Top 11 Best Open-Source Vendor Management Software Options

The best open-source vendor management software (VMS) should control costs, support governance, risk, and compliance (GRC), and enhance smooth operations for more efficient processes.

It should also monitor products and services provided by various vendors, be safe, and comply with US laws and regulations.

Additionally, the software should have a vendor portal and allow the organization’s workers to carry out various roles on the platform for an excellent digital employee experience.

The global vendor management software market will likely reach USD 10.4 billion by 2033. Consider how cost-effective capturing some of this value for your organization without paying a penny on license fees using an open-source VMS would be.

To help you understand the best open-source vendor management software, we will explore the following:

• What is open-source vendor management software?
• The best open-source vendor management software
• Key features of open-source vendor management software
• Open-source vendor management software practice examples

What is Open-Source Vendor Management Software?

An open-source vendor management software is an application developed in collaboration with the public and made freely available for individuals or businesses. 

The open-source VMS (vendor management software) makes managing and procuring staffing services easier to save time and minimize errors.

Open source means anyone can use, study, change, or distribute it after modification. The source code is publicly accessible, unlike other software.

Free vendor management software solutions make it easier for companies to tailor the source code to run vendor management operations. 

The copyright holder grants the users the right to alter the source code in open-source software. 

The 11 best open-source vendor management software

Check out this list of the best vendor management software with a cost-free procurement process and flexibility to tailor the software to your organization’s needs.

1. QuickBooks Online

• Review Rating: 4/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: Starts at $18.
• Free trial: Yes.

QuickBooks Online is a cloud-based accounting and open-source VMS software. 

It streamlines financial tasks, tracks income and expenses, and facilitates efficient bookkeeping, making business management more accessible.

Notable features

• Cloud-Based: Accessible from anywhere.
• Expense Tracking: Monitor and categorize spending.
• Invoicing: Create and send professional invoices.
• Financial Reports: Generate detailed reports.
• Bank Integration: Seamless transaction syncing.
• Multi-User Access: Collaborate with team members.

2. PRM360

• Review Rating: 4.8/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: See website for pricing.
• Free trial: Yes.

PRM360 offers a comprehensive Procure-to-Pay solution, seamlessly integrating individual processes under one vendor management software platform for enhanced efficiency.

Notable features

• Compliance Management: Ensure adherence, mitigate risks, and compliance tracking.
• Customizable Templates: Tailor forms for diverse needs.
• Multi-Currency: Facilitates global transactions in diverse currencies.
• Reporting & Statistics: Analyze data and inform strategic decisions.
• Data Import/Export: Efficient transfer, integration, and share.

3. Contractor Compliance

• Review Rating: 4.7/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: Follow link for pricing. 
• Free trial: Yes.

Contractor Compliance is a robust vendor management software tool. 

It centralizes contractor information, ensuring compliance with regulations. It streamlines workflows, enhances safety, and provides real-time insights for effective management.

Notable features

• Centralized Contractor Information: Organize contractor data for streamlined management.
• Regulatory Compliance Monitoring: Ensure adherence to industry regulations consistently.
• Workflow Streamlining: Optimize processes for efficient contractor management.
• Real-time Performance Insights: Obtain immediate data for informed decisions.
• Safety Enhancement Measures: Implement practices to bolster contractor safety.
• Certification and Qualification Management: Track and manage contractor certifications efficiently.

4. Ramp

• Review Rating: 4.8/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: FREE for limited users.
• Free trial: Yes.

Ramp vendor management software streamlines procurement processes. 

It manages vendor relationships, enhances collaboration, and provides real-time insights. It ensures compliance, efficiency, and optimization in the supply chain.

Notable features

• Efficient Procurement Processes Management: Streamline and optimize procurement workflows.
• Vendor Relationship Management: Enhance collaboration and communication effectively.
• Real-time Performance Insights: Obtain immediate data for informed decisions.
• Compliance Assurance and Monitoring: Ensure adherence to industry regulations consistently.
• Centralized Vendor Data Organization: Efficiently organize and manage vendor information.
• Collaborative Communication and Messaging Tools: Facilitate seamless communication for improved collaboration.

5. Productiv

• Review Rating: 4.6/5
• Ease of Use: Good
• Effectiveness: Excellent
• Pricing: Starts at $10 per month.
• Free trial: Yes.

Productiv is vendor management software designed to optimize SaaS subscriptions. It provides insights into software usage, streamlines renewals, and ensures efficient allocation of resources, ultimately maximizing software value.

• SaaS Subscription Optimization Insights: Analyze usage for informed optimization decisions.
• Renewal Streamlining and Management: Efficiently handle and track subscription renewals.
• Resource Allocation Efficiency Enhancement: Optimize resource allocation for cost-effectiveness.
• Usage Analytics for Informed Decisions: Provide insights for strategic decision-making.
• Collaborative Vendor Communication Tools: Facilitate communication for effective collaboration.
• Contract Management and Tracking: Monitor and manage vendor contracts efficiently.

6. Gatekeeper

• Review Rating: 4.5/5
• Ease of Use: Good
• Effectiveness: Excellent
• Pricing: Starts at $1,125 per month (unlimited users).
• Free trial: No.

Gatekeeper is vendor management software that streamlines supplier relationships. It centralizes contract data, enhances collaboration, and ensures compliance. 

It provides real-time insights to optimize vendor performance and mitigate risks.

Notable features

• Centralized Supplier Relationship Management: Streamline and organize interactions with suppliers.
• Collaborative Contract Data Centralization: Enhance collaboration through centralized contract data.
• Compliance Monitoring and Assurance: Ensure adherence to industry regulations consistently.
• Real-time Performance Insights: Obtain immediate data for informed decisions.
• Risk Mitigation Strategies Implementation: Implement measures to minimize potential risks.
• Automated Contract Management Workflows: Streamline processes with automated workflows.

