Vendor Management
Jonathan D. Rhyne
What Is Vendor Management?
The term Vendor Management refers to the efforts around maintaining a positive, efficient, and productive relationship with an organization’s vendor partners including:
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Managing pricing and resources
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Monitoring performance
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Mitigating risk
By centralizing all elements of vendor management in one system (sometimes referred to as a “VMS), organizations can streamline vendor communication and vendor processes, leading to better and more efficient vendor relationships. Whether or not you use vendor management services or handle vendor relations internally, the benefits of centrally-managed vendor management software are clear.
Managing Vendors Through a Centralized Portal
When using a centralized portal to manage vendors, organizations can handle the full scope of a vendor relationship in one place with complete visibility.
We have an app for that! Check out our pre-built Vendor Invoice Approval & Payment Process and New Vendor Request Apps to see what’s possible.
Vendor Selection/Project Intake
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Receive bids/vendor information and perform due diligence.
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Score vendors based on the provided information according to company standards and compliance policies.
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Route vendor information through approval processes.
Vendor Onboarding and Offboarding
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Provide potential vendors with a place to upload vendor data and information, credentials, plans, etc.
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Centrally create and update vendor lists.
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Remove vendors at the contract end, following standard offboarding procedures.
Vendor Contract Management
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Manage the entire vendor contract submission and approval process from legal to finance.
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File completed contracts to the document repository of choice automatically.
Track Ongoing Vendor Projects
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Track project kickoff through completion.
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Review reports and dashboards to track project KPIs.
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Collaborate with vendors to ask and answer questions.
How to Get Started Managing Vendors
Vendor management should be part of your overall finance and operations strategy. Using tools like workflow automation and self-service portals can help execute this strategy by standardizing and automating not just vendor processes but all critical processes in the organization.
Nutrient Workflow can help you centralize all your processes within a self-service portal that vendors and team members can access 24X7 from any device. Customize your portal to follow your organization’s unique rules and practices and design automated process flows to handle everything from vendor management to capital expenditure approvals.
Contact us today to get your own personalized demonstration of how Nutrient Workflow can bring order to the chaotic vendor management process.
Jonathan joined PSPDFKit in 2014. As CEO, Jonathan defines the company’s vision and strategic goals, bolsters the team culture, and steers product direction. When he’s not working, he enjoys being a dad, photography, and soccer.
