The Top 15 Best Vendor & Supplier Management Software for 2024
What is vendor & supplier management software?
Vendor and supplier management software can be a critical investment for growing small or medium-sized businesses (SMBs) looking to streamline their relationships with external partners. Here are some of the key benefits:
Vendor Risk Management: One of the primary reasons to invest in a vendor management system is to mitigate potential risks. These tools help businesses assess and monitor vendor performance, track compliance with regulations, and identify risks before they become costly problems. By automating risk management, SMBs can safeguard their operations and reduce disruptions from unreliable suppliers.
Efficiency and Time Savings: Vendor management system software automates numerous manual tasks such as contract management, invoice processing, and vendor communications. This automation reduces administrative work, freeing up valuable time for your team to focus on more strategic tasks. It also ensures consistency and accuracy in managing vendor relationships, which helps build long-term supplier reliability.
Improved Supplier Relationship Management: With robust supplier relationship management tools, businesses can nurture stronger partnerships. These tools offer insights into supplier performance, delivery timelines, and pricing trends, allowing companies to negotiate better deals and foster collaboration. A stronger supplier relationship leads to better service, more favorable terms, and enhanced loyalty over time.
Supplier Agreement Management: Today’s vendor and supplier management systems also provide centralized storage and management for contracts and agreements. This ensures that businesses can easily track contract terms, expiration dates, and renewal timelines, avoiding costly mistakes or lapses in coverage. With supplier agreement management, companies can enforce contract compliance and reduce the risk of disputes.
Compliance and Risk Mitigation: By standardizing the vendor onboarding process and maintaining comprehensive records, the best vendor risk management software helps with compliance for both internal policies and external regulations. This includes monitoring certifications, ensuring ethical sourcing, and maintaining a clear audit trail for all transactions. Vendor compliance is vital for avoiding legal issues and maintaining a strong reputation.
Scalability: As your business expands, your vendor network will likely grow more complex. Top vendor management systems are designed to scale alongside your business, handling increased numbers of suppliers and more complex supply chains without sacrificing efficiency or adding unnecessary overhead.
Better Decision Making: With advanced analytics and reporting features, supplier management software offers actionable insights that support strategic decision-making. By analyzing supplier performance data and market trends, businesses can optimize their procurement processes, negotiate better terms, and ensure a reliable supply chain.
Increased Transparency and Accountability: Vendor and supplier management software promotes transparency across your procurement process by creating a centralized, auditable system where every action is recorded. This increased accountability reduces the risk of fraud and strengthens both vendor and internal team performance.
Investing in the best vendor management system or supplier relationship management software not only simplifies the complexities of managing supplier relationships but also helps SMBs reduce costs, enhance compliance, and build more resilient supply chains.
For any business, implementing supplier relationship management software can be a game-changer. When it comes to finding the right vendor management system solution for your business, here are some features to look for:
Supplier Performance Management
Vendor Database
Supplier Onboarding
Purchase Order Management
Contract Management
Invoice Management and Reconciliation
Supplier Risk Management
Communication and Collaboration Tools
Compliance and Audit Management
Multi-Currency and Multi-Language Support
Advanced Reporting and Analytics
Mobile Access
For a lot of growing businesses, it’s not always easy to find the right supplier management software for vendor risk management. With so many choices out there, it can be hard to know which supplier agreement management software really fits the unique needs of your business, your industry, and your budget.
Don’t worry, there’s good news—finding the right vendor agreement management software for your business has never been easier.
We’re here to help. Our software experts have compiled a comprehensive breakdown of the “Top 15 Best Vendor & Supplier Management Software Solutions for 2024.”
*Note: Our vendor risk management and supplier relationship management software reviews are for informational purposes only. We encourage you to perform research and demo vendor management system software to achieve the most comprehensive comparison.
1. Striven
Striven is an all-in-one ERP business management software solution built with small to mid-market businesses in mind. Our sophisticated software combines project management tools, vendor risk management, CRM, sales performance metrics, lead management, collaboration tools, accounting, purchasing, supplier agreement management, HR and payroll, operations, inventory, task management tools, (and so much more) into a single, easy-to-use interface. Striven is an infinitely capable software solution that supports every type of employee within your company.
Highlights:
- Project, task, and time management w/ interactive calendar
- Detailed financial and productivity reports generated in seconds
- Fully integrated CRM
- Contractor and subcontractor management
- Vendor risk & supplier agreement management
- Self-service portals
- Scheduling & dispatch route planning capabilities
- Fully integrated accounting
- Complete HR functionality
- Inventory management
What Sets It Apart: Striven’s expert team of business analysts personally see to your success. From training and onboarding, technical support, and business-specific customizations, our US-based Striven Support Team is available 24/7. On top of that, Striven’s automation capabilities allow you to work more efficiently.
