#vendortracking

Managing vendors can be a real hassle for your business. You have to deal with the numerous invoices, quotes, and time-consuming paperwork.

 Is there a 'one-size fits all' solution to vendor management?

 Well, yes and no. It depends on what you're looking for in your relationship with your vendors and how important Vendor Management is to you as a business.

 A cloud-based vendor management software will help you manage all your vendors in the same system and in real time. You will be able to synchronize data, manage vendors activity, process payments, pre-qualifications, and more.

 TYASuite vendor management solution will help you cut down on paperworkwhether it is through effective evaluation or improved negotiation with your vendors and save time and effort by increasing efficiency while improving vendor relationships.

How do you know that the vendor is sending you the best quality product? You can't. You can spend hours of your time inspecting each and every delivery.

Vendor management is a complex and time-consuming process spread across multiple stages and roles. Working on multiple performance indicators, creating evaluation forms, recording performance results and conducting reviews is part of the vendor management problems.

TYASuite vendor management solution will help you efficiently manage your vendors by automating the entire end-to-end process. With accurate documented performance routines, transparency and visibility into the vendors' delivery commitments, full control over vendor ratings and payments as well as automated offboarding mechanism’s vendor management solution help you to qualify better vendors and retain them for long term business partnership.

If a supplier is unable to deliver what they promise it can really hurt your company. In a worst-case scenario they could be stealing your data and selling it on to the highest bidder.

Vendor management system  offers an efficient way to manage your suppliers, manage the process and documents, stay up to date with the compliance and manage invoice payments.

Vendor management solutions are designed to help you better manage your suppliers and ensure they provide the reassurance of quality you expect from a business partner.

Just imagine a situation where you are stuck with one vendor and due to some complication you are not able to get out of this situation. Ever been here….

Vendor management does not end with getting the supplied goods or services and making payments to the vendors, in fact it is a much broader concept. In reality vendor management is about strengthening strong relations with the vendors, working on a road map where our goals meets with vendor growth, working in such a way that both the company and the vendor is in a winning position.

Let’s have a quick look at features of best vendor management software:

1.       Vendor onboarding: while most of the vendor management system struggles with providing the right tools to onboard your vendors, TYASuite is the best solution to manage your vendors under a single roof. With TYASuite you can forget all the paper work and be efficient in all your tasks.

2.       Vendor performance: TYASuite comes with inbuilt feature of selecting the best vendors based on the inputs you provide. With TYASuite vendor performance management software you can rate the performance of every vendor and choose only the efficient ones.

3.       Overall transparency: with TYASuite vendor management tools you can get complete transparency in every process. With a robust reporting structure, it’s easy to win over a deal and get the best out of the purchase process.

Vendors are one of the key resources in supply chain management. They make sure that the stocks of goods or services are replenished before time so that businesses do not suffer from shortage of goods or services.

Gone are the days where only one vendor used to manage the entire supply of a company. Now vendor onboarding, vendor short listing and vendor ratings are an intrinsic part of vendor management.

What is vendor management software?

Vendor management software or VMS improves a companies day to day operations bringing in efficiency and visibility to a company.  

Below are few features of vendor management:

1.    Makes employees more productive: vendor management keeps a close watch on each employee and eliminates all the paper work. This benefits the company on a large scale.

2.    Increased visibility: with vendor management solution there is transparency in operations. Because of this all the stakeholders involved gets a clear picture of everything, bringing proper decision making and removing of unnecessary processes.

3.    Comprehensive reporting: Vendor management suite allows users to accurately evaluate time, cost, compliance and quality by generating data driven reports. This helps in making best business decisions.

4.    Legal compliance : An efficient vendor management system helps in ensuring that all the processes are in sync with government rules, regulations and laid down policies.

You’d agree with the fact that third party workforce or services are difficult to manage. Vendors are an integral part of a company. They are the external suppliers of goods & services. Vendors can be manufacturers, wholesalers or retailers. Things can run into risks when multiple stakeholders are involved and you need to deliver the product on time without any disruptions.

Earlier it was a tedious task to manage vendors since most of the processes were micro managed. Vendor management tools solve these issues related to vendors and bring them under a single system.

Vendor management software is an important tool which makes the life of an organization easy as the company need not waste its valuable time in managing micro issues.

Vendor performance management software helps in:

a.       Speedy approval process which ensures transparency and less paper work.

b.      Compliance and security through vendor management software increases the overall efficiency of the organization. Vendor management suite takes care of compliance which is often considered time consuming.

c.       Multi-tasking: multiple vendors are managed under a single roof. Proper trails can be kept which makes the audits easier.

Features of a good vendor management tool:

1.       Maintain books of accounts and facilitate audits: through vendor management suite businesses can now easily track all payments and communication with the vendors. Easier audits save time of the organization making them focus on core business activities.

2.       Vendor Performance management: Good vendor management software will let you review each of your vendor’s performance. Accounts payable reports, performance and spend analysis will definitely help in better vendor management.

3.       Purchase order: under this feature users are able to view and modify orders as well as send purchase enquiries to vendors. A good vendor management software will also have inbuilt features where discounts, prices and delivery dates can be set.

4.       Interactive reports: Good vendor performance management software will have custom reports for every aspect of the business. Reports related to sales, financial information, inventory and overall processes makes things easier for businesses to take informed decisions.  

A VMS provides a level of insight into the unparalleled external workforce. As the global workforce becomes more complicated and multi-faceted, companies need to know who is working for them, where, when, and at what rate.

Having the answers to these questions will help Procurement and HR professionals obtain a competitive advantage and avoid being left behind in the marketplace.

Today, a VMS is more vital than ever before since 65 per cent of executives report using external labour for critical company operations, and 91 per cent predict the external workforce to grow over the next three years.

What exactly is a vendor management system?

As part of a vendor management solution, the entire vendor management process is automated, from vendor certification and onboarding to evaluation and deactivation. These technologies work seamlessly with the procurement process to get more excellent value from supplier relationships

How a vendor management system can benefit your business?

TYASuite vendor management software solutions enable enterprises to communicate with their vendors more efficiently, build stronger relationships, and make more informed business decisions with greater confidence.

TYASuite Vendor management solutions that are automated:

●     Set and track various milestones for the vendors.

●     Streamline the process of working with vendors and cultivate a positive working relationship.

●     Automated monitoring and management of vendor performance

●     Increase the speed of vendor onboarding while maintaining a high standard of quality.

Losing valuable revenue and incurring costs because of a weak vendor relationship management program? A bad vendor relationship can easily undermine your entire business.

Why ignore it? Just ask yourself. Is it worth it to let go without doing something about it?

Vendor interaction is a critical part of business operations. Where there is no interaction, there is always a risk of one party or the other not getting their requirements fulfilled or being treated unfairly or dishonestly by their counter parties.

Customer-centric vendor relationship management software is the ultimate platform to build and nurture win-win partnerships between both parties. Using vendor relationship management software, you can manage vendors for acquiring resources or services needed by an organization. This process includes identifying vendors, establishing contracts, reviewing performance, and evaluating contracts. It also involves strategies for building strong relationships with the vendor community or supplier base. The process focuses on achieving multiple goals:

Reducing costs

Improving quality

Increasing agility/flexibility

Improving operational efficiency

Increasing innovation and collaboration

Having a reliable vendor management software that can support your vendor relationship management initiatives - both directly through its functionality and indirectly through its marketing capabilities - is key to ensuring success and maintaining ROI.