Vendor management is an organized approach towards managing the vendors that a company has to deals with. It includes performance tracking, supervising generating data & service delivery & which helps the company to make the right decisions about vendor relationships. Vendor Management System not only saves time and effort in validating multiple Vendors/ Reducing vendor set up cost/ reduction of the lengthy documentation process. There are never-ending benefits of Vendor Management system that helps the company to effectively handle the vendor payment and vendor procurement system.
Benefits of Vendor Management Systems (VMS)
- Automate processes: VMS automates the processes in the cloud and can aid sourcing, project management, vetting, on boarding, off boarding, assignment management, and invoicing.
- Improve Transparency: Implementing a Vendor Management System enables better visibility of the assets and facilities they can access and a better understanding of their value.
- Ensure Compliance: The Company faces vital compliance issues — internally and externally at any point in time. VMS Leverage important reminders, such as VISA expiration, tenure notices or a licensing course requirement.
- Integrate the vendor partners: Companies can choose vendors through a cloud-based VMS tied to track their performance and pre-defined metrics for the duration of the contract.
- Decrease Costs: Leveraging a vendor management system (VMS) helps the companies to save money in various ways. It enables better management of payroll and record discrepancies in exaggerated rates.
ASC Group helps in sourcing of goods and supplies on instant basis from GST registered/unregistered vendors, PAN India without losing out on GST input. The vendor management professionals also manages and controls over SOX compliance for NASDAQ listed companies for setting up of vendor code and vendor management.
