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Monday 03 Aug 2020 , 1:33 pm

Healthcare to Finance, All Organizations Demand Vendor Management Systems for Operational Efficiencies

A vendor management system is a web-based tool that manages vendor-related data and organization’s activities. As a result, the system ensures efficiency in the process that enables long-term growth of an organization in a cost-effective manner.
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The rising trend of the adoption of hi-tech solutions across various enterprises helps them to streamline business processes. The organizations are focusing more on business process automation to attain increased efficiencies at low costs. With this business transformation, companies involved in almost all sectors demand the implementation of the vendor management systems.

Enhances Operational and Supply Chain Efficiencies

A vendor management system is a web-based tool that manages vendor-related data and organization’s activities. As a result, the system ensures efficiency in the process that enables long-term growth of an organization in a cost-effective manner. These solutions enable the organizations to take appropriate measures to reduce potential risks related to vendors, deriving value from vendors, controlling cost, and ensuring excellent service deliverability in a long run.

Helps Large Enterprises to Work Efficiently

Unlike SMEs, large enterprises are dependent on many systems with complexities. These systems require businesses control for smooth functioning. For this need, vendor management solutions enable these enterprises to manage operations efficiently from the centralized dashboard.

On-premise or cloud mode, which one to install?

Financially speaking, the on-premise deployment solution costs more than cloud. But on-premise solutions are adopted by those organization that do not intend to share data with any organization. However, cloud deployment is gaining popularity as it offers on-demand scalability, low cost implementation, and greater flexibility.

Concerns Regarding Data Privacy and Security

Cyber-attacks have hampered the ease of doing digital businesses for the sectors including media and entertainment, BFSI, healthcare, and government organizations. It has become compulsory for organizations to spend heavy amount on security infrastructure because of increasing threats and evolving industry and government regulations and compliances. Looking at the scenario, industry experts opine that the rising concerns regarding cyberattacks, data privacy and security are may hinder the growth of the vendor management software market.

Currently, major companies including Coupa Software Inc., Gatekeeper (Cinergy Technology Limited), HICX Solutions Ltd., IBM Corporation, and Intelex Technologies Inc. are dominating the vendor management software market.

The research data shows that currently, the United States holds the largest share in this market and it is predicted to continue its dominance in next five years. Consequently, presenting the largest number of opportunities for the rise in the business of vendor management software market companies.




Neha Mule

Neha writes articles on sectors including medicine, food, materials, and science & technology. A qualified statistician, she has the ability to observe and analyze the trends in global markets and write compelling articles that help CXOs in decision making. She is a bookworm and loves to read fiction, lifestyle, science and technology. Neha comes with 6 years of experience in content writing and editing that involves blog writing, preparation of study materials and OERs.

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