Best Vendor Management Software

Vendor management software, or vendor management systems (VMS), provide a centralized repository for communication, project, and payroll management for businesses employing contingent labor, including vendors, contractors, and freelancers. Vendor management systems oversee the entire vendor relationship—from finding a vendor to submitting timecards and issuing paychecks. This software provides effective communication channels, task management tools, and organizes vendor/contractor payments, expenses, and contracts. All company sizes, industries, and departments that use vendors and employ contractors and/or freelancers can benefit from implementing vendor management software. These tools provide powerful, often cloud-based, solutions that streamline communication and productivity and can be integrated throughout the entire labor ecosystem.

That is why we show you 10 of the best vendor management software

1. Vanta

Vanta simplifies the complex and expensive process of becoming SOC 2, ISO 27001, HIPAA, PCI, or GDPR compliant – so you can establish trust with your customers and focus on growing your business.

The Vanta platform has read-only integrations with the most popular cloud services, identity providers, task trackers, and more to automatically gather evidence for security audits. Vanta runs checks on these systems every hour to ensure they are set up properly and remain compliant over time. With Vanta, your security audit has never been easier. Take advantage of Vanta Seamless Audit, where you’ll be matched with an independent, five-star rated auditor, or select an auditor yourself from our preferred parter network. Vanta’s 40+ audit partners are trained on the platform and have agreed to a fixed rate – saving you time and money.

2. Intuit Quickbooks

Intuit’s QuickBooks family of accounting websites and software remains our first choice for businesses trying to find the best way to automate their accounting. Since our last review of QuickBooks Online Plus, the version we recommend highly for most small businesses, the company has made improvements in multiple areas, including search, transaction categorization, mobile access, and onboarding. It’s also made a few cosmetic changes. Intuit rolls out its enhancements slowly, so you may or may not see all these changes yet.

Also, like competing products, QuickBooks has developers who are always working behind the scenes, tweaking elements like performance and usability, and expanding the use of artificial intelligence in many areas. QuickBooks Online offers the most effective blend of flexibility, usability, financial features, and extensibility. As such, it’s our Editors’ Choice winner for most small businesses and their accounting needs. For the very smallest businesses that might not need everything QuickBooks offers, FreshBooks is our other Editors’ Choice pick.

3. Venminder

Venminder is an industry recognized leader of third-party risk management solutions. Dedicated to third-party risk, the company is the go-to partner for software, high-quality assessments on vendor controls, certified subject-matter expertise and education. Venminder’s platform provides a centralized location to execute a third-party risk management program. It enables users to store documentation, onboard a vendor, track contracts, manage SLAs, send and manage questionnaires, manage due diligence and oversight, complete risk assessments, create workflows, run reporting and more. Assessments performed by Venminder’s qualified experts, including CISSPs, CPAs, financial risk analysts, paralegals and more, are readily available in an online library. The assessments enable clients to identify possible risks and understand areas of strength on their vendors’ information security and privacy standards, SOC reports, financial viability, business continuity/disaster recovery preparedness, contractual standards, regulatory compliance and more.

Venminder clients also use the firm to streamline due diligence processes by outsourcing vendor document collection; and regularly consult with Venminder’s experts to ensure their third-party risk management policy and procedures meet industry standards

4. Ncontracts

Many financial institutions manage risk and compliance with manual process. Departments suffer from lack of communication and collaboration, incurring massive fines and penalties if efforts fall short.

Ncontracts offers integrated solutions encompassing the complete lifecycle of risk, including enterprise risk, vendor, business continuity, compliance, audit, findings, and cybersecurity. Customers can choose modules for specific needs or build a complete enterprise risk management system.

