Why Your Business Needs a Vendor Management Software?

by Khushi Rawani Digital Marketer

With the evolution of digital workplaces and increased regulations, Vendor Management is considered as part of overall business strategy. Progressive organizations are adopting efficient Vendor Management Software. Numerous organizations rely on multiple third party management solutions to manage vendors and contracts. However, managing these third party management software can get really complex and chaotic.

Eplatform Tech offers effective Vendor Management Software that yields you additional benefits way beyond risk mitigation and ensuring compliance. Reducing costs, improving contract terms and ultimately the platform will help your organization derive more value from each vendor. It centralizes the entire process of vendor management. Thus, providing organizations enhanced control over vendors and contracts.

Let’s explore how it can help your organization.

1. Reduced Risks

With a centralized vendor management software you can easily track vendors, identify risks in terms of unforeseen costs regulatory compliance,and take necessary action to reduce the same. The platform provides you increased visibility.

Improved Efficiencies

The vendor management Software offers a centralized repository to store and manage all the vendor data, contracts, insurance and any other related documents. This prevents data duplication, loss of contracts and other vital information. Further, improve overall efficiency as the process is automated.

Lower Costs

With increased visibility, you can easily see extra costs and their sources. Thus, you will be in a better position to save on costs. Further with a centralized system, you can ensure that everything is within budget.

Increased Vendor Performance

You can now easily track the performance of every vendor. With the help of the objective assessments, you will be able to provide vendors with the actionable feedback that will help them to improve their quality control standards and performance .

5. Faster Vendor On-boarding

With Eplatform Tech vendor management software, it is a breeze to add new vendors. The quicker you can add a new vendor, the quicker you can receive products/services from them. Thus ensuring that there is no productivity slow down.

How Vendor Management Software Helps Companies Work Better

In this globalized economy, the right vendor management software solution can help companies work more efficiently, handle more details easily, and save time and money by streamlining processes. It can also save them as much as 20 or even 30 percent in labor and internal costs, according to Richard B. Renckly in his book Human Resources. Some of the benefits of the right vendor management software solution include:

A streamlined and transparent requisition approval process
Reduction in time-to-hire timelines
Standardization and centralization of billing rates, payment options, invoicing, and contracts
Ability to manage vendors and their work
Enhanced security and compliance management
Visibility into non-sanctioned spending and “scope creep”
Standardization of administrative processes like filing resumes, tax forms, certifications, IDs, etc.
Integration with the company’s Information Computer Technology (ICT) and its Enterprise Resource Planning programs – no more siloed information that should be working together
Insight into supplier, vendor, and contingent workforce performance
Critical paper trails and tracking in case of audits
Portals for contractors for ease of communication
Mitigation of risk and compliance assurance