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.
To qualify for inclusion in the Vendor Management category, a product must:
- Provide supplier management support
- Offer contract management features
- Archive supplier and contract information
- Import data
- Provide email support
Vendor Management Software Grid® Overview
The best Vendor Management Software products are determined by customer satisfaction (based on user reviews) and scale (based on market share, vendor size, and social impact) and placed into four categories on the Grid®:
- Products in the Leader quadrant are rated highly by G2 Crowd users and have substantial Market Presence scores. Leaders include: Tradeshift
- High Performers are highly rated by their users, but have not yet achieved the market share and scale of the Leaders. High Performers include: TradeGecko
- Contenders have significant Market Presence and resources, but have received below average user Satisfaction ratings or have not yet received a sufficient number of reviews to validate the solution. Contenders include: Ariba
- Niche solutions do not have the Market Presence of the Leaders. They may have been rated positively on customer Satisfaction, but have not yet received enough reviews to validate them.