Best Vendor Management Systems

Manage vendors, orders, and invoices in one place

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Almost every business works with vendors, and if you’re managing orders, invoices, contracts, deliveries, and payments, using a vendor management system can make your life easier. Vendor management software can help you streamline business processes, improve efficiency, and reduce error using automation and real-time dashboards. Most vendor management systems use a subscription-based pricing model, and many offer a free demo. 

Any business that works with vendors can benefit from vendor management software, but it’s especially useful for construction professionals, logistics companies, and engineering firms. There are dozens of vendor management software systems on the market, and we evaluated a variety of providers based on price, features, onboarding, integrations, and ease of use. Keep reading to see which ones came out on top.

The Best Vendor Management Systems for 2021

Best Overall : SAP Fieldglass

SAP Fieldglass

SAP Fieldglass

SAP Fieldglass is a leading vendor management system, with an impressive lineup of features, including robust integrations and advanced automation capabilities.

Pros
  • Excellent customer service and platform support

  • Digital Partner Network can be used to hire new vendors

  • Good list of integrations

Cons
  • Too many features for some companies

  • Subscriptions are very expensive

SAP Fieldglass is a well-known name in vendor management. It’s one of the most robust and comprehensive end-to-end solutions, which is why we’re naming it the best overall.

With SAP Fieldglass, you can manage every aspect of your vendor network, from contract management to compliance and performance tracking. You can pay vendors directly from the platform, automate onboarding and offboarding processes, track certifications, and much more.

If you're looking to hire new vendors, you can tap into the Digital Partner Network, which helps you find and hire contractors and service providers with specialized skills.

Another standout feature of SAP Fieldglass is the integrations. The platform uses an open API framework, which works with on-premise and cloud applications, like Oracle, Microsoft Dynamics, Salesforce, Kronos, and many others.

SAP Fieldglass is not a cheap software. Pricing is available by request only, but there is a free demo available. The software is relatively easy to use, but you’ll want to receive training for easier adoption. Luckily, SAP Fieldglass has 24/7 customer support that is available through the online support portal, phone, or chat.

SAP Fieldglass was founded in 1999 and has received multiple awards, has a presence in 180 countries, and boasts a 99% customer retention rate.

Best for IT Companies : Genuity

Genuity

Genuity

Genuity is designed to help IT professionals manage their vendor relationships, providing tons of unique features for a very low price.

Pros
  • Offers IT-specific tools

  • One of the most affordable options

  • Unlimited users for one flat fee

  • Easy-to-use interface

Cons
  • Limited features compared to other software

  • Not a good option for non-IT teams

Genuity’s vendor management platform is designed with IT and finance professionals in mind, which is why it’s our top recommendation for IT companies. You’ll find tons of IT-specific functionalities, like the ability to automate help desk requests and manage telecom expenses, in addition to classic vendor management tools.  

Genuity is one of the most affordable vendor management software programs on the market, but there's a catch—you get what you pay for. The company has limited features compared to other platforms, but it provides the basic tools that your IT team will need to track spending, manage contracts, monitor your network, and create visibility across all of your assets.

The software integrates with a variety of platforms, including AWS, Salesforce, G Suite, Quickbooks, Azure, and others. You can also shop Genuity’s online marketplace to find new SaaS vendors and get discounted hardware and software.

At just $29.99 per month, Genuity is one of the cheapest vendor management systems available, plus the flat fee comes with unlimited users. There’s also a 30-day risk-free trial if you want to try Genuity before you buy it.

Genuity is headquartered in Chicago, Illinois, and was started by IT professionals. The company has consistently earned high ratings from independent sites like G2, which named Genuity a High Performer for Winter 2021.

Best for Large Companies : Gatekeeper

Gatekeeper

Gatekeeper

With unlimited user seats, fast and easy implementation, and enterprise-level security, Gatekeeper is our top recommendation for large companies in the market for vendor management software.

Pros
  • Platform is completely cloud-based

  • Integrates with more than 220 third-party platforms

  • Discounts available for certain companies

Cons
  • Enterprise-level plans can be expensive

  • Plans must be paid for annually

Gatekeeper is the best vendor management system for large companies that need widespread access. Every plan includes unlimited user seats and unlimited storage. Additionally, Gatekeeper’s cloud-based system is easy to deploy among a big team or department, so you can get up and running quickly. 

