Fast vendor onboarding
Easily onboard vendors and create one unified catalog across all of your suppliers to speed up purchasing.
Access better rates and favorable net payment terms by tapping into Order.co’s vendor network, taking lengthy contract negotiations off your plate.
Minimized vendor-related risk
Reduce the risks of supply chain disruption and ensure the timely delivery of orders with a vendor management process designed for efficiency.
Automate your payments with one consolidated, perfectly-coded invoice for all your vendors. No more cutting checks, chasing signatures, or paying late fees.
Performance management & reporting
Track vendor performance and proactively control your organization’s spend with insights by vendor, user, location, or cost center in real-time.
|Features||Spend Management Software|
|Performance Management & Reporting|
|Net Payment Terms|
Vendor management software helps businesses select the right vendors, control costs, mitigate vendor risks, ensure order delivery and pay suppliers.
Vendor management systems support procurement teams through the entire purchasing process by improving communication with vendors, centralizing data, and eliminating manual purchasing tasks.
Implementing a vendor management platform is beneficial because it help businesses save time, save money, and gain clarity about their spending habits.
More specifically, the main benefits of VMS software include accessing a wide selection of vendors with pre-negotiated rates, improving vendor relationships by streamlined communication and timely payments, and reducing the risk of supply chain disruption with hands-on vendor management support.
There are a variety of factors to consider when you're deciding which VMS software is right for your business.
When you begin researching VMS softwares, it’s important to make the following considerations:
- Is the VMS within my budget?
- Is the VMS able to source savings on products I am purchasing?
- Will the VMS speed up my purchasing process?
- Will the VMS serve the needs of my finance, operations, and purchasing departments?
- Will the VMS decrease bottlenecks in my purchasing approval process?
- Does the VMS have the ability to integrate with other softwares that my business uses?
For a comprehensive list of criteria you should look for in a vendor management system and to assess if the VMS is right for your business, use this decision matrix.
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