Vendor management software helps businesses efficiently manage their vendor relationships. It offers centralized access to critical data, streamlines procurement processes, and facilitates vendor selection, providing cost-saving opportunities.
That’s the primary reason businesses of all sizes heavily invest in these solutions, causing the global VMS market to flourish. Estimated at $6.5 billion in 2022, it will reach $12.1 billion in just six years.
If you want to coordinate vendor relationships more effectively, you should also invest in a proper VMS. Conveniently, ReVerb has compiled a list of the top vendor management software with best-in-class features, user-friendly interfaces, extensive integration capabilities, and dynamic scalability. The tools below will help you make more informed decisions, reduce operational costs, and drive business efficiency.
Join us as we review these best VMS solutions and you will find the perfect fit for your company in no time!
The Best Vendor Management Software
Opstream is a top vendor management tool that streamlines purchasing processes. With a simple drag-and-drop UI and dozens of valuable features, this AI-powered platform helps organizations reduce costs by up to 23% and decrease request handling time by up to 47%. It ensures a seamless collaboration between departments, offering complete control over vendor interactions and allowing for data-driven decision-making.
Opstream perfectly understands the challenges professionals face in vendor management and provides a comprehensive toolset to address them. One of the platform’s significant competitive advantages is that it doesn’t require coding skills to configure. Business owners can easily set up the VMS and tailor it to their organization’s needs without the assistance of software developers.
Key features of Opstream:
- Vendor management
- Direct and indirect procurement
- AI reports and analytics
- Drag-and-drop UI
- 100+ third-party integrations
- Smart purchasing rules
- Duplicate purchase prevention
- Reminder scheduling
Pricing:
The price depends on the number of purchase requests and required integrations. Visit the official Opstream website to request a quote.
Airbase is a multi-purpose platform aimed at helping organizations stop uncontrolled spend. It supports extensive vendor management capabilities, from vendor onboarding to data-driven insights, enabling customers to build global strategic vendor partnerships. Thanks to the tool’s advanced filters and customization options, business owners can tailor their view of vendor data and always access the most relevant information.
What makes Airbase one of the best vendor management software systems is its smart risk mitigation tools. The platform allows users to review and approve changes to a vendor’s payment details to prevent potential fraud. What’s more, Airbase auto-fills the tax details with AI, validates the tax IDs of vendors, and flags invalid vendors before payment, helping avoid costly penalties for incorrect tax filing.
Key features of Airbase:
- Vendor management
- Streamlined vendor onboarding
- AP automation
- Expense management
- Multi-subsidiary support
- Spend analytics
- User management
- Fraud detection and prevention
- Receipt management
- Accounting automation
- Advanced approvals and workflows
- Mobile app
Pricing:
Airbase offers three subscription options:
- Standard: Up to 200 employees
- Premium: Up to 500 employees
- Enterprise: Up to 10,000 employees
To request a quote for one of the plans, please visit the official website.
Kodiak Hub is an end-to-end vendor management tool combining big data, artificial intelligence, and automation to drive precision in procurement and vendor partnerships. It covers every aspect of vendor management, allowing businesses to capture supplier data, identify supply chain risks, manage contracts, and assess compliance. Thanks to the platform’s extensive automation capabilities, customers can automate many repetitive tasks, freeing up their time and resources.
As one of the leading vendor management systems, Kodiak Hub supports multiple integrations, enabling companies to pull data from their existing ecosystems directly into the tool. Designed with the Performance-with-a-purpose principle in mind, it helps businesses power long-lasting positive change in all parts of their supply chains. And with its unique vendor evaluation processes, Kodiak Hub encourages organizations to bring better products to the market, giving them a competitive edge.
Key features of Kodiak Hub:
- Vendor management
- Advanced analytics
- Artificial intelligence
- Big data
- Automation
- Vendor ratings and KPIs
- Notifications
- Third-party integrations
Pricing:
Pricing information is not provided by the vendor. To request a quote, please visit the official website.
