What is a Vendor Management System?
A vendor management system (VMS) is a software suite that assists organizations in managing the procedures involved in the end-to-end vendor management process, from initial contact through final deal closure or the establishment of a commercial relationship. They usually contain particular modules or apps that take care of procedures like vendor onboarding or vendor payments, taking a modular approach. Vendor management is critical to any procurement team’s performance, and employing the best vendor management system, may help you maximize your supplier relationship. Vendor Management System is efficient in all aspects of supplier management; nevertheless, it is detached from the whole procurement process and functions in silos.