Supplier relationship management software is an essential component to manage the supply chain involved in a business.
E-commerce brands mostly rely on suppliers for the products they need to conduct their business. These may include raw materials for manufacturing products to sell, office supplies, equipment, or advertising materials.
Supplier relationship management software determines whether the relationship is stable and secure, and facilitates both sides.
The supply chain can be varied and complex, so you need to have deep insight and knowledge about it. Supplier relationship management software is used to enhance the business relationship between the companies and their suppliers.
Well, if you are much interested to learn more about supplier relationship management software then you are on the right path.
Here, in this article, I am going to put together what are supplier relationship management software, and the 10 best supplier relationship management software.
Let’s dive into the deep!
Table of Contents
What are Supplier Relationship Management Software?
Supplier relationship management software refers to a particular software solution that helps organizations potentially manage and optimize their relationship with suppliers.
It offers a centralized platform to automate and streamline every aspect of supplier management. Supplier management involves supplier onboarding, contract management, performance evaluation, communication, and collaboration.
SRM software packages enable businesses to track supplier interactions and to supervise key metrics such as delivery times, and quality. These software solutions help businesses to build a strong relationship with the suppliers.
The 10 Best Supplier Relationship Management Software
1. Pipefy
Pipefy helps businesses to automate their supplier relationship management processes and centralize essential details. These include supplier databases and contracts. Its automation capabilities handle your supplier relationship management workflows and actions.
Pipefy provides built-in supplier relationship management capabilities that handle various processes such as procurement, purchasing, and contract management. Pipefy provides a complete overview of the suppliers, so you can improve communications.
Key features
- Integrations with various tools
- Collaboration
- Flexible and customizable
- Visual management
- Reporting
- Automating manual work to save time
- reduce human errors
Ratings: 4.6
Price: $12/User/Month
2. Anvyl
Anvyl helps e-commerce businesses to improve their supplier management performances to ensure they have effective communication with the suppliers.
This software is capable of enhancing supplier performance while working with your e-commerce business. It uses suppliers’ scorecards to provide you with an overview of the performance over time.
Anvyl also provides an overview of indicators such as responsiveness and on-time delivery rates. Anvyl also highlights where the suppliers are performing very effectively.
Also, determines the areas where you can improve to ensure your business experiences a significant positive impact.
Features
- Integrations with various tools
- End-to-end visibility of order timeliness
- Supplier performances analytics
- Automated milestone tracking
- Centralized document management
- Reporting & statistics
- Activity Dashboard
Rating: 4.7
Price: From $500/month
3. Gatekeeper
Gatekeeper uses artificial intelligence to help businesses with contract lifecycle management capabilities to improve the overall management procedure. These include reducing costs, reducing the time spent on admin tasks, and enhancing team resilience.
You can also manage simple and complex contract approval routines through automated email updates. It will automatically notify the vital stakeholders. This software package uses an AI extract feature that is particularly for contract data and clause analytics.
Key Features
- Integration with various tools
- Automated alerts
- customization
- collaboration
- Contracts and vendor information
- track workloads
- monitor risk
- Store documents
Ratings: 4.4
Price: From $995/month
4. Coupa
Coupa is one of the best supplier relationship management software that helps e-commerce businesses eliminate supplier risk with comprehensive risk management capabilities.
This software stands out from the rest mentioned in this article because of its risk management capabilities.
It builds a multi-level supplier risk assessment model that lets you communicate with the decision-makers about the risks. It helps businesses maintain regulatory compliance.
The platform helps you to take action so that you can make corrective action plans.
Key Features
- Procurement
- Invoicing
- Contract management
- Budgets
- Cost management
- Compliance
- Inventory management
Ratings: 4.2
Price: Starts from $11/user/month
5. GEP Smart
GEP Smart is a unified source-to-pay solution that e-commerce businesses can use for end-to-end supplier relationship management operations.
The S2P solution is a very effective solution for every e-commerce business to handle all processes and identify procurement opportunities.
GEP Smart enables fluid information and process flow to stimulate end-to-end direct and indirect supplier relationship processes.
You can also use this solution to manage savings. You can make purchases from the suppliers while receiving comprehensive sourcing, and procurement functionality.
