Three ways vendor management platforms improve efficiency

Effective vendor management is a critical component of overall efficiency for any company using vendors, whether it’s one vendor or one hundred vendors. With online platforms for vendor management, the days of an employee picking up a phone and spending 20 minutes tracking down a vendor to answer a single question should be a thing of the past.

Here are three important ways that a vendor management platform makes your company more efficient.

1. Keep all documentation in one place

A vendor management platform that’s well integrated with a company’s processes helps keep all documentation in one place. A platform with integrated messaging capabilities for emails, texts, or chats empowers the company and the vendor to communicate efficiently through the platform. That saves time for everyone involved and ensures all the necessary details are in one place when needed.

2. Create vendor-to-company relationships

If a single employee is responsible for vendor management, that can create an isolated relationship between the vendor and that specific employee. Then, if that employee leaves, there’s risk of the vendor leaving as well or no one else at the company really knowing what was going on with that vendor. If there’s an integrated platform to communicate with and manage that vendor, it can be shared within groups or teams to increase efficiency and ensure duplication of knowledge.

3. Scale to multiple vendors for better outcomes

A well-designed vendor management platform will enable you to maintain a list of qualified vendors that you can choose from as needed. Keeping a pool of service providers for any one service helps with managing workflow and ensuring you get a quality product or service every time. It also helps you adjust quickly if a particular vendor can’t fulfill an assignment for some reason. You can run licensing verifications through the platform and even design a rating system to evaluate each vendor based on the service they provide.

Vendor management platforms can save you time, and that means saving you money as well. If you’re holding on to the old ways of vendor management, perhaps it’s time to reconsider what the right platform could do for you and your company.