Order.co is one of the best vendor solutions that helps organizations manage all suppliers in one place. Combining efficiency, centralization, customization, and visibility, it offers full control over vendor relationships and provides access to valuable real-time insights for data-backed decision-making. The platform automates many procurement processes, such as requisitions, approvals, order fulfillment, and payments, allowing companies to reduce manual workload.
Being among the top vendor management software, Order.co is known for its high customizability. From product catalogs to budgets, approval workflows, and integrations, the platform can be tailored to the unique needs of every organization, ensuring a seamless fit with their specific processes. In addition, it boasts a sophisticated sourcing AI technology that identifies the most optimal vendor for every purchase.
Key features of Order.co:
- Vendor management
- Procurement management
- Sourcing AI technology
- AP automation
- Vendor onboarding
- Contract negotiation
- Vendor performance management
- Vendor risk management
- Procurement automation
- Vendor payments
Pricing:
Pricing information is not provided by the vendor. To request a quote, please visit the official website.
Tropic is SaaS procurement and vendor management software providing visibility and control over every dollar, contract, and supplier in one place. It helps businesses eliminate waste and boost productivity, achieving average cost savings of up to 23%, time savings of up to 400 hours, and a 4x ROI. The platform seamlessly integrates with ERPs, accounting tools, expense management systems, and other third-party solutions, providing a unified view of all transactional data.
One of the distinctive features of the VMS is supplier discovery. Tropic maintains a huge bias-free supplier database, allowing customers to discover benchmarks, common alternatives, purchasing trends, and price increases for strategic decision-making. No wonder Tropic is considered the top vendor management tool by some of the most innovative companies, including Zapier, Electric, and Automox.
Key features of Tropic:
- Vendor management
- Procurement management
- Contract management
- Renewal management
- Supplier onboarding
- Approval workflows
- Accounting automation
- Spend optimization
- Sourcing intelligence
- Assisted purchasing
- Reports and analytics
- Third-party integrations
Pricing:
Tropic offers two subscription plans: Procurement Starter and Procurement Advanced. Their pricing is not specified. To request a quote, please visit the official website.
Thrive is an intelligent inventory and vendor management platform that helps businesses simplify their supply chains. It securely stores a supplier’s contact information, address, shipping info, notes for internal use, and other data, providing a unified view. The tool enables customers to assign the appropriate products and locations to each vendor, access comprehensive vendor reporting, and automate purchase orders for streamlined workflows.
Thrive is the top vendor management software for small business owners who want to reduce expenses. It allows users to assign one product to multiple vendors and thus always be able to purchase at the best price. The VMS also features the bulk upload template that allows for streamlined vendor onboarding and bulk upload of key vendor data. Each vendor can be labeled with tags like “local” or “shipping discount” for convenient organization and quick access.
Key features of Thrive:
- Vendor management
- Vendor onboarding
- Automated purchase orders
- Vendor reporting
- Bulk uploads
- Tags
- Product information management
- Inventory management
- Automated re-ordering
- Multi-channel and multi-location syncing
- User access control
- Third-party integrations
Pricing:
The platform offers four subscription plans:
- Starter: $39 per month
- Standard: $79 per month
- Professional: $199 per month
- Elite: $399 per month
Upguard is an AI-powered vendor risk management tool that delivers instant insights, 360-degree assessments, and time-saving opportunities in a centralized place. It proactively monitors vendors and assigns objective security ratings, helping business owners build reliable supply chains. With features like automated vendor discovery, the platform allows customers to quickly find suitable suppliers and add them to their lists, driving business efficiency.
As one of the best vendor solutions, Upguard delivers assessment speeds twice as fast as competitors, helping companies save at least 50% of their time. The software can be scaled up or down on demand, enabling customers to increase the volume and quality of assessments without missing a beat. Upguard scans over eight million organizations and 800+ billion records daily, giving the most up-to-date security ratings that can’t be find anywhere else.
