- Free Version: Available for teams of up to 10
- Pricing: Premium plan $24/seat/month (with free 30-day trial period)
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use SafetyCulture?
Widely recognized for top-notch risk management and compliance assurance, SafetyCulture is the best solution for organizations looking to manage their vendor relations effectively. With its robust and versatile tools, third-party oversight, collaboration, and professional advancement won’t be as challenging. No other platform can uphold quality, monitor risks, and maintain compliance as effectively as this free vendor management software.
Features:
- Streamline vendor-related processes by utilizing checklists for supplier selection, onboarding, approvals, inspections, and audits available in the Public Library.
- Ensure day-to-day goals are met by assigning tasks to vendors, providing clear to-do lists, and tracking their progress.
- Resolve incidents and disputes promptly through continuous risk assessment and monitoring.
- Enhance accountability and transparency by maintaining a comprehensive record of all vendor interactions and evaluating those for compliance and future operational improvements.
- Access vendor information, invoices, and payment status from a central hub, integrating all digital tools and systems into the platform.
Why Use Gatekeeper?
One of the most intuitive vendor and contract lifecycle management (VLCM) software in the market, Gatekeeper automates workflows related to managing third-party associates, from onboarding to risk scoring. It stands out due to its over 200 integrations and AI-powered data extraction.
Features:
- Vendor processes automation
- Task delegation
- Performance Management
- Free Version: None
- Pricing: Essential plan starts at $1,245/month, billed annually (with a free trial period)
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use AuditBoard?
A well-known audit management platform, AuditBoard helps companies streamline their risk-related processes and compliance. Although it doesn’t have a module specifically designed for vendor management, its risk assessment tools can be used to track third-party threats, ensuring proactive mitigation and prompt issue resolution.
Features:
- Streamlined vendor onboarding
- Dynamic risk assessments
- Third-party risk reduction and mitigation
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a web-based software
Why Use Airbase?
Primarily an expenses management platform under Paylocity, Airbase offers features useful for specific vendor-related tasks, such as reviewing contracts, sending purchase orders, and tracking payments. With its all-in-one spend management capabilities, companies won’t have difficulties managing third-party finances.
Features:
- Guide procurement
- Expense management
- Spend analytics
- Free Version: None
- Pricing: Contact the vendor for a quote
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use Procurify?
A procurement and spend management platform known for its ease of use, Procurify has functionalities that may also be used to manage vendor relations. Suitable for growing companies, this is the perfect tool for onboarding, order preparations, and rate negotiation through their procurement-to-pay system.
Features:
- Vendor onboarding
- Rates negotiation
- Spend analysis
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use SoftCo?
A notable financial process automation software, SoftCo offers numerous solutions including procure-to-pay, touchless invoicing, and payment automation. But the best thing about this is it’s versatile and flexible enough to be an effective vendor management system software, helping companies with contract management, onboarding, and performance monitoring.
Features:
- Intuitive vendor portal
- Complete vendor visibility
- Reporting and AI-powered analytics
- Free Version: None
- Pricing: Contact vendor for pricing
- Platforms supported: Available as a mobile app (iOS and Android) or a web-based software
Why Use TYASuite?
A practical and easy-to-use Enterprise Resource Planning (ERP) solution, TYASuite is a perfect choice for those wanting to manage their vendor relations efficiently. With numerous modules including procurement, inventory control, and contract management, companies can adopt the features required and stay within budget.
Features:
- Simplified onboarding
- Real-time screening and approval workflows
- Procurement cost control
- Free Version: None
- Pricing: Startup plan costs ₹1250 (~$15)/user/month
- Platforms supported: Available as a mobile app (Android) or a web-based software
What is Vendor Management Software?
Vendor Management Software (VMS) is a digital solution that helps companies manage their relationships, processes, and activities with third-party suppliers, service providers, and consultants. These automated tools streamline tasks, including vendor onboarding, contract management, performance tracking, and spend analysis. All these improve collaboration, risk mitigation, and overall operational efficiency.
Importance and Benefits
Dealing with numerous third-party associates is challenging, especially for enterprises operating globally. Lack of visibility, data fragmentation, and non-compliance are some of the most common issues organizations are burdened with. Leveraging software for vendor management minimizes or eradicates those issues and provides the following:
- Greater visibility – The software enables companies to monitor activities and track real-time performance. By holding vendors accountable for their commitments, operational efficiency is ensured.
- Organized data management – Vital information, such as due diligence documentation, contracts, and certifications can be stored, accessed, and reviewed from a centralized repository.
- Efficient cost optimization – Having a single source of truth and analytics helps procurement managers avoid supplier redundancy, negotiate better rates, and reduce delays or disruptions.
- Improved compliance – With real-time monitoring tools and properly consolidated vendor documentation, companies can vouch for their partners’ compliance with internal guidelines and external regulations and standards.
- Enhanced vendor relationships – Vendor management software solutions have advanced communication tools that facilitate collaboration and maintain transparency at all levels.
Key Features
The best vendor management software offers a range of features designed to optimize vendor relations management. Here are some of the key features to look for:
- Digital checklists and templates for vendor-related processes
- Centralized repository (contracts, certificates, documentation)
- Task assignment and progress tracking
- Incident management and dispute resolution
- Automated alerts and notifications
- Vendor onboarding and continuous training
- Compliance management (performance tracking, vendor scorecards)
- Risk reporting and analytics
- Integrations
- Mobile accessibility with offline capabilities
How to Choose the Right Vendor Management Software
Choosing the right vendor management software is crucial for maximizing the potential benefits of your vendor relationships. All the options detailed above can help businesses streamline their third-party interactions and enhance operational efficiency. See which best suits your business needs in this summary:
| Vendor Management Software | Free Version | Paid Plan | Mobile App |
| SafetyCulture | Yes | $24/user/month* | Yes |
| Gatekeeper | No | $1,245/month* | Yes |
| AuditBoard | No | Contact vendor for pricing | No |
| Airbase | No | Custom quote | Yes |
| Procurify | No | Contact vendor for pricing | Yes |
| SoftCo | No | Contact vendor for pricing | Yes |
| TYASuite | No | ₹1250 (~$15)/user/month | Yes** |
* billed annually
** Android
Eunice Arcilla Caburao