Streamline Your Business with Cloud-Based Vendor Management Systems from Ignatiuz
Many workforces are evolving into a mix of different types of workers-- full-time, contract, and everything in between.
This changing workforce can make managing vendors difficult and labor-intensive.
But it doesn't have to be. Our innovative vendor management system offers a high-performance platform and user-friendly interface, with features including:
With a user-friendly interface and superior platform, Ignatiuz’s vendor management system software helps businesses manage the contracts of their vendors in a hassle-free manner. The vendor management system enables businesses to do both online and offline vendor registration. Our procurement software subscription plans are also cost-effective, and you get end-to-end visibility of the entire vendor management process.
- Online and offline vendor registration
- Post addenda with notification to vendors
- Bid posting with expiry dates
- Custom workflows
- Cloud-based and SharePoint on-premises compatibility
- 99.9% uptime guarantee
- End-to-end visibility
- Email delivery and opens tracking
- Exchange calendar integration
- Cost-effective subscription plans
- Vendor activity tracking
- Priority support
Managing your contingent workforce without a vendor management system is challenging. Investing in the best vendor management software will help your business automate numerous labor-intensive tasks and make sure that everything from sourcing and acquiring new talent to paying contingent employees is streamlined. That said, to reap the maximum benefits of vendor management solutions, it’s important that you select the right technology. We, at Ignatiuz, can help by providing the best vendor management software. You can reach out to our consultants for more information.
Ignatiuz’s top VMS system has a Silver Plan that allows businesses to enroll unlimited bids with expiry dates. The other vendor management system features of this plan are:
- Both offline and online vendors can be registered, so businesses have more flexibility.
- The cloud vendor management application is 100% secure.
- Standard workflows are offered as part of the Silver Plan.
- The application provides addenda, vendor activity tracking, and email notifications helping businesses keep track of their vendor enrolments and activities.
- Email support is offered in case the user requires help, with the Silver variant of this supplier management software.
Igantiuz’s procurement software’s Gold Plan offers all features that are offered as part of the Silver Plan, along with these additional benefits:
- Businesses can create custom workflows with the Gold Plan.
- The VMS tool can be integrated with the organization’s financial management systems.
- Being the best vendor management software, it can integrate purchase orders.
- The e-procurement software tool offers an extensive visual reporting dashboard.
- Customers who sign up for the Gold Plan are offered priority support.
Vendor Management Systems with Ignatiuz
Our Philadelphia-based VMS experts are committed to helping you reach your goals with vendor management solutions and subscription plans tailored to your business! Contact us today to learn about our industry-leading vendor management system options.
What is a Vendor Management System?
Technological advancements and breakthrough innovations are paving the way for a paradigm shift in the business ecosystems, be it related to product/service offerings, or managing a dynamic, and competent workforce. Day to day business operations are undergoing substantial changes and businesses need to equip their professional pool to cater to the existing and emerging demand. While keeping an in-house team of experts in numerous domains may get pricey, hiring a contingent workforce on-demand is a perfect solution. A vendor management system or VMS will play a pivotal role in this.
A vendor management software is essentially a web-based application that allows businesses to manage their entire contingent workforce through a robust, easy-to-use, and scalable solution. Hiring a contingent workforce includes several aspects that are intricate, and critical. Businesses have to stay connected with staffing agencies consistently, conduct interviews, and screening processes apart from the ultimate hiring process. However, with a vendor management system in place, this entire hiring process can be automated rather seamlessly. Such e-procurement software can be a one-stop solution for sourcing a contingent workforce, acquiring, managing, and remunerating the contingent workforce.
A top VMS system can automate the entire process of contingent workforce hiring, from collecting requisitions to onboarding to the gathering, and storing relevant data. Besides, businesses can leverage vendor management systems to spend tracking, acquiring insights into candidate information, payroll, and invoice data. The primary benefit of a vendor management system is that it helps your company save money by not having to depend too heavily on external staffing agencies, noting discrepancies in pay, and avoiding unnecessary training costs. If you’re looking to leverage the uses of the best vendor management system, reach out to our experts at Ignatiuz!
Benefits of a Vendor Management System
A vendor management system will be pivotal for businesses in managing their temporary extended workforce in an easy, efficient, and hassle-free manner. Here are some of the key benefits associated with a VMS.
If done manually, a contingent workforce management process may get tricky, cumbersome, and error-prone. There are risks of process fragmentation, lack of cohesiveness, and transparency among the various stages of the hiring process, which may lead to unbudgeted spending. However, with the right vendor management system, businesses will have greater transparency, collaboration, and control over the contingent workforce spend.
Helps Your Business Ensure Compliance
Your organization has to adhere to compliance issues - both externally and internally. From onboarding policies that are set internally to government regulations applicable to all companies, vendor management software can help your company mitigate risks by ensuring all the information regarding contingent employees is available in one system. The vendor management system also provides you important reminders, thus helping your business stay on the right side of the law at all times.
Helps You Find the Right Talent Fast
The best vendor management software will also help lower the requisition time, by finding the right candidates fast. Given how competitive businesses are, it’s important that you are able to fill roles in your organization quickly to outpace competitors. Ignatiuz’s vendor management solutions can help decrease the requisition time drastically.
Hiring Process Automation
With a manual approach to contingent workforce hiring, businesses are at a greater risk to invest unwarranted resources and time. The tasks may get redundant, labor-intensive, and may lead to costly errors that could be avoided by investing in a top VMS system. Like Ignatiuz’s vendor management system. Be it onboarding, reviewing timesheets, or analyzing individual performances and payroll management for the contingent workforce, all these processes can be seamlessly automated with a procurement solution.
Makes Onboarding Easier
Employees with skills that are highly sought after will likely want to work with businesses that have effective payments, invoicing, and reimbursement processes set in place. Without a vendor management system, you may not be able to provide smooth onboarding, payments, and reimbursements to your contract employees. Investing in the best vendor management software will help you ensure your contract employees are satisfied with your company’s processes.
Efficient Spend Tracking
The whole idea of having an extended contingent workforce is cost saving. However, manual hiring processes are susceptible to human errors, which may lead to unbudgeted spending. With a vendor management system in place, businesses can effectively track the spending associated with the contingent workforce, compare the spending against industry standards, and undertake requisite corrective measures.
Helps You Leverage Analytics
The best vendor management systems also offer you robust reporting and data analytics capabilities, which can, in turn, help you benchmark the pricing for various types of jobs that have specific experience and skill requirements. Thus, your company can keep an eye on the going rates for different types of positions, so your competitors are unable to lure your talent away. The vendor management system also helps you initiate talent planning, run hiring scenarios, and suggest different candidates for positions within the organization.
Helps Build a Stronger Workforce
As your business grows, it is likely that you will need contingent workers to fill up certain positions. A vendor management system can help you evaluate the ideal type of employee you should hire (contract employee, intern, etc.) and figure out the best way to source these candidates. Thus, vendor management solutions help you hire the right talent and build a strong workforce, without spending too much time or effort in the process.
A Futuristic Solution
Remote working is becoming the new normal and businesses are no longer apprehensive of the idea of having a remote, temporary workforce, who are available on-demand. With a scalable vendor management system, businesses can stay prepared for the futuristic work ecosystem.
Ignatiuz’s vendor management system can be of help to both private and government companies. Given that companies have to work with different types of vendors on a regular basis, you can make the process simpler for your organization by investing in our e-procurement software – we can help with both vendor management systems for government agencies and private firms.
The vendor management system for local government and private firms ensures that your vendors, and your own staff, don’t face any hassles during the process of registering or renewing contracts for vendors.