#Vendor management inventory software software#

#Vendor management inventory software software#

One way to think of vendor management software is as a much more robust version of supplier relationship management (SRM) tools. Key Considerations When Shopping for Vendor Management Software What Is Vendor Management Software? How Are Vendor Management Systems Priced? In this buyer's guide, we'll explain the fundamentals of vendor management software along with what you need to know as a small business when making your software selection.Ĭommon Functionality of Vendor Management Software Vendor management plays a significant role in a well-run supply chain, and there's a great deal to consider when exploring this type of software. This is becoming more important as issues of cybersecurity and stolen data are increasingly present in the public mind.

This language has come about fairly recently as a result of federal regulations and guidance regarding the liability a company assumes when contracting a third-party vendor. Supply chain vendors are not your employees-they are contracted, third-party organizations that manufacture and/or sell stock to you.Īnother phrase you're going to see a lot when researching vendor management software is third-party risk management. A supply chain vendor refers to a very specific instance. Broadly speaking, a vendor is any person or entity that sells goods or services.

Buyers Guide Last Updated: March 16, 2023īefore we can get into specifics about vendor management software (VMS) and the role it plays along the supply chain, we first need to understand some of the terminology commonly used to describe and talk about this type of software.įor starters, the word 'vendor' can mean a lot of different things depending on the market.