With Gatekeeper, your team can track every aspect of the vendor lifecycle seamlessly, whether you have 20 contracts or 200 contracts. You can submit new vendor requests, automate onboarding, and use the eSign feature to approve contracts.

Gatekeeper uses a Kanban Workflow Engine to streamline data entry, manage SLAs, and build records automatically. You can even create customized workflows to eliminate manual processes, saving your team time and money.

The platform is completely cloud-based, so you won’t have to recruit your IT managers to configure or install anything. There are integrations with over 220 applications, including popular SSO, communication, DMS, and ERP solutions.

Gatekeeper’s software is pretty straightforward to use, but the company offers excellent training. New customers get paired with a customer success manager who can assist with implementation and onboarding. 

In terms of pricing, Gatekeeper is pretty expensive, especially for large companies that need the most capabilities and features. However, you can get a free demo by contacting the company. There are three paid plans available, and each comes with unlimited users:

  • Essentials: $775/month
  • Pro: $1,855/month
  • Enterprise: $3,325/month
  • Enterprise Custom: Price by quote 

Gatekeeper is used by over 200 customers, including Hotjar, Hubspot, Ford, CBRE, Calendly, and Autotrader. The company was founded in 2012 and is based in London.

Best for SMBs : Precoro

Precoro

 Precoro

Precoro is an affordable vendor management system for small- and medium-sized businesses, with a range of useful features and a seamless user interface.

Pros
  • Low-cost option for companies with fewer than 20 users

  • Access to lifetime product updates

  • Easy to navigate and set up

  • Can be used by companies in every industry

Cons
  • Can’t pay vendors directly through the platform

  • Doesn’t have a compliance management feature

Precoro is the best vendor management software for SMBs. It’s one of the cheapest solutions on the market, so even if you’re working with a limited budget, you can still take advantage of powerful vendor management tools. Plus, it’s highly customizable, which makes it easy to add or change features as you scale. 

Through Precoro’s online portal, you can store vendor contact information, manage contracts, and generate performance reports. The platform also has tools for procurement, including purchase request tracking and budget management.

In Capterra reviews, Precoro users claim that the platform is extremely easy to use and the customer service is top-notch. Precoro has comprehensive customer support, with dedicated customer success managers, personalized training and onboarding, migration preparation, and end-to-end support.  

Precoro supports two types of integrations: automatic and flat-file. The product integrates with a variety of platforms, including QuickBooks Online, Xero, and NetSuite. 

For companies that only need a few user seats, Precoro is a cheap option, plus you can get a 14-day free trial. There are four paid plans available, which are priced per user:

  • Small (up to 5 users): $29 per month/per user
  • Medium (6 to 20 users): $24 per month/per user
  • Large (21 to 50 users): $19 per month/per user 
  • Enterprise (50+ users): Price by quote

Precoro was founded in 2016 as a way to help small- and medium-sized businesses streamline their procurement and vendor management practices. The company works with hundreds of customers in industries such as healthcare, hospitality, construction, and manufacturing.

Best Integrations : Beeline

Beeline

 Beeline

Beeline’s vendor management system has a 100% integration success rate, which means that you can use your favorite ERP, security, or eProcurement solutions alongside Beeline.

Pros
  • Expansive integrations with any platform

  • Variety of tools for vendor management, procurement, staffing, etc.

  • Find and hire talent directly from Beeline

  • Use Beeline anytime, anywhere through the mobile app

Cons
  • Pricing not provided online

  • Not the easiest software to set up

We recommend Beeline to companies that are looking for a vendor management system with endless integrations. The company claims that it has a 100% success rate with customer integrations, which means any on-premise or cloud-based applications you’re already using can work with Beeline. Integrations streamline your entire tech stack, and help you get the most ROI out of your programs.

With Beeline, you can take advantage of standard vendor management system capabilities, like resource tracking, services procurement, contract management, vendor compliance, insurance and license validation, onboarding processes, and more.

In addition, you can find, negotiate with, and hire talent directly through Beeline’s Direct Sourcing tool. Beeline partners with TalentNet, a private talent network, to help customers find experienced service providers. 

