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Top 6 Components of VMS to Watch Out For

Top 6 Components of VMS to Watch Out For

Do you know how a Vendor Management System works? Once you have figured out why you need a vendor management system, the next step is to be aware of how this platform operates.

The main rule is to not having multiple systems for your vendor management. Your Supplier Management Software has to be capable enough to manage and fulfil your organization’s entire vendor management and third-party risk management requirements respectively.

While selecting your Contingent Workforce Management Software, be on the lookout for the following six high-level components of VMS.

1. DATA STORAGE & MANAGEMENT OF RISK ASSESSMENTS

What is the most important thing when you are searching for a Vendor Management System? The answer is ‘storage’. This is where you are going to store all your data, documentation, and contracts. Your VMS must have contract storage and the ability to create as well as manage risk assessments. Along with this, it should have the ability to set up notifications on the timeline. It must be the sole platform to manage all kinds of recruiting management regulatory requirements.

2. TRANSPARENCY & HONESTY

Trust and transparency between any two businesses are of utmost importance for a strong bond and success in the long run. Until and unless your VMS is not giving the insight and transparency in the platform to your organization, how would your business have a good growth rate? While choosing your VMS, go for a Vendor Management System like FlentisPRO that gives you transparency and has a strong character.

3. CUSTOMER SETUP AND SUPPORT

Selection of Supplier Management Software is very crucial. No one wants to use a platform that could be complex. Once you select a VMS, you might have your questions and doubts that must be cleared out. And someone must be there to resolve your queries. Therefore, it is essential to choose a hiring technology that has your back – that has a timely customer setup and support.

4. INTUITIVE TO USE

According to you what is a good Vendor Management System? The one that is easy to learn and intuitive to use is the best kind of VMS. These platforms may be complex internally, and that is something that you won’t get a chance to see. But once you understand how it operates, it might be the easiest system with all your data in one place. Don’t choose something that seems complicated.

5. SAAS PLATFORM

A VMS portal should serve as a SaaS (software as a service). You wouldn’t want to lose out on your data, right? That’s why it must be cloud-based. Having a cloud-based system gives you more data space, flexibility, business continuity and most importantly, disaster recovery capability. All this is something your organization (and any organization, for that matter) requires.

6. HANDLING & TRACKING MULTIPLE CONTRACTS

Always go for a Contingent Workforce Management Software that is capable of handling multiple and endless contracts. It should also be capable of tracking any number of dates for each contract. Hence, you must choose a VMS that offers you access to controlled document storage, easy management of contracts and simple tracking of the documents that have been uploaded to your cloud-based platform.

In conclusion, the Recruiting Management Software you choose must be able to provide you with the afore-mentioned crucial key points for a successful and smooth business operation. A VMS is supposed to help create efficiency across your organization and protect your business from risk as well as unnecessary expenses. Not to forget, it must also be able to store all your data, have an easy tracking or monitoring system, flexible capacity limits, retrieval of contracts and other documents, an extensive and flexible notification engine and to top it all – ease of use.

You should take a demo from FlentisPRO and see the smoothness of this Vendor Management System. All you need to do is, ping us with a text saying, “Hi, Flentis!” at our email address info@flentis.com and we will contact you.

We would be happy to give you a demonstration!