What to Look for in Vendor Management Software

In this fast-paced society, having vendor management software to support your business can bring the convenience and efficiency you need to grow. With numerous online procurement management systems available in the market today, finding the best solution for your business needs is not always easy. Getting another software is a considerable investment—especially for SME’s.

To make your purchase worth it, make sure you procure the software that meets the following criteria:

1. Easy to understand and use

The main objective of your upcoming purchase is to make people’s lives easier. Find a software that your team can work with and more importantly want to use. Spending time just to learn how a to use a system can be costly and could result in your team not wanting to use it later due to a lack of understanding. It would be best if you involve your procurement team themselves in choosing the software, they think could help them best.

2. Ready for roll-out

You want to make your workflow as smooth as possible, so make sure that the software you purchase is ready to rollout and would not require the whole team to go on additional training sessions to make the platform work. There are many options out there that could give you the same performance but with ease. Your purchase will be more cost-effective if you do not need to spend more on other unforeseen costs before you even get to use the software.

3. Compatible with other tools you use in the office

Offices use various tools to make their jobs more manageable. It would be best to find a vendor management software that is also compatible with these other systems you use for your business. That way, everything would be synchronised, and it will lessen the process employees need to do to finish a task.

4. Vendor-friendly

You are choosing the software with your team and work managers in mind, but you should never forget about the vendors you are working with! They also need to be comfortable with using the software you chose. You do not need to get their permission or feelings—you simply need to find a software that does not look intimidating or discouraging to anyone involved.

5. Compliant with local legislation and regulations

Some industries, such as banks, construction companies, or the health care industry, require a vendor management software that can support their specific functions such as being able to store on-boarding documents of vendors and performance scores. If you belong in the same industry, make sure to find the software that would cater to this demand.

6. Reliable and secure

All you want to have is peace of mind. Make sure that you are using the software that has the best security features. You do not want to wake up one day getting all your information hacked, your system altered, and your vendors’ records lost.

Choose the software with robust security features, that comes with reliable online support to back it up.

Conclusion

Having the right vendor management software can help improve your procurement department’s work performance. With its help, you can identify the bottlenecks of the process and improve them accordingly.

If you are on the lookout for an e-procurement software for your business, then oboloo has got what you need! We have a smart cloud-based procurement software that has features catering to contract and supplier management, and more. Connect with us today to learn more about how we can help you!