5. Productiv™

More than a SaaS management solution, the Productiv SaaS Intelligence™ platform aligns IT, procurement, finance, and business leaders with trusted data to proactively govern, optimize spend, and drive operational efficiency while increasing employee engagement across SaaS applications. This employee-centric, data-driven approach combines billions of employee app usage data-points with vendor contract and organizational data, to provide companies like Uber, Zoom, and Box with the most comprehensive view of their SaaS applications. Founded in 2018 and backed by Accel, IVP, and Norwest Venture Partners, Productiv is on a mission to unlock the most value from your SaaS portfolio at scale.

6. ZYLO

As the world leader in SaaS Management and Optimization, Zylo enables companies to organize, optimize, and orchestrate SaaS. Organizations such as Adobe, Atlassian, Coupa, Doordash, Hootsuite, Intuit, Slack, Salesforce and Verizon Media leverage Zylo’s enterprise-proven technology and unparalleled SaaS Management expertise to control the rising costs and risks of SaaS, while improving the software experience for employees.

Zylo’s patent-pending, AI-powered Discovery Engine provides continual, frictionless monitoring of SaaS spend, licenses, and usage to create the industry’s most accurate SaaS system of record. With more than 30 million SaaS licenses and $25 billion in SaaS spend under management, Zylo is fueled by more data than any other provider, and delivers actionable insights and automated workflows that enable IT and Finance teams to effectively and efficiently manage and optimize their growing SaaS portfolios.

Zylo’s suite of SaaS Managed Services uses a team of industry experts to deliver cost savings while freeing up your resources. From implementing SaaS Management best practices to managing SaaS contracts and data, execute your SaaS strategy without adding extra headcount.

7. Genuity

Genuity builds tools to help businesses and IT leaders navigate the IT market, optimize their technology spend, and improve their bottom line. Our goal is to level the playing field by shining a light into the black box of IT. We’re empowering businesses to make informed decisions about the technology behind critical operations through software and community.

8. CobbleStone

CobbleStone one of the Best Vendor Management Software, is Contract Insight Enterprise is the leading contract management software (CLM) solution for leading organizations around the world. CobbleStone’s contract management software automates and streamlines the entire contract lifecycle for legal, procurement, sales, and risk professionals in numerous industries. CobbleStone combines a user-friendly interface with robust contract features, backed by VISDOM® artificial intelligence and machine learning. CobbleStone is the trusted CLM provider for over 20 years with unparalleled industry experience.

9. Gatekeeper

Gatekeeper is an intuitive, cloud-based Contract Management and Vendor Management solution designed to help businesses gain drive maximum value from their contracts and supplier relationships.

Gatekeeper was designed to solve these problems and more. Built for the cloud, Gatekeeper allows you to store all supplier and contract data in a central repository, giving your business a single source of truth. By placing artificial intelligence and automation at the the heart of Gatekeeper, we save businesses time and money, whilst simultaneously minimising risk and making them more resilient.Our built-in communication platform stores all messages to and from suppliers in a fully searchable audit trail – keeping your company and your team in control – even in a changing landscape.

10. Onspring

The short answer is that Onspring is an award-winning process automation platform that delivers intuitive business automation & real-time reporting through flexible, no-code, cloud-based software.

Onspring’s automation is made for those looking to improve business operations with thoughtful, scalable solutions for roles, like governance, risk, compliance, audit, and vendors, that are aligned with their enterprise goals. The better question here is “Who is Onspring?” Simply put, Onspring believes in creating better ways for people to do their best work. Our product isn’t just mechanical automation but rather perceptive “people-powered automation.”

Onspring exists to help businesses harness technology that improves their management systems, such as GRC, audit, and IT. We champion simplified workflows, process transparency, and eliminating manual, repetitive tasks. Customized for each team’s needs, our enterprise software solutions make daily work life easier, smarter, and better.

finally 8 i will give you how you chose the best vendor management software

We reviewed 10 vendor management systems, and identified the top six that are the best options for businesses today. To evaluate providers, we paid special attention to the features offered, starting price, integrations, training and onboarding services, and ease-of-use of the platform itself.

We also gave each vendor management system a category to highlight its biggest strengths or what type of company it’s best suited for.

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