Term: Vendor Management Systems (VMSs)

What is a Vendor Management System (VMS)?

A Vendor Management System (VMS) is a web-based application that helps organizations manage and procure services – as well as outside contract or contingent labor. VMSs are typically operated as a managed service provider (MSP) or run by a company’s contingent workforce management group.

Key Features of Vendor Management Systems (VMSs)

1. Vendor Database Management: Centralized storage of vendor information, including types of data shared, risk overview, and contract details.
2. Requisition Management: Creation, approval, and tracking of requisitions an due diligence.
3. Candidate Management: Tracking of candidate submissions, interviews, and hiring processes.
4. Time and Expense Tracking: Recording and approval of worker time sheets and expenses.
5. Invoicing and Payment Processing: Automation of billing and payment processes for vendor services.
6. Reporting and Analytics: Generation of reports on spend, vendor performance, compliance, and other key metrics.
7. Compliance Management: Ensuring vendors meet regulatory and company-specific requirements. This is easily done with hoggo (Try it for free!).