2024’s Top 10 vendor management systems
for your business

Vendor management software is booming—set to hit $17.15 billion by 2030. What’s driving the surge of this tech niche, and what platforms are leading the way?

Valued at $7.7 billion in 2023, the market is growing at an impressive 14.75% CAGR.

Why is this software essential for every business? It covers the basics: streamlining workflows, managing risk, ensuring compliance, and controlling spending.

Now, let’s dive into the top cloud-based tools that are making vendor collaboration and relationship management easier than ever.

The Role of Vendor Management Systems

Vendor Management Systems (VMS) are game-changers. From streamlining procurement to managing supplier relationships, the right VMS can transform your business.

But how do you choose? That depends on your industry, budget, and specific needs. 

Most of the tools we’ll discuss are mature, enterprise-grade solutions—leaders in the industry. But that doesn’t mean there aren’t options for SMBs. 

Smaller businesses need vendor management just as much as the big players. Many implement these tools as they grow to ensure every dollar is spent wisely. This careful management helps CIOs navigate the challenges of scaling.

Take Spendbase, for example. 

It’s a vendor management platform designed for SMBs that streamlines the entire process—from employee software requests to approvals and renewals. 

Not only does Spendbase handle the day-to-day vendor management, but it also provides insights on optimizing contracts, software subscriptions, and overall spending. This tool can help a new CIO in a growing company to deliver significant quick wins.

Beyond just data, Spendbase gives you access to vendor management and cost optimization experts who can secure discounts and negotiate better contract terms. 

This means even smaller businesses can leverage the power of a vendor management system (VMS) without breaking the bank.

3 Key Benefits of a VMS

1. Centralized control. Get total visibility and control over vendor activities—all in one place. From onboarding to performance reviews, nothing slips through the cracks.
2. Efficiency and compliance. Automate business processes, save time, and ensure you meet both regulatory and internal requirements. Compliance made easy.
3. Cost optimization. Make better decisions with real-time vendor analytics. Streamline sourcing, cut costs, and maximize value.

Top 10 Vendor Management Systems for 2024

Here’s a curated list of the top 10 cloud-based VMS solutions. Each offers unique features to help you optimize vendor relationships.

1. SAP Fieldglass

Key Features:

• Global scalability for workforce management.
• Advanced analytics for vendor performance insights.
• Integration capabilities with ERP systems.

SAP Fieldglass isn’t just a tool for managing vendors—it’s a platform for building a collaborative ecosystem. From sourcing and onboarding freelancers to managing complex contracts and tracking vendor performance, Fieldglass simplifies it all.

But it doesn’t stop there.

With real-time data and analytics, you can optimize both your workforce and procurement processes. Advanced features like built-in talent pools, supplier risk assessments, and automated invoice processing free up your team to focus on what really matters—strategic growth.

Plus, SAP Fieldglass integrates seamlessly with your existing ERP systems. Whether you’re looking to source contingent workers, manage statements of work, or ensure regulatory compliance, Fieldglass offers a comprehensive, efficient solution for vendor management.

2. Beeline

Key Features:

• Vendor collaboration tools for streamlined communication.
• Comprehensive workforce visibility and analytics.
• Customizable workflows to align with business processes.

Beeline is a cloud-based solution aimed at improving workforce flexibility and streamlining supplier management. It simplifies the vendor onboarding process through pre-configured templates and workflows, making it easier to get new suppliers up and running.

The platform also supports collaboration with self-service portals that give vendors access to key information and tasks. Built-in compliance tools and vendor risk management features help ensure businesses stay aligned with regulations.

Beyond workforce optimization, Beeline offers suppliers access to market insights and management tools, helping them improve efficiency and potentially secure more opportunities with your organization.

3. Coupa Contingent Workforce

Key Features:

• End-to-end contingent workforce management.
• AI-driven insights for smarter decision-making.
• Real-time visibility into contingent labor spend.

Coupa is designed to streamline every stage of vendor lifecycle management, from sourcing and onboarding to performance management and payments. By leveraging AI, it automates tasks like contract analysis and supplier risk management, reducing manual effort.

The platform also provides spend management analytics, enabling businesses to optimize supplier relationships. Its user-friendly interface and seamless integration with other business systems make it easy to adopt and use.

Coupa offers customizable solutions to fit the needs of businesses, large or small. It helps improve spend visibility, foster better supplier collaboration, and drive cost savings while enhancing vendor performance.

4. Upwork Enterprise

Key Features:

• Robust platform for sourcing freelancers and contractors.
• Project tracking and collaboration tools.
• Integration with project management tools.

Upwork Enterprise redefines traditional vendor management by providing access to a global pool of top-tier freelance talent. The platform connects businesses with a curated network of pre-vetted experts across more than 10,000 skills.

It streamlines the hiring process, enabling users to post jobs, scout and shortlist qualified freelancers, and manage projects all within a secure and user-friendly environment. With an average time-to-fill of three days or less, Upwork facilitates faster hiring.

Additionally, Upwork offers features for project management, communication, and secure payment processing. Through Upwork’s Talent Marketplace, businesses can easily find the right fit for any project and scale their workforce as needed.

