Meet Vendorful: Vendor Performance Tracking System
Vendorful has successfully reimagined vendor management and eSourcing software. To do this, the software combines modern user experience with a strong set of APIs.
These come together to change the manner in which organizations manage sourcing efforts. Vendorful is a vendor performance tracking system that assists SMEs and enterprises in sourcing, managing, negotiating, contracting, and measuring vendor performance.
The software comes as SaaS on a public cloud but can be deployed in a private cloud infrastructure. Besides providing a point-and-click user interface, Vendorful offers an API.
With the API, Vendorful can connect to third-party systems which helps drive more value using the current investment in technology. So, the API makes it possible to integrate with existing procurement software stacks.
As such, it allows organizations to have a higher return on investment (ROI). The tool is designed to drive more collaboration and transparency while at the same time promoting ROI.
Businesses usually manage these processes through email, Excel, and shared folders. In some cases, organizations have been grappling with very complex enterprise systems.
Thanks to this software, they can now save both time and money by capitalizing on a solution that actually works. The software offers a suite of modules that can be used independently or together to cover the entire lifecycle of vendor engagement.
These include activities such as strategic sourcing, reverse auctions, vendor data management, and administration of contracts. Also, Vendorful supports continuous performance analysis through scorecarding.
The eRFX module is collaborative with features such as a multi-user planner and real-time chat. As well, it works with the existing category management structure in an organization. The module offers templates and support for both pricing and qualitative analyses.
The reverse auctions module lets you generate a reverse auction in just a few clicks. To accomplish this, you only need to set the desired parameters including auction type.
The vendor management allows you to load it in your existing supplier database or start afresh. Establish the attributes you need to monitor and invite vendors. You can even use the system to create surveys and generate scorecards. The scorecards make it easy to measure the performance of suppliers.
The contracts administration & lifecycle management module allows you to store and manage contracts easily. It includes support for e-signatures. You can even sort and manage contracts depending on an organization’s criteria. The system sends automatic expiration and renewal reminders to stakeholders.
As well, organizations can run compliance events such as due diligence questionnaires and IT security questionnaires. The platform even boasts of having 256-bit encryption.
The automated data aggregation and point-and-click interface of the system eliminate the cumbersome shared drives and Excel spreadsheets. The platform simplifies the intricate process of selecting a vendor to contract renewal. As such, it reduces risk.
It is used across different disciplines from retail to higher education to financial services and many more. The solution increases the value of different types and sizes of businesses.
In case of anything, Vendorful provides support through email, phone, online resources, and form submission.
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