Learn about actual and potential costs
How much should I pay for Vendor Management Software?
What is the average price of Vendor Management Software?
This procurement report includes pricing information to help you purchase Vendor Management Software. Our analysts provide a benchmark price and a price range based on key pricing factors to help you understand what you should be paying for this specific product or service. To see the average price for this and hundreds of other products and services, subscribe to ProcurementIQ.
Has the price of Vendor Management Software been rising or falling?
Analysts look at market data from the previous three years to determine an overall price trend. You can use the recent price trends to help you understand price volatility and plan your budget.
I’m not ready to purchase Vendor Management Software yet. Will I pay more if I wait too long?
We forecast the next three years of price movements by looking at factors likely to affect the market's supply chain, such as inputs, demand and competition. You can then use the price forecast to figure out the best time to purchase.
What other costs are associated with purchasing Vendor Management Software?
Our analysts calculate the total cost of ownership and assign a level of low, moderate or high, depending on things like customization, integration and installation. Use this information to budget for Vendor Management Software with a reduced risk of unexpected costs.
See how we display average pricing information, trends and market data.
Find the vendor to meet your needs
Where can I purchase ?
The VMS market has a high level of market share concentration, with the four largest vendors together accounting for more than 50.0% of the market's total revenue. The rest of the vendors, however, each hold less than 5.0% of the market share. Market share concentration is high because of the... Subscribe to learn more.
Questions to ask potential suppliers
How can I gain leverage during negotiations?
How do you ensure the accuracy and quality of your service?
What systems, tools and software do you have in place to minimize the number of errors? How often are these systems checked and updated? Who completes these checks and identifies errors?
Who normally identifies errors when they occur?
How do you collect feedback from clients?
What quality awards have you won?
How have you handled scaling clients' systems as they grow?
What is your renewal rate for businesses in my industry, and how does that compare with your overall rates?
How long have you provided services such as this to your longest-tenured client? Who are your five largest clients?
What qualifications do your staff possess, and what measures do you take to keep those qualifications up-to-date?
How do you evaluate customer satisfaction and how frequently? Is this information made available to clients?
How have you changed your software in response to customer complaints and suggestions?
If you encounter issues or your client is not satisfied, what steps do you take to address the issue?
Do you have a step-by-step process to handle client issues or complaints? What does that look like?
How has your software helped similar buyers operate efficiently during the pandemic?
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Key elements for every RFP
What should my RFP include?
Buyers should reference the Benchmark Price and Total Cost of Ownership sections of this report for assistance in creating a budget.
Buyers should request that vendors specify the cost of implementation.
Buyers should request that vendors specify the cost of training and maintenance fees.
Buyers should select vendors based on their ability to meet the desired criteria requested in the RFP.
Buyers should select vendors that provide regular feature updates.
Buyers should select vendors that are financially healthy.
Buyers should select vendors that are able to provide high-quality customer service.
Buyers should select vendors that have strong recommendations from past clients.
For a detailed list of key selection criteria, buyers should reference the Buying-Decision Scorecard section of this report.
Buyers should include the date proposals are due.
Buyers should include the date the selected vendors will be invited to give software demonstrations and webinars.
Buyers should include the date pricing proposals are due.
Buyers should include the date when the contract award will be announced.
Evaluate major factors to mitigate risk
How risky is the supply chain?
The supply chain risk for VMS is low. Vendors source inputs from several upstream suppliers, including computer manufacturers, intellectual property licensing operators and data processing and hosting service providers. There are abundant vendors in each of these upstream markets. This abundance allows suppliers of VMS to procure competitively priced inputs... Subscribe to learn more.