews#reviews
- https://gogenuity.com/
- https://www.g2.com/products/genuity/reviews#survey-response-5110079
- https://www.resolver.com/
- https://www.g2.com/products/resolver/reviews#reviews