5. Workday Vendor Management

Key Features:

• Unified platform for HR and vendor management.
• Mobile-friendly interface for on-the-go access.
• Compliance monitoring and risk mitigation features.

Workday Vendor Management integrates seamlessly with your existing Workday Human Capital Management (HCM) system, simplifying supplier management while maintaining streamlined HR processes. The platform automates tasks such as onboarding new vendors, contract management, and performance tracking.

With its intuitive interface and user-friendly workflows, Workday minimizes training time, making it easy for your team to adopt. Collaborative features enable real-time communication and information sharing between your organization and vendors.

Additionally, Workday’s analytics provide valuable insights into supplier performance, helping you identify high-performing partners and optimize your vendor network. This integrated approach not only streamlines vendor management but also fosters deeper collaboration, enhances efficiency, and supports a more effective talent acquisition strategy.

6. Ivalua

Key Features:

• Source-to-pay capabilities for end-to-end procurement.
• Supplier collaboration tools for improved relationships.
• Configurable dashboards for real-time insights.

Ivalua is a cloud-based vendor management system (VMS) that harnesses the power of AI to automate repetitive tasks such as supplier onboarding, contract management, and invoice processing. Its AI capabilities analyze large volumes of data to uncover procurement opportunities, predict supplier risks, and recommend best practices for vendor management.

The platform features a built-in supplier portal that streamlines communication and information exchange between your organization and vendors. This transparency enhances supplier relationship management and ensures that all parties are aligned.

Whether you’re a small business aiming to simplify processes or a large enterprise in need of advanced procurement insights, Ivalua’s scalable and adaptable features can be customized to fit your specific business requirements.

7. Provade VMS

Key Features:

• Vendor-neutral platform for workforce management.
• Vendor scorecards and performance analytics.
• Compliance monitoring and automated invoicing.

Provade VMS is a cloud-based solution focused on optimizing your strategic workforce. It provides a comprehensive suite of tools for managing contingent labor, simplifying the sourcing, onboarding, and management of temporary staff, statement of work projects, and independent contractors.

The platform enhances flexibility with built-in mobile access, catering to a workforce that needs to operate on the go. Provade also features industry-leading compliance tools to help you adhere to labor regulations and mitigate risks. Its unique Identity Management application streamlines onboarding and asset tracking.

8. Zycus Supplier Management

Key Features:

• Comprehensive supplier lifecycle management.
• Risk assessment and mitigation tools.
• Supplier collaboration for innovation.

Zycus Supplier Management provides a centralized hub for all your supplier data, enabling data-driven decision-making. It serves as a single source of truth for supplier profiles, contact details, performance metrics, financial information, compliance records, and contracts—all organized in one location.

The platform utilizes AI to automate tasks and analyze large volumes of data, helping to mitigate risks through proactive internal evaluations and external risk scores. This ensures a secure and reliable supplier network.

Whether you’re a startup or a large corporation, Zycus offers flexible solutions that can grow with your needs. The platform is customizable to fit your specific requirements, maximizing the value of your investment.

9. GEP SMART

Key Features:

• Source-to-pay platform with Vendor Management Systems capabilities.
• Advanced analytics for spend visibility.
• Integration with third-party systems.

GEP SMART is a unified source-to-pay (S2P) software solution designed to analyze your company’s spending patterns, identify cost-saving opportunities, and optimize budget allocation. It manages contracts electronically, encompassing creation, approvals, and ongoing performance tracking in a secure and centralized location.

The platform employs advanced AI to automate tasks, source top suppliers, and negotiate better deals, effectively eliminating manual processes. This streamlining enhances the entire procurement process, from requisition to invoice processing and payment.

Additionally, GEP SMART offers a mobile app, allowing you to manage your S2P operations on the go, whether you’re approving invoices or checking purchase orders from anywhere, at any time.

10. Field Nation

Key Features:

• Platform for managing on-site and remote field service vendors.
• Real-time tracking and reporting of field service activities.
• Automation of work order management.

Field Nation is a cloud-based vendor management system (VMS) that connects you with a vast network of pre-vetted independent professionals across various industries, from IT specialists to AV installers. Its on-demand model enables you to scale your workforce up or down as needed, making it an ideal solution for temporary staffing and specialized projects.

The platform simplifies the entire process: you can post jobs, communicate with technicians, track work progress, and handle secure payments—all in one place. Field Nation also allows you to monitor technician performance, oversee project timelines, and ensure that everything stays on schedule and within budget.

Choose The Best Software for Vendor Management

Selecting the right vendor management system (VMS) is crucial for enhancing the efficiency of your business processes and vendor relationships. The top 10 Vendor Management Systems for 2024 offer a range of capabilities, from managing a contingent workforce to providing comprehensive source-to-pay solutions. Real-time tracking and detailed reporting of field service activities with the help of advanced field service management software ensure seamless oversight and enhanced operational efficiency.

Our team can assist in arranging competitive pricing for your entire SaaS stack and address any subscription-related concerns you may have.