Top 7 Vendor Relationship Management Software

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Calender
February 21, 2024
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Vendors are more like your business partners, so you must maintain a healthy relationship with them.

A healthy vendor relationship optimizes communication, collaboration, and response times and even helps secure better deals during renegotiations,

However, with organizations using 300+ SaaS applications on average, managing all vendors manually and maintaining a healthy relationship can be challenging.

That's where vendor relationship management software comes in handy, helping you streamline and nurture these crucial connections.

Vendor relationship management involves overseeing the vendors your business relies on. Gartner says more than 77% of businesses prioritize strengthening these relationships.

This article will discuss the top 7 vendor relationship management software to help optimize vendor relations.

Why Do You Need Vendor Relationship Management Software?

Choosing the right vendor relationship management software would benefit your business in the end. Thanks to the software, your business can choose the right vendor.

Additionally, top-notch supplier management software can boost vendor-buyer relationships, creating better opportunities for your business.

Vendor relationship management software is essential for optimizing your vendor ecosystem. It offers a centralized view, streamlines communication, and empowers data-driven decisions, ultimately boosting business efficiency.

Centralized Information: You don’t need to worry about scattered spreadsheets and overflowing email threads. VRM software provides a single source of truth for all your vendor data, including contact details, contracts, performance history, and communication records. This makes it easier for everyone in your company to find the necessary information.

Enhanced Visibility: VRM software gives you a clear view of your entire vendor landscape. You can track SaaS spending across different vendors, identify potential risks, and monitor performance metrics to ensure your suppliers meet your expectations.

Streamlined Communication: Forget the back-and-forth emails and phone calls. VRM software provides a central communication platform for all your vendor interactions. You can share documents, track tasks, and collaborate with vendors in real-time, ensuring everyone is on the same page.

Improved Performance Management: Define performance benchmarks for your vendors and monitor their progress against these standards. This data-driven approach to supplier performance management enables you to pinpoint areas for enhancement and ensures vendors are held accountable for their performance.

Reduced Costs: It can help you save money in several ways. By streamlining your procurement process, you can reduce administrative costs. Additionally, with better visibility into your vendor performance, you can negotiate better contracts and identify opportunities for cost savings.

Stronger Relationships: VRM software fosters stronger relationships with your vendors. You can build trust and loyalty with your suppliers by providing a platform for open communication and collaboration. This can lead to better pricing, service, and a more reliable supply chain.

Enhanced Compliance: With VRM software, you can ensure your vendors comply with all relevant regulations. You can store and track important documents, such as insurance certificates and certifications, and receive alerts when renewal is due.

Top Vendor Relationship Management Software

Choosing the right vendor relationship management software is extremely important. Let’s take a look at the seven best options on the market.

CloudEagle

CloudEagle is the best SaaS management and procurement platform to streamline your Saas vendor relationship management process. With this platform, you will never have challenges managing vendor relationships.

It provides comprehensive vendor relationship management features to handle all vendor-related tasks. If you’re planning to create and maintain excellent vendor relationships, CloudEagle is the best solution.

One of the best features of CloudEagle is that it can help your business negotiate with the providers more effectively with the help of their SaaS buyers. This SaaS management platform can help identify and mitigate potential supplier risks.

By optimizing your SaaS agreements through negotiation assistance, you can reduce costs and increase efficiency. As a result, you can foster stronger relationships with vendors based on trust and mutual benefit. From contract negotiations to vendor selection, CloudEagle can cover your entire vendor lifecycle.

Key features

Unify your SaaS landscape: CloudEagle acts as your central command center, consolidating all your applications, contracts, and licenses into a single, easily accessible platform.

You don’t need to worry about data silos and scattered information. With a holistic view, you can identify underutilized licenses, optimize spend, and ensure compliance across your SaaS ecosystem.

To discover how organizations can optimize their benefits from the platform, explore this inspiring case study.

