Things To Consider Before Getting A Vendor Management Software

What is a vendor management software? Learn more about this solution to streamline your procurement process!

Posted by By Shoaib Ahmed on 2021-10-18

What’s On This Page

  1. What Type of Vendor Management System Will Work Best for You?
  2. Get A Vendor Management Solution That Actually Does Vendor Management
  3. Customization
  4. Compare Prices and Features
  5. How Fieldproxy Can Help Your Vendor Management Needs


How VMS Works


Vendor management is not child’s play - it can get seriously dizzying if not done right. There are several challenges that arise with having a less-than-average Vendor Management system in place, and if you’re a business that has a warehouse but not a vendor management solution to keep track of every single detail, you’re not going to be able to hold on to that warehouse for long.

With vendor management, there are several things that can go wrong if even a few minute details are missing. That is exactly why you need to choose a vendor management solution that works perfectly for you, tailored to your needs. To make sure you get the right one, here are a few things to make note of before getting a Vendor Management software for your business.

What Type of Vendor Management System Will Work Best for You?

There are two types of vendor management applications. A standalone system is ideal for small business owners who want a simple tracking tool that they can use without having to rely on other systems. This type of software will also be optimal for companies that only need a simple inventory solution and if there is no need for integrating with other systems. On the other hand, an enterprise vendor management software has more features than its counterpart and is the ideal solution if you intend to include location information, detailed recording and shipping functions in your warehouse operations. But before you choose among these options, make sure that a prior integration check is being done.

Get A Vendor Management Solution That Actually Does Vendor Management

One thing you may want to consider is ensuring that the version of Vendor Management software chosen by your company has advanced features such as automated shipping notification, real-time inventory status updates, image scanning and location tagging among many others – all to make it easier for you to keep track of shipments at all times. Essentially, get a system that actually works as a Vendor management software and not just an alarming device.

For example, if you happen to be buying an enterprise Vendor management software for a large corporation, the vendor might include clauses in their license agreement that makes it difficult for you to use the software for business purposes only and prevent you from transferring the software to your subsidiaries or branch offices without authorization.

If such terms are included in their license agreements, make sure they are not binding or restrictive by negotiating with your 3rd party vendor or demand newer licenses without such terms & conditions.

Customization

Another important consideration while choosing a third-party Vendor management software is ensuring that it includes features that are specific to your industry. This should be done by analyzing how other companies in your niche have integrated Vendor Management systems into their operations and what kind of functionalities they would consider useful for their business.

By reviewing how your competitors have integrated Vendor management solutions into their network, you can get a clearer view of the kind of Vendor management software that would be right for your business - as well as determine if there are any additional features you may need to add to compete effectively with your rivals.

This should be done by checking out the functionality and cost-effectiveness of several other 3rd party Vendor management systems currently available in the market today – then compare them against each other based on factors such as ease of use, scalability and support offered.

Compare Prices and Features

The first thing you should do is check out some choices. There might already be a Vendor Management system that has been designed specifically for businesses just like yours - and it might be more cost-effective than yours too.

Therefore, before choosing a Vendor management software for your company, it may be best to conduct an analysis of other systems currently available in the market and take note of the different features and functionalities offered by each system - then compare them against each other based on factors such as ease of use, scalability and support offered.

By comparing these two solutions side by side you can get a clearer idea of how they are alike and where they are dissimilar. Thus allowing you to make an informed decision regarding which solution would work best for your business (Hint: The answer is Fieldproxy).

Another important thing to bear in mind is that you should be able to buy the right Vendor management software at an affordable price - without having to break your budget. While there are several Vendor Management applications available for sale today, many of them come with a hefty price tag – which means this might not be the ideal solution for all businesses out there.

For you to find the cheapest solution possible, you may want to consider speaking with other companies who have recently integrated a Vendor management system into their workflow and see if they would be willing to share their experiences on how much they paid for such software and what kind of deals or discounts were offered. By doing so you can get an idea about how much 3rd party vendors charge for a similar solution.

How Fieldproxy Can Help Your Vendor Management Needs

A vendor management software that fulfils all these categories is Fieldproxy - a one-stop solution to all your field service and Vendor Management needs. With Fieldproxy, you can easily

  • Create unique dashboards
  • Identify areas of improvement
  • Track systems with greater efficiency
  • Create tasks for different warehouses and manage them seamlessly.


Fieldproxy Field Service Management Software

And that's not all. With Fieldproxy, you can do so much more. Book a demo and improve your Vendor Management teams with just a few clicks today.

Manage with Fieldproxy

Fieldproxy manages all your field operations, including location tracking, client data management, worker productivity, time and expense tracking, and much more. Fieldproxy is designed to be easy to use.

Try for free