Key Features
- Savings tracking
- Procure-to-pay
- Spend analysis
- Supplier management
- manage all S2P processes from anywhere
- Integration with various tools
Ratings: 4.2
Price: $500,000 for a perpetual license
6. SAP Ariba
SAP Ariba offers an all-in-one supplier relationship management package that manages all the supplier journeys. This is the perfect software solution for those who desire to have an all-in-one supplier relationship management solution for the business.
SAP Ariba can simplify source-to-pay operational processes for large and growing organizations. It is a platform that controls the entire supplier operations for every business.
With this software, you can handle everything from initial sourcing and bidding stages, and negotiations to risk management, performance analysis, and contract execution.
Key Features
- Supplier vetting
- procurement
- supplier management
- Invoice management
- Analytics and Reporting
- Contract management
- Regulatory Compliance
Rating: 3.9
Price: Starts from $30/month
7. APEX Portal
APEX Portal helps e-commerce businesses to search and engage with the particular suppliers having a directory. If you are searching for a new supplier, I recommend you consider the APEX Portal.
This software solution simplifies all the processes for you by providing you with a supplier search portal. The supplier search portal finds vendors from three sources: your candidate database, your current Vendor master, and millions of suppliers from APEX’s portal.
APEX Portal helps you to establish preregistration business rules. It helps you to decide which details of the supplier prospects must provide.
In addition, this platform also decides whether it should validate the supplier’s information against public and private databases.
Key Features
- Supplier Discover
- Risk Management
- E-invoicing
- Payment Tracking
- Supplier Registration and Onboarding
Rating: 3.5
Price: Upon request
8. Kodiak Hub
Kodiak Hub provides businesses with supplier relationship management software that handles all the supplier journey smoothly. These include everything from data repositories to performance monitoring to supplier onboarding.
It is unique from the others on this list because of its modular functionality and suite of supplier management solutions. This platform handles everything involved in your supply relationship processes.
Kodiak Hub allows you to manage contracts, and categories and eliminates the need to switch between various tools. So, this software solution enhances the team’s productivity.
Key Features
- Onboard
- asses
- audit
- Automated processes
- Integration with various tools
- identify supplier risks
- discover opportunities
Rating: 5
price: Starts from $15,000
9. Ivalua
Ivalua provides a platform for businesses with a spend management solution that effectively helps e-commerce businesses. It provides businesses with a platform to manage their supplier spending.
No matter the size of your business, or your budget, getting spending under control is essential.
it provides you with a Spend Analysis Solution that will help you to identify savings opportunities and purchasing patterns. This software solution also empowers your team to analyze bids for choosing the best supplier for the business.
Thus, you can manage your spending very effectively.
Key Features
- Centralized purchasing management
- Process automation
- Cost optimization
- Improved Compliance
- Decision-making
- data-driven amaluysis
Rating: 3.2
Price: Starts from $2,000/user/month
10. ProcureWare
ProcureWare is a cloud-based software solution that offers a suite of tools for businesses to manage supplier relationship journeys.
It supports the vendor’s self-registration process and offers a suitable searchable supplier database. This solution allows you to create competitive bidding for pre-qualified suppliers.
After you receive proposals, ProcureWare helps you to evaluate the bids of the source team. Its contract management functions help you to control the ongoing supplier engagements.
It stores all contract documents, track contract milestones, and saves modifications.
Key Features
- Log notification
- Drag and drop functionality
- message delivery tracking
- Electronic distribution of bid documents
- Vendor self-registration
- Diversity management
Rating: 4.8
Price: $12500 per year
FAQ
What are the main types of supplier relationships?
Ans: There are primarily three distinct stages of supplier relationship management, including:
- Supplier segmentation
- Creation of supplier strategy
- Execution of supplier strategy
What are the 4Cs of supplier relationship management?
Ans: The 4 C’s of supplier relationship management are communicative, coordinated, collaborative, and cooperative. These are the essential four components of supplier relationship management software.
What are the types of supplier relationship management?
Ans: There are three main types in supplier relationship management, including supplier-manufacturer; manufacturer-retailer; and retailer-customer.
Conclusion
Supplier relationship management software is used to build and nurture the relationship between the vendors and the businesses. These tools simplify the communication process between a company and its suppliers. It helps businesses in all stages from sourcing to payment.
Well, if you are in search of the best supplier relationship management software, just go through this article. Here, I have provided every detail of the 10 best supplier relationship management solutions. You can choose one from the listings that perfectly suits your business’s needs and preferences.
