Emerging Trends Propelling Vendor Management Software Market Worldwide
Buying the right software for your business can be downright intimidating with Google search results that look like a software souk. Each of these URL calls you by displaying their latest produce. In such a scenario, you must acquire knowledge of vendor management systems to choose what best fits your business. Let’s start with the up-coming trends that are going to shake the market by 2021.
- Integrated vendor management solutions will increase in demand
- Inception of vendor management mobile apps
- Inbuilt supply chain analytics in VMS
Integrated vendor management solutions will increase in demand –
Some of the top VMS companies like SimplifyVMS already offer software that can be integrated with other applications. To remain competitive in the VMS space, it is likely that the number of companies offering SaaS-based VMS that is compatible with other applications will increase.
Inception of vendor management mobile apps –
The revolution of businesses from paper-based, to stationary technology, to mobile technology offers organizations a cost effective, accurate, and agile way to capture, report and share data. The growing acceptance of mobile devices for business uses is a key trend in the market. Supply chain and vendor management mobile applications, are now available to enterprises focused on improving vendor relationships, increasing productivity, and reducing costs. SimplifyVMS embraces this evolution with full functioning apps for IOS and Android.
Inbuilt contingent workforce analytics in VMS –
VMS with inbuilt analytics are increasing in demand. Access to real-time analytics ensures that companies can leverage actionable data quickly and easily to make sound decisions about their contingent workforce and vendor network.
With contingent workforce analytics, companies can have a full view of vendors’ performance across the enterprise, or by business group. They can identify the best performing vendors, gain visibility to workforce trends, and unearth areas of opportunity to improve compliance and manage costs.