Most startups in course of time associate with 3rd party vendors and suppliers to source things required and deliver value to clients in the long run. To be successful companies with huge supplier base, and geographical footprint need to utilize Vendor Management Software like Vendora to organize & strengthen business-vendor relationships. Without this vendor management in place business cannot meet their business objectives at the best value.
Importance of Vendor Management System
To increase business efficiency and to manage all vendor related activities of an organization all you need to do is streamline vendor related process. First step to do this is purchasing an efficient vendor management system that help you forge stronger, bond with your suppliers. Having this vendor portal enables multiple vendors to onboard, and build the ground for strong buyer-supplier relationship. The basic logic here we have is stimulating a win-win scenario on both sides of the relationship.
Vendora features for Vendor Management System
Vendor On-boarding – Collecting the required details from the vendors to process and set up their organization as an approved vendor.
Strengthen Vendor Relationship – Adhering to commitments & communicating between internal departments and vendors can influence decision-making process and save valuable time.
Monitoring and Mitigating Risks – Helps buyer gain insights on areas that can cause potential risk & supports spot issues & notify vendors before it becomes worse.
PO processing – Helps to set up a standardized procedure for processing invoices and making payments, thereby eliminating gaps to maintain continued service.
Benefits of using Vendora
- Streamline vendor onboarding
- Monitor vendor performance
- Mitigate the risk of supply chain disruption
- Strengthen vendor relationships
- Negotiate prices
To handle vendor relationships efficiently & foster better business outcomes contact us. We can assist you adopt Vendora – a Web-based Vendor Management Portal to enhance business performance.