This describes how CloudEagle assisted RingCentral in overcoming initial challenges with managing their SaaS applications and renewals using Smartsheets, ultimately streamlining and consolidating their SaaS management and procurement processes using CloudEagle.

Automate the repetitive tasks: Free yourself and your team from the burden of repetitive tasks. CloudEagle automates license provisioning and deprovisioning, license reclamation, and contract renewals, streamlining your procurement workflows and freeing valuable time to focus on strategic vendor management initiatives.

Image of CloudEagle's renewal workflows

Vendor negotiation: CloudEagle doesn't just automate – it empowers informed decision-making. Their team of seasoned negotiation experts acts as an extension of your own, securing the best possible deals from vendors.

Access to industry benchmarks and pre-negotiated discounts ensures you get the most value from every SaaS investment. CloudEagle is considered one of the best vendor management software due to its comprehensive features covering the entire vendor lifecycle.

Here’s Sophie Wang from Wefunder recalling her experience working with CloudEagle’s SaaS buying experts and how we helped them save on spend:

License management: CloudEagle gathers usage data through integrations and discovery to provide a complete picture of your licenses. This way, you will be able to see the total number of licenses you own for each SaaS application, how many licenses are active, and which users are working with specific licenses.

With complete usage data, CloudEagle allows you to set up automated workflows for license reclamation as per pre-defined usage thresholds. If a user consistently falls below the threshold, the workflow can automatically deprovision them from the license.

Image of license management moduile

This harvested license can then be reallocated to a user who needs it, ensuring your investment provides consistent ROI.

CloudEagle helps you pinpoint licenses with low usage, allowing you to renegotiate contracts or reallocate them to active users potentially.

Renewal management: CloudEagle can streamline the often-complex process of SaaS application renewals. It tracks your SaaS contracts and automatically generates renewal workflows. These workflows will be triggered automatically and send renewal reminders before the renewal date, typically around 90 days in advance.

You will receive early renewal alerts either via email or Slack integration. You can proactively contact the vendor with ample time to discuss renewal options. This allows for a more collaborative approach, potentially leading to better deals without jeopardizing the relationship.

CloudEagle empowers you to potentially "right-size" your subscriptions during renewals. When you identify underutilized licenses, you can negotiate a reduction in the number of licenses you pay for.

As Falkonry expanded, managing contracts through spreadsheets became increasingly chaotic. CloudEagle's renewal workflows effectively streamlined their processes, addressing missed contract renewals and preventing unnecessary costs and downtime.

Read Falkonry's detailed success story here.

Effortless vendor discovery: CloudEagle streamlines the vendor research process by leveraging AI and a comprehensive database. Gain instant access to qualified vendors who meet your specific needs, eliminating time-consuming searches and manual evaluations.

Image of vendor research module

This allows you to quickly identify potential partners who fit your organization's requirements perfectly. You can perform side-by-side pricing and feature comparisons for various vendors, connect with your peers, read relevant reviews and testimonials, and make the right decision without leaving the platform.

Collaboration made easy: CloudEagle fosters a collaborative environment between your organization and vendors. Clear communication channels and efficient contract management streamline collaboration, creating a more positive and productive experience for all parties involved.

Pros

  • If your organization prioritizes supplier diversity, CloudEagle can help you identify and connect with qualified vendors from diverse backgrounds.
  • CloudEagle’s customized workflows, pre-built templates allow you to tailor workflows to your specific needs using customizable intake forms.
  • It can integrate with 300+ applications, including SSO, HRIS, financial, and ERP systems.
  • CloudEagle prioritizes a user-friendly interface that simplifies VRM tasks for everyone on your team.

Pricing

CloueEagle provides three pricing plans. The best thing about CloudEagle is that the pricing is completely transparent, without hidden fees.

  • Starter: Starting at $2000/month
  • Growth: Starting at $3000/month
  • Enterprise: Starting at $4000/month

Remember that the pricing structure depends on the employee bucket size. Visit the pricing page for more supplier information.

