Vendor Portal Software Definition
The term ‘vendor portal software’ refers to a type of software that enables businesses to manage their relationships with vendors, suppliers, and other third-party service providers. A vendor portal typically includes features such as a vendor management system (VMS), contract management, purchase order management, and invoicing.
A vendor management system (VMS) is a software application that helps businesses manage their relationships with vendors. A VMS typically includes features such as contract management, purchase order management, and invoicing.
Contract management is the process of creating, managing, and storing contracts with vendors. A contract typically includes information such as the terms of the agreement, the services to be provided, the price, and the duration of the agreement.
Purchase order management is the process of creating, managing, and tracking purchase orders from vendors. A purchase order typically includes information such as the items to be purchased, the quantity of each item, the price per item, the total cost of the order, and the delivery date.
Invoicing is the process of billing vendors for goods or services rendered. An invoice typically includes information such as the date of service, a description of the work performed, the amount due, and payment terms.
