Here are the top features of Vendor Management System(VMS)
Look at the vendor management system as a single source of information. It displays the data mentioning the details such as tracking previous purchases, and recent purchase orders, evaluating vendor risk profiles, assessing supplier metrics, getting payments, tax information, e-invoices, compliance, and more. Using the central dashboard, the finance team can determine whether their procurement strategy is working or needs a change.
A VMS has one of the most powerful features of applicant tracking. This functionality enables the firm to hire the best talent. Using this feature, companies can adhere to creating an efficient hiring process. This feature allows you to look for a resource, request communication, bring the worker on board, etc. while lowering the hassle of repeated administrative tasks. The managers can access VMS remotely and press approves or reject.
New Vendor Acquisition
Bringing the vendor to the company may not be as easy as it sounds. It is a big process that needs you to do a lot of steps. Right from browsing the data of the best suppliers to sending them the product and services list, it is a lengthy process. Then, there is a quote and proposal collection form. After many more such steps, you get to choose your vendor.
After the vendor has been acquired, there is another challenge waiting for you called onboarding of the new suppliers. A vendor management system can make the entire process seamless and organized. The vendors can adhere to the set process and get the same done swiftly.
Co-ordination and Communication
Communication with the vendors is crucial. It is important to work towards establishing a system that results in proper communication and seamless information flow. When the communication with the suppliers is not clear, there will always be a risk of wrong product or service delivery. The suppliers will not know what and when to deliver. This will lead to a delay in the process and causing of several disputes.
A vendor management system can also be used for effective communication. This system will enable the workers to know imperative terms and conditions. This will enhance your brand image and better customer experience too. No matter the size of your organization or the number of vendors you are working with, you need a vendor management process like Odoo vendor management for enhancing business productivity.
VMS allows businesses to design, review, and sign contracts. The contract is a document that outlines the working details for both parties who are working together. It covers the details like contract terms, agreement norms, date of expiry, severance terms, and more. In case of any default and issues, this contract can be used to raise the problem and get the same fixed.
Manage Vendor Details
You can create tags in the system where you can choose an individual or company option. You can also manage multiple company contacts with Odoo Vendor Management. You can view sales and purchase information, payment details, view receipts, fiscal position, etc. You can manage the account as well including vendor invoices, payments, expenses, etc. There are some smart features to use too like arranging meetings, subscriptions, on-time rates, etc.
VMS creates bulky archives, which allow you to peep into historical data, as and when required. It has a record of all the transactions, problems, and more. This system can also be integrated with third-party if needed. Different teams can share data and make decisions. Odoo Consultant can brief you more on this.
Many other features of VMS such as Odoo Vendor Quotation Management also deserve a mention here. This system is essential for organizing vendor quotes. Odoo can create a Wishlist for your vendor, to which the vendor can respond. The company can accept or reject the offer.
Based on the VMS data, the company managers can make quick forecast decisions. They can also assess the cost patterns to know how to plan future strategies. Employee engagement is another feature that uses tools like product ideation, data analysis, vendor selection, etc.
One of the challenging tasks is to remember recurring payments. This is no more a hassle every month with Vendor Management Module. You can set up an automated recurring payment reminder and make your life easier.