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The Best Vendor Performance Tracking System Vendors

The Best Vendor Performance Tracking System Vendors

‍‍As businesses grow, they rely on more vendors to provide goods and services. The number of vendors can make it challenging to monitor their performance effectively. However, segmenting vendors ‌that highlight those that are critical to your business paves the way to track their performance.

Vendor performance management (VPM) is a discipline put in place to ensure vendors are meeting expectations. The main aim of vendor performance management is to achieve the highest level of reliability, quality, and performance from key vendors while limiting risk. Relationships with strategic vendors are increasingly key to business performance.

In this article, we will discuss the best vendor performance tracking system vendors available in the market, their features, pros, and cons, and how to select the best one for your business.

SAP Fieldglass

SAP Fieldglass is a leading vendor management system that helps manage every aspect of your vendor network, from contract management to compliance and performance tracking. It is one of the most robust and comprehensive end-to-end solutions.

With SAP Fieldglass, you can pay vendors directly from the platform, automate onboarding and offboarding processes, track certifications, and much more. The Digital Partner Network helps you find and hire contractors and service providers with specialized skills.

SAP Fieldglass uses an open API framework that works with on-premise and cloud applications like Oracle, Microsoft Dynamics, Salesforce, Kronos, and many others.

Pros:

  • Excellent customer service and platform support
  • Digital Partner Network can be used to hire new vendors
  • Good list of integrations

Cons:

  • Too many features for some companies
  • Subscriptions are very expensive

Coupa

Coupa is a cloud-based procurement software that provides comprehensive vendor management solutions. It has a user-friendly interface and offers customizable dashboards.

Coupa’s vendor management features include supplier information management, performance management, and risk management. It also provides a unified platform for procurement, invoicing, and expense management.

Pros:

  • User-friendly interface
  • Comprehensive vendor management solutions
  • Unified platform for procurement, invoicing, and expense management

Cons:

  • Some users find the reporting system too basic
  • Integration with other systems can be challenging

Gatekeeper

Gatekeeper is a cloud-based vendor management system that helps businesses manage their contracts and vendors. It provides a centralized repository for all vendor records and related information.

Gatekeeper’s vendor management features include automated performance data capture, vendor performance surveys, and vendor onboarding. Its Kanban Workflow Engine maps out processes with performance management at the centre.

Pros:

  • Centralized repository for all vendor records and related information
  • Automated performance data capture
  • Vendor onboarding and performance surveys

Cons:

  • Some users find the reporting system too basic
  • Integration with other systems can be challenging

Zycus

Zycus is a cloud-based procurement software that provides a comprehensive suite of procurement solutions. Its vendor management solutions include supplier performance management, supplier risk management, and supplier information management.

Zycus provides a unified platform for procurement, sourcing, contract management, and financial savings management. Its supplier scorecard feature allows businesses to measure the performance of their vendors against set KPIs.

Pros:

  • A comprehensive suite of procurement solutions
  • Unified platform for procurement, sourcing, contract management, and financial savings management
  • Supplier scorecard feature to measure vendor performance against set KPIs

Cons:

  • Integration with other systems can be challenging
  • Some users find the user interface outdated

Ivalua

Ivalua is a cloud-based procurement software that provides a comprehensive suite of procurement solutions. Its vendor management solutions include vendor performance management, vendor risk management, and vendor information management.

Ivalua provides a unified platform for procurement, sourcing, contract management, and supplier collaboration. Its supplier scorecard feature allows businesses to measure the performance of their vendors against set KPIs.

Pros:

  • A comprehensive suite of procurement solutions
  • Unified platform for procurement, sourcing, contract management, and supplier collaboration
  • Supplier scorecard feature to measure vendor performance against set KPIs

Cons:

  • Integration with other systems can be challenging
  • Some users find the user interface outdated

Choosing the Best Vendor Performance Tracking System Vendor

When choosing the best vendor performance-tracking system vendor for your business, consider the following factors:

  • Features: Look for a vendor management system that offers features that meet your business needs.
  • Integration: Choose a system that integrates with the other systems you use.
  • Ease of use: Choose a system that has a user-friendly interface and is easy to use.
  • Cost: Consider the cost of the system and ensure that it fits your budget.
  • Customer support: Look for a vendor that offers excellent customer support and platform support.

Vendor performance management is a crucial discipline that helps businesses achieve the highest level of reliability, quality, and performance from key vendors while limiting risk. The best vendor performance tracking system vendors available in the market include Zapro, SAP Fieldglass, Coupa, Gatekeeper, Zycus, and Ivalua. When choosing the best vendor performance tracking system vendor for your business, consider the features, integration, ease of use, cost, and customer support.