Vendor management software varies widely depending on what services your firm offers as well as what specific needs best suit your company. Your computer operating system comes into play as you will need software that works with your present system or you will have to upgrade the entire system to fit the software. Make sure that the software is network-ready for multiple sharing over departments and branches.

Many software systems will contain information that you do not need so don't pay for options that don't work for you. Select a software system that will grow with your institution. Alternatively, upgrading your present software with new functions may be the best option if you have a system that is already working for you. Look for these features when choosing knowledge management software: vendor management:

1. Purchase the vendor management systems that are right for your institution.

2. Work with vendor management solutions you already use.

3. Find help with vendor management system through customer service support.

Action Steps
The best contacts and resources to help you get it done

Locate online vendor management software providers with programs you can use

Software programs come in all shapes and sizes and there is a price tag that goes with that. Check the features of the software you are considering and purchase what your institution needs.

I recommend: Netsuite offers a host of programs designed to work in cooperation with your vendors. Your vendor has access to transaction histories so he can provide the product you need in the right amount, based on past buying records. Prima Soft offers Vendor Organizer Deluxe, which you can try free for 45 days. This software works well for novices because of its intuitive features, but pros will enjoy working with it also because of its ease of use.

Choose vendor management software solutions updates to the system already in place

If your present software is working for you consider upgrading it to add a few features that you need instead of replacing the entire system. There may be a small charge to upgrade but this would be minimal compared to replacing the entire system. Find out if the new necessary features are available with your present software. Alternatively, choose a software program that adds these features but integrates with the program in place.

I recommend: Infor offers vendor management software that integrates with purchase order entries to eliminate duplicate entry between systems. Type in the information once and it populates into all appropriate fields in the system. Aestiva provides vendor request software that approves and manages vendor approval processes. Use it from any computer as it integrates with your system.

Select suppliers of vendor management software that has live customer support

The best software in the world is no good to you if you cannot reach someone to answer questions when that need arises. Software has an online guide but sometimes that is not enough when you run into a difficulty. Choose software systems with live customer support features to get the most out of program.

I recommend: EC Sourcing Group provides vendor management software that effectively organizes all vendor information in one place so you can easily access and review the necessary information. Contact them by phone, fax or email. EBid offers comprehensive tools to pre-qualify vendors then manage your vendor contracts all from one software service. Contact them by phone or fill out the online form for non-urgent questions.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  When purchasing your knowledge management software: vendor management, consider purchasing other business software programs at the same time. Many companies offer a discount for multiple purchases.