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. The best vendor management 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