This solution is designed for procurement teams and Vendor Management Offices (VMOs). Identifying and contracting with a new supplier is only half the battle. Once you come to terms, there's an onboarding process to complete, a data maintenance requirement to implement, and performance against KPIs to measure. Many procurement professionals are frustrated with cumbersome ERPs or trying to turn Excel into a "do-it-all" tool. We're here to help! Vendorful's Vendor Management Solution offers everything you need to onboard suppliers, maintain all of their information and documentation, and assess their performance. Our modern approach to software development combines enterprise power with consumer usability.
Challenge: Data here, there, and everywhere
Despite heavy enterprise investment in ERPs, organizations regularly report that 40%-60% of the data in those systems is stale or otherwise unreliable. And for those without ERPs, spreadsheets and shared folders are generally cobbled together as ad hoc solutions, which quickly fall apart.
Absent a clear and accurate view of its suppliers, organizations run huge risks: compliance failures, unmanaged spend, underperforming vendors, and more. And if you're only focused on mitigating the damage, then you're not going to be able to supplier optimization, which further erodes margins. This is a problem that compounds with the passage of time because as data and documentation age, they are increasingly unlikely to be valid.
Solution: Easy collaboration, data maintenance, and visibility
Simplifying the process of onboarding vendors and refreshing their data is a great first step. But what if you could fully make them partners in this process? This wouldn't just reduce the workload of the procurement team, but result in more reliable data..
Vendorful enables organizations to partner with their suppliers. From point-and-click onboarding to automated reminders to both procurement and to suppliers, the platform streamlines what has been a historically cumbersome process. In addition to reducing risk and increasing compliance, Vendorful is used to rationalize vendor spend. It includes automated survey management capabilities, spend capture, and support for ingestion of quantitative performance data, organizations can get a holistic view of any, and all, of their vendors. From "who?", to "how much?", to "how good?", the answers are at your fingertips.
Using Vendorful, procurement teams can reduce risk and improve margins, while spending less time on manually update vendor records.
Modules Included in Vendor Management
Vendor Onboarding and Management
Invite vendors to onboard with a click of a button. Leverage automated notifications to keep supplier data up to date. And view all the data inside a simple interface.
Performance and Scorecards
Create custom surveys and automatically issue them to stakeholders on an ad hoc or recurring basis. Pull data from ERPs and other 3rd-party systems and visualize in Vendorful.
"Vendorful has been a game-changer for us. Vendorful is more than a platform but rather a strategic partner in our vendor management and ISO program. You're missing out if you're not using Vendorful to manage your vendors, vendor evaluation, and compliance."
Key Platform Features
Stay in sync with chat, video-conferencing, and real-time page updates.
Immediate Time to Value
Get your account set up in seconds and you're minutes away from unparalleled productivity.
Free yourself from copying-and-pasting with Vendorful's automation capabilities.
Instant Vendor Onboarding
Maximize vendor engagement with instant onboarding for RFX and reverse auctions.
Easy Custom Configuration
Your categories, your metadata, your everything — just faster and easier.
Be confident that your data is secure with encryption in transit and at rest.
Ready to Simplify Supplier Management?
If you're interested in seeing how Vendorful can streamline and automate your vendor management processes, reducing risk while boosting margins, we'd love to talk.