Vendor Management Software

The Concept

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 Challenges

The proficient team of TechAvidus encountered a requirement of building an application of knowledge management. The inputs provided by the client reflected his desire, but as usual, our team wanted to make a unique solution that can go one step forward and can have some elegant and quirky features to separate it from the existing ones. Though the task seemed easy but embedding functionalities to make it a unique application of knowledge management was itself a challenging task.

The Solution

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 team of TechAvidus produced a supply chain management software that includes the following features.

Classification of the vendors on the basis of their types and significance to the organization.
Assistance in risk management by measuring both residual and inherent risk
Easy tracking of every step of the vendor management process
Extensive and flexible reporting features
Easy integration in the ongoing process execution
Creation of e-Request for Quotation, Tender, and Proposal
Email reminders and notifications to the vendors
Enhanced security and management of compliance
Deep insights into the vendor and supplier performance
Easy-to-use tracking features during audits.
Advanced Inventory Management