Pricing: Free trial and custom demo, packages begin at $35/user.
More info: Striven Earns Numerous Awards For Q4 2023
2. Precoro
Precoro vendor management software is an affordable and intuitive vendor management system designed for small and growing businesses. It streamlines procurement, order management, vendor risk management, and vendor performance tracking, making supplier relationship management a breeze. Precoro’s user-friendly interface and comprehensive features help businesses efficiently manage their vendors and suppliers.
Highlights:
- Streamlines the procurement process with automated purchase orders and approvals
- Tracks orders from creation to delivery, ensuring timely and accurate fulfillment
- Monitors vendor performance with detailed analytics and reports
What Sets It Apart: Precoro vendor management software stands out for its ease of use and affordability, making it ideal for small businesses looking to improve their vendor management system without significant investment.
3. Kissflow Procurement Cloud
Kissflow Procurement Cloud supplier management software is an intuitive and cost-effective solution for small businesses to manage their vendors and procurement processes. It offers features like automated workflows, vendor risk management, and procurement analytics. Kissflow simplifies the procurement and vendor management system, making supplier relationship management easier.
Highlights:
- Automated workflows
- Comprehensive vendor risk management tools
- Provides insights into procurement performance and supplier relationship management
What Sets It Apart: Kissflow Procurement Cloud’s focus on ease of use and cost-effectiveness makes it an excellent choice for small businesses looking to streamline their procurement and vendor management processes.
4. Zoho Inventory
Zoho Inventory is a comprehensive inventory and vendor management system designed for growing businesses. It offers robust features for inventory, orders, and supplier relationship management, ensuring efficient operations. Integration with other Zoho products enhances its functionality and ease of use.
Highlights:
- Real-time tracking and management of inventory
- Streamlines order processing and fulfillment
- Facilitates efficient supplier relationship management with detailed analytics
What Sets It Apart: Zoho Inventory’s integration with the Zoho suite and its comprehensive features make it an ideal choice for businesses looking to enhance their vendor management system and overall operations.
5. GEP SMART Supplier Management
GEP SMART Supplier Management software is a robust solution for businesses to manage their suppliers and procurement processes effectively. It offers tools for supplier onboarding, performance evaluation, and vendor risk management. GEP SMART vendor management software enhances supplier relationship management and ensures compliant supplier agreement management.
Highlights:
- Simplifies the onboarding process with automated workflows
- Monitors and evaluates supplier performance with detailed reports.
- Identifies and mitigates supplier risks
What Sets It Apart: GEP SMART Supplier Management’s comprehensive features and focus on vendor risk management make it an excellent choice for businesses aiming to optimize their supplier relationships and procurement processes.
6. Vend
Vend (now part of Lightspeed) supplier management software is an easy-to-use vendor management system tailored for small and growing retail businesses. It combines inventory management, order processing, and supplier relationship management, helping streamline retail operations. Vend’s intuitive interface and powerful features help businesses maintain efficient supplier relationship management.
Highlights:
- Provides real-time tracking and management of retail inventory
- Streamlines order processing with automated workflows
- Facilitates efficient supplier relationship management with detailed analytics
What Sets It Apart: Vend by Lightspeed’s focus on retail businesses and its comprehensive features make it a top choice for retailers looking to improve their vendor management system.
7. Xero
Xero is a versatile accounting software that includes robust features for vendor management and procurement. It integrates seamlessly with various procurement tools, providing small businesses with comprehensive financial and supplier agreement management. Xero helps businesses streamline their financial operations and provides efficient supplier relationship management.
Highlights:
- Integrates accounting and procurement processes
- Facilitates effective supplier relationship management
- Tracks and manages business expenses
What Sets It Apart: Xero’s versatility and integration capabilities make it a compelling choice as an all-in-one financial and vendor management system.
8. Procurify
Procurify is a scalable procurement and vendor management software platform designed for growing businesses. It offers features like spend management, purchase order tracking, and vendor risk management. Procurify helps businesses control their procurement processes and maintain strong supplier relationships.
Highlights:
- Provides tools for tracking and managing business expenses
- Tracks purchase orders from creation to fulfillment
- Supplier agreement management with detailed analytics
What Sets It Apart: Procurify’s focus on spend management and supplier performance makes it an ideal choice for businesses looking to control their procurement processes and maintain an efficient supplier relationship management process.
