Vendor Management System (VMS)

A Vendor Management System (VMS) is a software platform that helps organizations efficiently manage their relationships with suppliers and service providers. It streamlines processes like sourcing vendors, tracking performance, handling contracts, and processing payments. By centralizing these tasks, a VMS improves transparency, reduces administrative work, and ensures better compliance and decision-making. Essentially, it acts as a digital tool that simplifies and automates how a business oversees its external vendors, ensuring smoother operations and stronger vendor relationships.