Procurify

Image of Procurify dashboard

Coming second on our list is Procurify. It offers a centralized platform where you can manage different procurement aspects. This includes vendor information, approvals, purchase orders, analytics, and spending.

The platform simplifies complex procurement workflows through its intuitive interface and automation features. This will help your organization handle purchasing tasks with ease.

Procurify enhances visibility and control over vendor processes, fostering informed decision-making, cost efficiencies, and heightened operational performance.

Pros

  • Procurify centralizes vendor information and automates tasks like onboarding and performance reviews.
  • Real-time reporting and analytics provide insights into spending patterns.
  • Procurify enforces approval rules and automates audits.
  • The mobile app allows for on-the-go purchase requisition approvals.
  • A user-friendly interface that simplifies procurement teams tasks and reduces training time for new users

Cons

  • The customization options aren’t as flexible as some competitors.
  • Procurify might not be ideal for managing highly complex procurement processes.
  • Procurify's pricing can be on the higher end compared to some VRMs.

Pricing

Procurify provides three different types of pricing plans:

  • Small business: Starts at $1000/month
  • Medium business: Starts at $2000/month
  • Large and enterprise business: Custom quote

Zluri

Image of Zluri's dashboard

Zluri offers a unique approach to managing vendor relationships within the context of today's Software-as-a-Service (SaaS) landscape. If your business relies heavily on SaaS applications, you can benefit from Zluri.

It doesn’t matter which SaaS applications you use for your business; Zluri can manage them effectively as it is one of the best vendor management systems with a focus on inventory management as well. It centralizes vendor contracts, tracks user access, and integrates with over 800 apps for a holistic view.

By granting or revoking access easily, Zluri minimizes security risks associated with uncontrolled SaaS usage and streamlines supplier risk management. You can ensure that only authorized personnel have access to sensitive supplier data.

Pros

  • You will have a complete overview of all your subscribed SaaS applications.
  • Zluri simplifies communication with vendors regarding subscriptions, billing, and support issues.
  • Zluri offers features like multi-factor authentication and user activity monitoring.
  • Comprehensive reports on usage, spending, and compliance across all your SaaS subscriptions.
  • It can prevent surprise charges, optimize supplier onboarding, and ensure timely vendor negotiations.

Cons

  • Implementing and fully utilizing Zluri may require some time and training for users.
  • Setting up Zluri to integrate with existing systems and workflows may pose challenges.
  • The pricing plans are not transparent.

Pricing

Zluri doesn’t showcase the pricing plans on its website. You need to request a demo, and they will offer you a customized quote per your business’s needs.

Genuity

Image of Genuity

Genuity is another vendor relationship management software you need to know about. It offers tools designed to enhance collaboration, communication, and overall performance within your vendor network.

It can help your SaaS business effectively manage vendor relationships, all at an affordable price. Genuity’s monitoring solution ensures your business has excellent network health and performance.

With Genuity, task automation is achievable, enabling data-driven decision-making. On the other hand, you can also integrate IT applications like G-Suite, AWS, and Quickbooks for IT teams.

Pros

  • Genuity can facilitate collaboration between internal teams and vendors to streamline communication.
  • Data analytics to provide insights into vendor performance, spending patterns, and opportunities for cost savings.
  • Thanks to high scalability, Genuity can accommodate a growing vendor base and increasing complexity.
  • The functionalities are tailored to address unique vendor management challenges.
  • The first 30 days are free. So, you can use its features to determine effectiveness.

Cons

  • You will face problems integrating Genuity with your existing business systems.
  • Genuity is primarily designed for large enterprises with complex vendor relationships.
  • The initial implementation of Genuity involves significant upfront costs.

Pricing

Remember that Genuity provides a 30-day free trial. You don’t need to provide any credit card information. After that, it will be $29.99/month. Make sure you request a demo if you have unique requirements.

