Vendor Management Software Market – Trends and Forecasts by Technavio

LONDON–(BUSINESS WIRE)–#EnterpriseApplication–Technavio’s latest report on the global
vendor management software market
provides an analysis of the
most important trends expected to impact the market outlook from
2017-2021. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

The global
vendor management software market
will post a CAGR of close to 13%
during the forecast period. One of the major reasons for this is the
increasing need to minimize administrative costs, increase negotiating
power with suppliers and customers, and ensure compliance. Economic
growth and new emerging markets, cloud computing, a growing service
sector, and increasing demand from SMEs are some of the major factors
driving the market.

Amrita Choudhury, an industry expert from Technavio, specializing in
research on enterprise
sector, says, “In a complex service environment,
tracking of multiple supplier’s performances is one of the major
challenges for businesses. These challenges have led to the
implementation of vendor management software in several industry
verticals such as BFSI, retail, manufacturing, energy, healthcare,
chemicals, telecommunications, and others.”

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The top three emerging trends driving the global vendor management
software market according to Technavio research analysts are:

  • Rise in demand for integrated vendor management solutions
  • Supply chain analytics inbuilt in vendor management software
  • Introduction of vendor management mobile apps

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Rise in demand for integrated vendor management solutions

End-users prefer vendors that provide integrated and converged software
suites as opting for different software may lead to integration issues.
Integrated products and software suites from the same vendor have better
integration ability and support other functions. As increased complexity
of network infrastructure has made integration an important buying
criterion, solutions with better integration are finding higher adoption.

“Some of the vendors in the vendor management software market already
provide software that can be integrated with other software.
Furthermore, there is likely to be a steep rise in the number of players
focusing on offering SaaS-based vendor management software that is
compatible with other applications, including marketing technologies,”
to Amrita.

Supply chain analytics inbuilt in vendor management software

Supply chain analytics inbuilt in vendor management software enhances
collaboration between partners. The sharing of information and
collaboration ensures that manufacturers can make use of supply chain
partner information to fulfill demand more quickly within order cycle

Supply chain business analytics helps build a stronger network of
vendors, provides a 360° view of how vendors are performing, where the
weak links are, and where the areas of opportunity for vendor management
lie. Supply chain business analytics inbuilt in vendor management
software helps companies to better monitor vendor lead times, schedules,
and fill rates.

Introduction of vendor management mobile apps

The transformation of businesses from paper-based to mobile technology
provides enterprises more accurate information and also saves hundreds
of hours. The increased use of mobile technology in enterprises helps
them to eliminate redundant data entry on delivery receipts, performs
physical inventory checks, and retail evaluations. The increasing
adoption of mobile devices for business purposes is a major trend in the
market. Enterprises are increasingly focusing on using the mobile vendor
management app to improve vendor relationships, enhance supply chain and
customer service, increase productivity, and lower costs.

The key vendors are as follows:

  • IBM Emptoris
  • Intelex Technologies
  • MasterControl
  • MetricStream
  • SAP Ariba

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