Vendor Management System Software Definition
A vendor management system (VMS) is a software application that helps organizations manage and procure staffing services from vendors. It streamlines the process of sourcing, procuring, and managing vendor-provided personnel by automating many of the steps involved in the sourcing process.
A VMS typically includes a central database of approved vendors, which can be searched by criteria such as skillset, location, or cost. The software also includes tools for creating and managing requests for proposal (RFPs), issuing purchase orders, and tracking payments. Some VMS applications also include features for performance management and feedback, allowing buyers to rate vendors and provide feedback on their work.
