Vendor Management Systems (VMS) are comprehensive software solutions that enable businesses to efficiently manage their relationships with third-party vendors. By centralizing the organization and optimization of processes related to vendor selection, onboarding, performance management, and contracts, VMS helps streamline operations for greater cost savings and improved compliance. With such systems in place, enterprises can identify qualified suppliers quickly, reduce costs associated with procuring from them, and ensure consistent execution of policies. As a result, companies have greater control over their external revenue supply chain, allowing them to scale their business operations more effectively.