Five Vendor Management Challenges Faced by Purchasing Professionals

Posted on April 23, 2019


This guest blog is by ELGL member Chris Van Beke, the cofounder and CEO of Vendor Registry.

As a purchasing professional you’re no stranger to the challenges that come with managing vendors. Some of the more common difficulties include working with outdated or missing vendor information; chasing down paperwork from vendors; finding local or specialized vendors; complications in reporting on small business and minority vendors; and working with few bidders and higher costs.

Wondering what can be done to eliminate these challenges and move your organization to realize operational improvements?

Enter Software-as-a-Service (SaaS). SaaS facilitates more efficient vendor management processes by:

  •  Placing the onus of information and documentation updates on the vendor;
  •  Facilitating vendor registration and compliance, which in turn encourages more businesses to participate in the (now more competitive) bidding process;
  • Streamlining the vendor registration process – vendors can self-register and upload appropriate documentation into one, consolidated, indexable database;
  • Making report creation more timely, efficient, and shareable with appropriate stakeholders within or outside of purchasing; and
  • Ensuring the integrity of RFP process with auditable and trackable records.

Click here to see that you’re not alone in these challenges.

Understanding the problem is half the solution! Vendor Registry’s white paper on the 5 Vendor Management Challenges Faced by Purchasing Professionals also includes a must-have checklist for evaluating online vendor management solutions.

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