What Is Vendor Management App?
Pooja Taneja is a rising star in the beauty business in North India. She is running a boutique herbal-based cosmetic range. She runs her operations from a small factory in South Delhi’s industrial zone of Okhla. It has a staff of 50 dedicated employees. Her operation cycle runs smoothly but is heavily dependent on vendors of various products, ingredients, and raw materials. These vendors are companies or individuals who supply goods and services to other companies. Pooja uses to feel frustration at times with her vendors for a variety of reasons such as delay in supply delivery, wrong billing, and miscommunication. This would leave her fuming. Her despair turned to hope when a friend told her about a software know as vendor management. She said this tool would simplify her concerns and let Pooja focus on the main task – supplying great herbal cosmetics.
What exactly is a vendor management app? It is an internet-based software/application which keeps tabs on all vendors effortlessly, their contracts, and responsibilities. It also enables a business to obtain and manage temp, contractual, or contingent staff members. It is a centralised place where all activities pertaining to vendors are consolidated for easy management.
Hallmarks of a good vendor management app
Information the detailed dashboard shows all existing contracts and updates you on them. You are alerted when any contracts with vendors are up for renewal, thus allowing you to take action in the form of renewals or ending contracts.
Also Read: Importance of Vendor Management App
Performance-based contracts The app come with vendor ratings and customer reviews. This gives you the freedom to assign vendors for particular products or services based on their past track record. It is like a reward or punishment system. The better the vendor performance the more contracts they receive. For Example, Ray florists supply a wide range of flowers to Pooja’s company on time with the least amount of disruptions, quality loss, or billing issues. They are a top vendor for the company hence get rewarded with regular and even enhanced contracts.
Rate your vendors app enables you to define certain performance indicators and rate your vendors on them. They can be rated in parameters such as quality of service, delivery schedules, complaint history, quality management systems, and other reasons.
Automated billing It has the facility to generate and send invoices/bills to vendors thus removing manual tasks and allowing the team members to focus on other important tasks.
How do the vendors benefit
Reporting mistakes get reduced
Invoices are accurate, submitted earlier and run in a smooth manner
Smooth communication and reduction in miscommunication
Quick approval of their bids and contracts
As you can see there are many advantages of a good vendor Management App which is why it is being adopted by thousands of companies, worldwide and across industries. Just as Pooja and her company are reaping the benefits, so can you. So, are you going to join this ease of doing business with the vendor’s model? If interested, write to us for more details on this wonderful app.