Although Beeline has tons of perks, the company also has a few downsides. For one, some G2 reviewers mention that implementing and using Beeline is somewhat challenging. Because of that, it’s a good idea to set up a team training before you dive in. 

Note that Beeline doesn’t disclose its pricing online. To get a quote, you’ll need to contact the company directly. 

Beeline was founded in 1999 and has been an innovator in the vendor management space for over two decades. The company works with more than 300 customers, about 70% of which have been using Beeline for at least seven years.

Best Customer Support : Onspring

Onspring

Onspring

If you’re adopting a vendor management software for the first time, or you just need some extra support, Onspring has the best customer service and training opportunities to help you get the most out of the platform.

Pros
  • Great customer service and in-depth training

  • Used by big-name companies

  • User-friendly drag-and-drop interface

  • No-code development makes it easy to implement

Cons
  • Functionality may be limited for some users

  • No direct vendor payments

Of all the vendor management systems we reviewed, Onspring has the best customer support by a landslide. The company holds regular virtual training sessions, day-long boot camps, and weekly “Free Friday” classes, where you can learn about new features, best practices, and implementation strategies from the client experience and solutions teams.

Onspring’s vendor management solution helps you centralize your vendor information and contracts. Using automation and real-time analytics, you can easily track contract status, streamline the onboarding process, identify overlap in your vendors, view trends, create customized dashboards, and more.

Onspring’s integrations are not quite as robust as some other providers we reviewed, but there are a few options. You can either use ready-made integrations, use a data connector, or create your own integrations using the open API app.

Another reason why we like Onspring is because it’s a no-code platform. You can use the drag-and-drop tool to build dashboards and workflows or build an app from scratch on your own without IT support. 

The company doesn’t provide any information online about pricing, but you can contact a sales representative to request a quote.

Onspring first hit the market in 2010. Since then, the company has partnered with more than 125,000 users around the world, including Brigham Young University, Farmers Insurance, Humana, and Western Union.

Bottom Line

Vendor management systems can be incredibly beneficial for businesses of all sizes and in every industry. Adopting these tools can help improve organizational efficiency, reduce human error, and eliminate manual processes that can lead to wasted time and money.

There are dozens of applications on the market, but we found that SAP Fieldglass is the best vendor management software overall because of its robust features, advanced automation capabilities, integrations, ease-of-use, and industry recognition. It’s a complete end-to-end solution that can handle all your vendor management needs seamlessly, with only a short learning curve and good support along the way.

Compare Providers

Vendor Software Why We Picked It Starting Price
SAP Fieldglass Best Overall Request a quote
Genuity Best for IT Companies Starting at $29.99/month
Gatekeeper Best for Large Companies Starting at $775/month
Precoro Best for SMBs Starting at $29/month
Beeline Best Integrations Starting at $29/month
Onspring Best Customer Support Starting at $29/month

Frequently Asked Questions

What Does a Vendor Management System Do?

For many companies, a vendor management system can help manage their external workforce more effectively. It’s an end-to-end platform that allows you to store vendor contact information, keep track of contracts, view spending, pay vendors directly, automate vendor onboarding, and much more.

What Is Good Vendor Management?

Overseeing vendors can be challenging, so good vendor management involves being able to organize your vendors and important information in a single source that is accessible by software users, key stakeholders, and the vendors themselves. Using a vendor management system is an important part of good vendor management, because it eliminates paper records and manual processes that can cause inefficiencies.

What Are the Benefits of Vendor Management?

Using a vendor management software can help a company improve operation in many different ways. It saves time, improves organizational efficiency, increases visibility, identifies overspending, and assists with budget management. A good vendor management system can also make employees more productive, which ultimately improves a company’s bottom line.

How We Chose the Best Vendor Management Systems

We reviewed 12 vendor management systems, and identified the top six that are the best options for businesses today. To evaluate providers, we paid special attention to the features offered, starting price, integrations, training and onboarding services, and ease-of-use of the platform itself. 

We also gave each vendor management system a category to highlight its biggest strengths or what type of company it’s best suited for. Finally, we considered third-party customer reviews to determine which of these providers produce the best ROI for real users.

Article Sources

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  1. G2. "Genuity Reviews 2021." Accessed February 23, 2021.