Key features of Upguard:
- Vendor management
- Vendor risk management
- Automated vendor discovery
- Security ratings
- Reports and dashboards
- Security questionnaires
- AI autofill
- Data leaks detection
- API and integrations
- End-to-end workflows
Pricing:
The tool is available under five subscription plans:
- Basic: $5,999 per year; intended for small businesses; limited vendor risk management functionality
- Starter: $18,999 per year; up to 50 vendors
- Professional: $39,999 per year; up to 150 vendors
- Corporate: $89,999 per year; up to 500 vendors
- Enterprise: Custom pricing; unlimited vendors
Ramp is free vendor management software that tracks vendor data and offers pricing insights in one convenient place. It automatically monitors transactions for every vendor a client pays, enabling them to quickly analyze their spend and discover cost-saving opportunities across all channels. Trusted by 25,000+ global businesses, the VMS has helped customers save over one billion US dollars through optimized vendor management and streamlined procurement processes.
Being one of the top vendor management tools, Ramp automatically extracts key contract data to reduce manual workload and save time. It also sends 30-day or 60-day reminders before contracts come up for renewal so the customer is never caught off guard. What’s more, the platform supports a myriad of custom parameters, enabling businesses to structure and personalize the vendor information they track to meet their unique requirements.
Key features of Ramp:
- Vendor management
- Contract management
- Procurement management
- Data and analytics
- Expense management
- Procurement management
- Accounting automation
- Mobile app
- Third-party integrations
Pricing:
Ramp offers the following subscription options:
- Ramp: Free, but with limited functionality
- Ramp Plus: $15 per user/month
- Ramp Enterprise: Custom pricing
Genuity is a SaaS platform for vendor management, asset management, and IT ticketing & communication aimed at helping businesses reduce expenses. It enables companies to manage spend, contracts, and compliance while automating labor-intensive tasks and offering full visibility into their vendor expenses. The tool’s user-friendly interface and rich functionality allow for efficient spend management, improved vendor relations, and enhanced business value.
Genuity is hands-down one of the leading vendor management systems in the market. Not only is it reasonably priced, but it also provides exceptional value with its comprehensive features and robust performance. No wonder over 1000 businesses worldwide use Genuity as their go-to VMS for spend management, handing over $4.5 billion of expenses and more than 800 thousand IT assets.
Key features of Genuity:
- Vendor management
- Contract management
- Asset management
- Telecom management
- Spend management
- IT help desk
- Network monitoring
- Reports and analytics
- Third-party integrations
Pricing:
Genuity has four pricing plans to accommodate different business needs:
- Vendor Management: $39.99 per month (only vendor management features)
- Asset Management: $39.99 per month (only asset management features)
- IT Help Desk: $39.99 per month (only IT ticketing & communication features)
- Full Platform: $99.99 per month (all features)
A 30-day free trial is available.
Gatekeeper is a vendor and contract lifecycle management platform that helps companies restore visibility, take full control over their spend, and safeguard compliance. It features a branded vendor portal for vendor registration, onboarding, management, and collaboration, enabling customers to effectively manage vendor relationships. Powered by AI, the tool automates vendor onboarding and compliance and builds records by extracting data from emails.
Gatekeeper’s powerful Kanban Workflow Engine visualizes all vendor processes within a centralized platform, providing quick and easy access to critical information. It supports integration with all major ERP and finance solutions, allowing for seamless data exchange. Gatekeeper offers a fully customized working environment that can be tailored to the needs of every organization, making it one of the best vendor management software systems available today.
Key features of Gatekeeper:
- Vendor management
- Contract management
- Compliance management
- AI data extraction and analysis
- Fully integrated eSignature
- Spend module
- Risk module
- Employee portal
- Vendor portal
- Contract renewal reminders
- 220 third-party integrations
Pricing:
Gatekeeper offers four pricing plans:
- Essentials: $1,245 per month; up to 150 vendors
- Pro: $2,995 per month; up to 500 vendors
- Enterprise: $5,295 per month; up to 1000 vendors
- Enterprise Custom: Custom pricing; unlimited vendors
Conclusion
Effective vendor management is critical for businesses aiming to minimize operational costs and enhance efficiency. To make informed decisions in vendor selection and procurement optimization, you need to rely on actual data instead of guesswork. And the best vendor management software discussed in this article will provide it.
So leverage one of these advanced platforms to gain valuable information, drive digital excellence, and position your business for long-term success.
