A vendor management software is a must for an organization to manage the third and fourth-party vendor risk. We live in a digitalized economy, and a VMS can pave the way for companies to work more efficiently and handle minute details effectively. VMS allows focussing on the big-picture by removing the overhead of maintaining vendor relationships.
The existing communication flow of the client was not entirely in place. The client approached TechAvidus to build a vendor management software that can streamline the current process and establish exact points of communication between vendor, customer, and itself.
It was challenging for TechAvidus to bring together all the steps that underlined the client’s start to finish the engagement with Vendors. It was crucial for us to identify business goals that revolved around vendor involvement.
The result was a robust supplier management software which categorized vendors based on their types that streamlined information. Categorization helped at the time of various report generation and eventually in making critical decisions based on real-time data. The solution acts as a central repository for accessing POs, PRs, contracts, and confidential vendor payment information.