Vendr

Image of Vendr's dashboard

Vendr offers an advanced solution aimed at streamlining SaaS vendor management processes. If your business requires comprehensive project oversight and automated workflows, Vendr can be an excellent choice.

The platform includes a dedicated vendor dashboard for project managers. It offers centralized access to critical data on renewals, approval workflows, and expenditures within the company's vendor ecosystem.

Vendr boasts access to a massive dataset of SaaS transactions. This allows you to benchmark pricing during negotiations, ensuring you secure the best possible deal on SaaS solutions.

Pros

  • Negotiation insights to know which negotiation tactics work most effectively.
  • With Vendr, you can create simple or complex workflows. They are customized as per your needs.
  • You will have complete transparency over upcoming software renewals.
  • Vendr ensures proper compliance with the vendors.
  • This software might offer analytics to track vendor performance.

Cons

  • The services are extremely expensive compared to the other available options.
  • The free version has numerous limitations.
  • The customer service is unreliable as they fail to answer many technical questions properly.

Pricing

  • Free forever: $0
  • Premium procurement: $300/month
  • Premium intelligence: $3,500-$9,500/month
  • Premium negotiations: $10,000 per 5 negotiations

Productiv


Image of Productiv's homepage

While Productive offers features that touch on vendor relationships, its core strength lies in Spend Management, specifically for SaaS applications.

Productiv will provide insights into vendor performance by evaluating your SaaS usage data. This can help you identify areas where a vendor might not meet your needs, prompting discussions for improvement or potentially leading to exploring alternative vendors.

It offers a central platform for communication and collaboration between procurement, IT, and other departments involved in managing vendors. This can streamline communication and decision-making regarding vendor relationships.

Pros

  • Use AI to generate insights from vendor data, predict potential issues, and recommend improvements.
  • Ensure compliance with vendor contracts and regulations through centralized document management.
  • Manage vendor relationships on the go with a mobile app for approvals, communication, and data access.
  • Gain better visibility into vendor spend.
  • Track key performance indicators (KPIs) to evaluate vendor performance.

Cons

  • Requires some training for users to get comfortable with all functionalities.
  • Pricing is not transparent.
  • The AI-powered recommendations are sometimes inaccurate.

Pricing

If you want to test the features of Productiv, visit their website and get a demo.

Kissflow

Image of Kissflow

Kissflow positions itself as a comprehensive procurement management software. Vendor Relationship Management (VRM) is a key component of its offerings.

Kissflow uses the term "Supplier Relationship Management" (SRM), a broader term encompassing VRM.

Make sure you track key performance indicators (KPIs) for your vendors. This way, you can objectively assess their performance and identify areas for improvement.

Manage contracts electronically within Kissflow. This simplifies storing, retrieving, and tracking important SaaS agreements with vendors.

Pros

  • Kissflow provides a centralized repository for storing vendor-related data.
  • Kissflow can help to reduce costs associated with vendor management.
  • An intuitive interface for users to navigate and utilize its features effectively.
  • It can save time by reducing manual errors.
  • Integration capabilities create a more holistic approach to vendor management.

Cons

  • Data migration to Kissflow can be challenging, especially if your business has a lot of vendor data stored in disparate systems.
  • Integration with existing systems may require additional effort and expertise.
  • Unreliable customer support. Sometimes, occasional delays also occur.

Pricing

Here is the pricing structure of Kissflow:

Conclusion

You can make data-driven decisions now that you know the top 7 supplier relationship management software and their features, pros, cons, and pricing.

While many software solutions are available, CloudEagle is a comprehensive platform offering assisted buying services to streamline SaaS management and procurement.

Besides automating tasks, CloudEagle can establish strong collaboration through clear communication channels.

With CloudEagle, your business will manage vendor relationships effectively and optimize SaaS spending through features like negotiation assistance and insightful data-driven recommendations.

Do you want to enhance your business’s relationship with vendors? Make sure you book a demo with the experts at CloudEagle today.

Written by
Prasanna Naik
Co-founder, CloudEagle
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