- Vendor management tools compared
- Eleven vendor management tools worth a look
- The NCSC's four stages of supply chain security
- Supplier management or third-party risk?
- Questions to ask a vendor management provider
- Signs you need vendor management software
- My plain advice on choosing vendor management software
- Frequently asked questions
The best vendor management software keeps every supplier's details, contracts and risk checks in one place and reminds you when something needs reviewing: procurement-led teams usually want supplier management suites, while security and compliance teams lean towards third-party risk platforms. Eleven options follow in no particular order.
Every business relies on suppliers, and most only find out how little they know about them when something goes wrong. A key supplier has a data breach, a contract auto-renews without anyone noticing, or an auditor asks for evidence of checks that were never written down.
Vendor management software fixes that by giving every supplier a single record with its contracts, contacts, documents and reviews. The eleven tools below are listed alphabetically and in no particular order, and every description comes from the vendor's own site, read this week. For the basics of keeping suppliers on track, see my tips on managing your supply chain.
Vendor management tools compared
In the free plan column, Yes means the tool's own site names a free plan, a free version or a free profile. Trial only means a time-limited trial. Not stated means the pages I read named neither, even where there's a button inviting you to try it or book a demo.
| Tool | Type | Good for | Free plan |
|---|---|---|---|
| Gatekeeper | Vendor and contract management | Legal and finance sharing vendor data | Not stated |
| Graphite Connect | Supplier data management | Keeping supplier details current | Not stated |
| HICX | Supplier management platform | Large supplier bases needing one record | Not stated |
| Ivalua | Procurement and supplier management | Enterprises wanting procurement in one suite | Not stated |
| Kodiak Hub | Supplier relationship management | Supplier performance and sustainability | Not stated |
| Ncontracts | Risk and compliance software | Banks and credit unions | Not stated |
| Onspring | GRC and process automation | Building custom third-party risk workflows | Not stated |
| Prevalent | Third-party risk management | Assessing and monitoring vendor risk | Not stated |
| ProcessUnity | Third-party vendor risk platform | Mature third-party risk programmes | Not stated |
| Venminder | Third-party risk and due diligence | Outsourcing vendor due diligence work | Not stated |
| Whistic | Risk operations platform | Sharing security reviews with customers | Yes |
Eleven vendor management tools worth a look
Gatekeeper
Best for: Legal, finance and procurement teams that want vendor records, contracts and compliance tracked in one shared place.
Graphite Connect
Best for: Companies tired of chasing suppliers for forms that want supplier data kept up to date by the suppliers themselves.
HICX
Best for: Large organisations with many suppliers that want one trusted supplier record and a simpler supplier experience.
Ivalua
Best for: Enterprises that want supplier management inside a full procurement and spend suite from one vendor.
Kodiak Hub
Best for: Procurement teams that want supplier onboarding, performance and sustainability data managed in one relationship suite.
Ncontracts
Best for: Banks, credit unions and other financial institutions that need vendor due diligence and vendor contract management for examiners.
Onspring
Best for: Risk and compliance teams that want third-party risk management on a flexible no-code platform they can shape themselves.
Prevalent
Best for: Teams that want vendor risk assessments and ongoing monitoring handled together, now as part of the wider Mitratech family.
ProcessUnity
Best for: Security and risk teams running mature third-party risk programmes that want AI agents to speed up assessments.
Venminder
Best for: Lean teams that want help with vendor due diligence, including outsourced document reviews, alongside the software.
Whistic
Best for: Security teams that both assess vendors and answer customer questionnaires, starting with a free vendor profile.
The NCSC's four stages of supply chain security
The NCSC sets out 12 principles for supply chain security, grouped into four stages: understand the risks, establish control, check your arrangements and continuous improvement.
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That's a handy way to judge any tool here. Can it help you rank suppliers by risk, record the controls you've agreed, schedule the checks and show you what changed since the last review? If it only stores contact details, it's an address book, not vendor management.
Day-to-day purchasing runs through purchase order software.
Supplier management or third-party risk?
Supplier management tools come from procurement. They focus on onboarding, supplier data, performance and relationships. Third-party risk tools come from security and compliance, and focus on questionnaires, evidence and monitoring.
Some businesses need both. If your main worry is data security, start with risk. If it's messy supplier data and contracts, start with supplier management. Either way, don't try to load every supplier on day one; it's far better to get your critical few right and add the rest once the process works.
Questions to ask a vendor management provider
- How do suppliers update their own details and documents?
- Can we rank suppliers by how critical or risky they are?
- Will it remind us about contract renewals and reviews?
- Do you monitor suppliers between reviews?
- Which finance and procurement systems do you connect to?
- What does an auditor see when they ask for evidence?
Shared logins with suppliers are a risk too, so read which business password manager to pick.
Signs you need vendor management software
- Contracts renew by surprise. Nobody tracks the dates.
- Supplier details are out of date. Payments go to old bank accounts.
- Security questionnaires pile up. Answers live in inboxes.
- Auditors ask for evidence. You can't show the checks you did.
Do you make vendor management software? Tool makers can ask to be considered for a featured place on this list.
My plain advice on choosing vendor management software
List your top twenty suppliers by how much damage their failure would cause, not by how much you spend with them. That list tells you whether you need a light supplier database or a full risk platform, and it gives you a pilot group to start with.
Then set up a review rhythm before you load everyone in, so the tool has a job to do from day one. Your suppliers are part of your security too, so see my guide to staying safe from cyber threats.
Frequently asked questions
What is vendor management software?
It's software for keeping supplier records, contracts, documents, performance and risk checks in one place, with reminders for reviews and renewals.
What is a VMS?
VMS usually means vendor management system. In some industries it also means a system for managing contingent workers, so check which kind you're looking at.
What is third-party risk management?
It's the process of checking and monitoring the risks your suppliers and partners bring, especially around security, data protection and resilience.
Do small businesses need vendor management software?
Smaller firms can start with a spreadsheet. Software helps once you have many suppliers, sensitive data or customers asking about your supply chain.
Can suppliers update their own information?
Many tools give suppliers a portal to keep their details and documents current, which saves your team chasing them.
How often should suppliers be reviewed?
It depends on the risk. Critical suppliers deserve regular reviews, while low-risk ones can be checked less often.
