What do you do if your vendor management tool is not meeting your needs?

1 Assess your current tool

The first step is to evaluate your current vendor management tool and identify its strengths and weaknesses. What features does it have and what features are missing? How user-friendly and secure is it? How well does it integrate with your other systems and platforms? How often does it need maintenance and updates? How much does it cost and what is the return on investment? You can use a SWOT analysis or a scorecard to compare your tool with your expectations and requirements.

2 Identify your pain points and goals

The next step is to pinpoint the specific pain points and goals that your current tool is not addressing or fulfilling. For example, you may be experiencing issues with data quality, reporting, communication, collaboration, or risk management. Or you may have new goals such as expanding your vendor network, improving your vendor selection, or enhancing your vendor performance. You should prioritize the most critical and urgent needs and goals and align them with your business strategy and objectives.

3 Explore alternative options

The third step is to explore the alternative options available in the market that can potentially meet your needs and goals better than your current tool. You can research online, ask for recommendations, read reviews, or consult experts to find out the features, benefits, and drawbacks of different vendor management tools. You should also consider the compatibility, scalability, and flexibility of the tools, as well as the support and training they offer. You can create a shortlist of the most promising options and compare them using a matrix or a checklist.

4 Test and select the best option

The final step is to test and select the best option for your vendor management tool. You can request a demo, a trial, or a proof of concept from the vendors to see how their tools work in practice and how they fit your needs and goals. You should also ask for references, testimonials, or case studies to verify the credibility and reliability of the vendors. You should evaluate the tools based on their functionality, usability, security, performance, and value. You should also negotiate the terms and conditions of the contract and ensure that they are clear and fair.

By following these steps, you can find a vendor management tool that is more suitable for your business and that can help you improve your vendor management processes and outcomes. A good vendor management tool can help you save time, money, and resources, as well as increase your efficiency, quality, and satisfaction.