Vendor Management System (VMS)

A Vendor Management System (VMS) is a web-based application that helps organizations control and manage their external workforce and vendors. VMS platforms centralize vendor data, automate processes, and provide visibility into vendor relationships across the enterprise.

Core functionalities of a VMS include:

• Vendor onboarding and qualification
• Catalog and price agreement management
• Purchase order and invoice processing
• Performance monitoring and scorecards
• Compliance tracking and risk assessment
• Communication and document management
• Reporting and analytics dashboards

Solutions like AuraVMS transform vendor management from a fragmented, manual process into a strategic function that drives efficiency, reduces costs, and strengthens vendor relationships through data-driven decision making.