The 3 Best Kept Secrets of Vendor Management Software

The 3 Best Kept Secrets of Vendor Management Software

There’s been a lot of buzz lately about the benefit of digital sourcing & purchasing. Words like “eProcurement,” and “eSourcing” are quickly filling up the news feeds. (Don’t believe me? Check the hashtags). But how do we manage all these “e” (internet) vendors and suppliers?

Countless articles have explained what each type of vendor management system can offer. We won’t dig into that now. Instead, here are the purchasing software secrets that no one will tell you to look for.

 

#1 Software should help your Team

Nothing kills team spirit faster than the dreaded “reply all.” From gathering requirements to final approval, we don't need to email the latest version to the entire team. Make everyone’s life easier by choosing a centralized system that allows you communicate directly in the RFPs events themselves.

Because when your colleagues aren’t flooding your inbox, it’s a lot easier to love them, and work with them (and avoid glaring at them passive aggressively in the break room).

Centralized communication = Sanity

 

#2 Software should show Trends

You likely go into bids with an idea or hypothesis of which vendors will be a good fit, but it’s always a good idea to backup selection decisions with a concrete vendor history. An effective vendor history will show how suppliers change their pricing quotes to you over time, how often you’ve engaged with them in the past, and give you the overall snapshot “trend” of your relationship.

Shortlisting vendors should be fast but fact-based.

 

#3 Software should help your Vendors

First, it’s crucial that whatever RFP software or vendor management system you choose, it should make your suppliers’ lives easier

Why?

Because investment both nurtures long-term relationships, and garners trust and loyalty. It’s key to making your vendors love you and eager to work with you again. 

As you shop, remember, the best vendor management software makes purchasing easier for everyone involved.

 

To leverage your partnerships, you need to invest in the relationships.

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 *Image credit: Jeferrb