A vendor management system (VMS) is an enterprise software platform that enables companies to control the process of procuring and managing a flexible workforce. VMSes are usually Internet-enabled and can be run on premises, in the cloud, or hybrid. They include features that companies use to search for, identify, on-board, track, and manage flexible workers. These are comprised of a few broader categories of workers: contingent or temporary workers, who generally perform jobs in limited time frames, such as filling in for a full-time employee who is out on leave; statement-of-work (SOW) workers, who are employed on a project for a defined time and scope, such as a programmer on an IT development project; and independent contractors or freelancers who work on a contractual basis that could be short or long-term.
Features:-
- Web-based, centralized repository
- Formalized supplier vetting and performance management processes
- Automated communications and supplier self-service on-boarding
- Auto-alerting for expirations or renewals to supplier documentation
- 2nd tier diversity spend reporting
- ERP integration
- A clear and simple-to-navigate user interface
Benefits:-
- Gain a detailed picture of your risk exposure from vendor relationships
- Organize your vendors for easy review and access
- Create a consistent standardized vendor management process to increases efficiencies
- Centralize Reporting for greater decision making and resource management
- Save Time, Effort and Cost by significantly reducing resources and expenses required to perform risk analyses and maintain vendor oversight
- Deliver complete information to senior management for strategic decision making