What is Vendor Management Software?
Vendor Management Software helps streamline the process of acquiring vendors and the communication and collaboration required for trading.
Businesses who sell finished goods through the intake of raw materials need to engage with multiple vendors throughout the supply chain. This may include raw materials or commodities suppliers, logistics and freight providers, warehouses and storage facilities, and/or end customers.
Vendor management software helps evaluate vendor performance over the course of the trade cycle and maintain relationships with third- and fourth-party vendors.
Common features of vendor management software includes request for proposal (RFP), bidding tools, vendor scoring, and performance tracking.
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