Vendors are the distributors on the supply chain. Quite practically, three people exist in the supply chain. The B2B trader (who sells raw or semi-finished goods to the manufacturer), the manufacturer, and the vendors (distributors, retailers, and wholesalers, who distribute to consumers).
Vendor data is, therefore, a centralized record of information about vendors. Some manufacturers even treat the Vendor Data as a part of consumer Data.
An accurate and consolidated view of data about your vendors helps you to negotiate better deals, track the progress level of vendors and invest more in vendors with more prospects of sales, know when to adjust production, and the number of SKUs.
Vendor Data Management Applications
For the smooth running of vendor data management, you must avoid a manual intensive management system. All vendor data management software falls under the category of:
- Vendor risk management software
- Payroll management software
- Vendor engagement management software
The following are applications for seamless vendor data management.
Tipalti is the best software for payroll management. It is an online cloud-based software that features a portal system for each vendor showing payment history and tax activities, an automated payment solution, overall vendor management system.
It is suitable for businesses with a relatively large vendor base. The software costs $850 per month and an extra transaction fee.
Connecteam ranks top among vendor data management software for its Vendor Engagement feature. The vendor data solution is quite affordable and easy to use. Among its several features, its communication tools stand out. It has the in-app employee directory, live polls, chat, video sharing, suggestion box, surveys, and lots of other features.
Lystable is a perfect fit for a team of freelance vendors. It is a project management variant of vendor data management tools. It manages payment issues, invoice records, vendor performance analysis. It runs a system where each vendor can self operate and update as and when due.
Weekly or monthly, milestones, timelines, and deadlines are created for each vendor with Lystable.
Companies with a broad base of freelancers will find Lystable very useful
4. Profile Gorilla
Profile Gorilla is a profile management SaaS solution system. It is relevant for managing documents of the vendor’s data, contacts, profiles, and records. It not only manages detailed vendor profile data, but it also serves as an online collaboration tool. It is modeled to suit the need of all e-commerce businesses regardless of the size. The subscribe, the least price is $19.99/month.
The Connecting-Expertise is a cloud-based solution that functions in the area of vendor recruitment and onboarding. It allows for an automated recruitment process, contract management, tracking, and invoicing.
The vendor data system is for companies that need an automated solution to their vendor hiring process. The software price starts at $7,500.00 per annum.
Check Out The Following Factors Before Choosing a Vendor Data Management App
- Ease of use
It is not enough to find a great vendor data management tool that seems highly functional; the simplicity and ease of use are fundamental too. This will guarantee that the people for which it got created will use it.
Security is another essential factor to consider. Make sure you are getting a tool that will keep your vendor records safe from hackers and other unauthorized users of the system.
- Vendor Characteristics
Consider the features that the data management application operates with, as you have already learned, there is several different vendor data management software, and they tackle different management needs. So first, know your requirements, then you can tailor your search in line with your requirement and then the feature of the application.