9. SupplierSoft
SupplierSoft vendor management software is a cloud-based solution that provides comprehensive tools for supplier agreement management, vendor risk management assessment, and performance monitoring. It is designed to help small businesses streamline their vendor management system processes and ensure compliance with supplier agreement management practices. SupplierSoft’s robust features enhance supplier relationship management and procurement efficiency.
Highlights:
- Centralizes and manages supplier information
- Identifies and mitigates supplier risks
- Tracks and evaluates supplier performance with detailed reports
What Sets It Apart: SupplierSoft’s focus on risk assessment and performance monitoring makes it a top choice for businesses aiming to optimize their vendor management system.
10. Spendwise
Spendwise supplier management software is an affordable solution for small businesses to manage their vendors, procurement, and spending. It offers features like purchase order management, expense tracking, and supplier performance evaluation. Spendwise helps businesses control their procurement processes and establish efficient supplier relationship management.
Highlights:
- Streamlines the creation and tracking of purchase orders
- Tracks and manages business expenses effectively
- Vendor risk management
What Sets It Apart: Spendwise’s affordability and comprehensive features make it an excellent choice for small businesses looking to manage their vendors and procurement processes efficiently.
11. Spendesk
Spendesk vendor management software is a comprehensive supplier relationship management platform that includes robust vendor management system features for small businesses. It offers tools for expense tracking, supplier payments, and procurement management. Spendesk helps businesses streamline their financial operations and maintain an efficient supplier relationship management policy.
Highlights:
- Tracks and manages business expenses effectively
- Facilitates timely and accurate supplier payments
- Streamlines procurement processes with automated workflows
What Sets It Apart: Spendesk’s comprehensive spend management features and focus on supplier payments make it a compelling choice for businesses seeking an all-in-one solution for a financial and vendor management system.
12. Tallyfy
Tallyfy supplier management software is workflow and process automation software that includes a vendor management system for small businesses. It offers tools for process automation, supplier onboarding, and performance tracking. Tallyfy helps businesses streamline their operations and maintain healthy supplier relationship management.
Highlights:
- Automates business processes and workflows
- Simplifies the onboarding process with automated workflows
- Monitors and evaluates supplier performance with detailed analytics
What Sets It Apart: Tallyfy’s focus on process automation and supplier onboarding makes it an ideal choice for businesses looking to streamline their vendor management system.
13. Gatekeeper
Gatekeeper is a robust vendor management software platform that provides tools for contract management, supplier performance tracking, and vendor risk management. It is designed to help small businesses streamline their vendor management processes and ensure compliance with supplier agreement management compliance. Gatekeeper’s comprehensive features enhance supplier relationship management and procurement efficiency.
Highlights:
- Centralizes and manages supplier contracts
- Monitors and evaluates supplier performance with detailed reports
- Vendor risk management
What Sets It Apart: The focus on supplier agreement management and risk assessment makes it a compelling choice for businesses seeking robust vendor management software.
14. Ivalua Supplier Management
Ivalua Supplier Management is a flexible platform that provides comprehensive tools for supplier relationship management, ensuring compliance, and optimizing supplier performance. It offers features like supplier onboarding, performance evaluation, and vendor risk management. Ivalua helps businesses streamline their procurement processes and maintain efficient supplier relationship management.
Highlights:
- Simplifies the onboarding process with automated workflows
- Robust vendor risk management
- Monitors and evaluates supplier performance with detailed reports
What Sets It Apart: Comprehensive features and flexibility make it an ideal choice for businesses looking to optimize their supplier relationship management and procurement processes.
15. Aravo
Aravo is a comprehensive vendor management software system designed to support small and growing businesses in streamlining their supplier relationship management. It offers robust tools for vendor risk management, ensuring that businesses can identify and mitigate potential risks effectively. Aravo’s intuitive interface and automated workflows enhance supplier agreement management, making it easier for businesses to maintain compliance and optimize supplier performance.
Highlights:
- Provides tools to identify, assess, and mitigate risks associated with vendors
- Streamlines supplier onboarding, performance tracking, and compliance management
- Enhances communication and collaboration with suppliers through integrated tools
What Sets It Apart: Aravo stands out for its strong focus on vendor risk management and automated workflows, making it an excellent choice for growing businesses seeking to enhance their vendor and supplier relationship management processes efficiently.
Contact a Vendor & Supplier Management Software Expert
Our Small- to Mid-Market Business Analyst Team at Striven has decades of experience with vendor and supplier management software for businesses in every industry.
Just like every car needs a trusted mechanic, every software needs a dedicated support team.
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