7. DOLIBARR

• Review Rating: 4.5/5
• Ease of Use: Excellent
• Effectiveness: Good
• Pricing: FREE/ $9 per month option. 
• Free trial: Yes.

Dolibarr has Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) functionalities within a vendor management software free package. 

It’s run on various mobile and desktop operating systems. The vendor management system software is even more flexible because it can run on virtual, shared, or dedicated systems.

Notable features

• CRM: Manage customer relationships.
• Invoicing: Create and send invoices.
• Project Management: Track tasks and projects.
• Inventory Management Software: Control stock levels.
• Financial Reports: Analyze financial data.

8. Procore

• Review Rating: 4.7/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: Follow link for pricing. 
• Free trial: Yes.

Procore is a procurement management software designed to simplify and automate purchasing processes. 

It streamlines procurement, enhances collaboration, and provides real-time insights, ensuring efficient and cost-effective procurement operations.

Notable features

• Automated Purchase Order Creation: Streamline and expedite purchase order generation.
• Simplified Procurement Processes Optimization: Enhance and simplify overall procurement workflows.
• Collaborative Vendor Communication and Tracking: Facilitate communication and monitor vendor interactions.
• Real-time Insights for Informed Decisions: Provide immediate data for strategic decision-making.
• Budget Tracking and Cost Management: Monitor expenses for efficient budget management.

Pricing

• Visit website for pricing.
• Free trial: Yes.

9. PROCUMAN

• Review Rating: 4.6/5
• Ease of Use: Good
• Effectiveness: Excellent
• Pricing: Starts at $99 per month. 
• Free trial: Yes.

Procuman is a solution to business procurement needs. It’s capable of integrating a vendor relationship management system into one dashboard.

On the dashboard, it can track vendor queries and solve conflicts.

Notable features

• Inventory Management: Oversee and control goods.
• Catalog Management: Centralized product data, categorization, and consistent presentation for efficient commerce.
• Vendor relationship management software features: Maintain strong relationships with vendors to avoid delays and promote fluid procurement processes.
• Supplier management tools: Negotiate contracts and maintain effective supplier relationships.
• Budget Management: Allocate funds, track budgets, prevent overspending.
• Contract Management: Centralized contracts, automated processes, compliance monitoring.

10. Qntrl

• Review Rating: 4.5/5
• Ease of Use: Good
• Effectiveness: Excellent
• Pricing: Starts at $7 per month. 
• Free trial: Yes.

Qntrl is an all-in-one workflow orchestration software that helps you gain visibility, control, and automation and is one of the most accessible free vendor management solutions.

Notable features

• Process automation: Mechanizing tasks for streamlined efficiency and accuracy.
• Reports and dashboards: Visualizing data and analytics for informed decision-making.
• Define responsibilities at each stage: Assigning roles and tasks clearly in every process step.
• Automate process checks: Implementing automated validations for process accuracy assurance.
• Enforce business policies: Ensuring adherence to established organizational rules and regulations.

11. Tradogram

• Review Rating: 4/5
• Ease of Use: Good
• Effectiveness: Good
• Pricing: Starts at $168 per month. 
• Free trial: No, but free version is available.

Tradogram allows you to automate your purchasing process with custom purchase orders, requisitions, and RFQs, making it an excellent vendor management software solution. 

Use Tradogram to negotiate better deals, streamline approvals, and complete your 3-way match.

Notable features

• Multi-level management: Hierarchical oversight for structured leadership.
• User permissions: Controlled access based on assigned roles.
• Item-master data: Comprehensive details for accurate inventory management.
• Approval workflow: Systematic process for authorized document validation.
• Spend analysis: Assessing expenditures for informed financial decisions.

An open-source Vendor Management Software takes things up a notch because it’s customizable. So, nearly all organizations can benefit, provided the staff has software development knowledge.

Also Consider Open-Source Vendor Risk Management Software

Whilst vendor management software (open source enabled) is important to manage procurement and budget, it is also useful to consider tools that focus on vendor risk management to avoid loss of resources and damage to reputation by preparing for risks. 

1. Diligent HighBond

• Review Rating: 4.8/5
• Ease of Use: Excellent
• Effectiveness: Excellent
• Pricing: See website for pricing. 
• Free trial: No

Diligent HighBond is an open source vendor risk management software that allows you to improve your risk reduction strategies. 

It does so by smoothly incorporating the recognition, evaluation, alleviation, and oversight of risks using our highly automated, secure, and data-driven platform.

Notable features

• Automated Risk Identification: Swiftly pinpoint potential risks with precision.
• Comprehensive Risk Assessment Tools: Thorough tools for in-depth risk evaluation.
• Efficient Risk Mitigation Strategies: Streamlined approaches to tackle identified risks.
• Secure Data-Driven Platform: Robust security for handling sensitive information.
• Seamless Risk Monitoring System: Continuous tracking and analysis for proactive management.
• Highly Automated Operations: Boost efficiency through advanced automated processes.

2. MasterControl Quality Excellence

• Review Rating: 4.5/5
• Ease of Use: Good
• Effectiveness: Excellent
• Pricing: Visit website for pricing. 
• Free trial: No, but free version is available.

MasterControl Quality Excellence vendor management software consolidates supplier data and documentation, facilitating risk assessment, resource management, and regulatory compliance in one centralized platform.

Notable features

• Streamlined Document Control Processes: Efficient handling of critical documentation workflows.
• Integrated Quality Management System: Unified system for comprehensive quality control.
• Automated Compliance Tracking Mechanism: Ensures adherence to regulatory standards seamlessly.
• Real-time Analytics and Reporting: Instant insights for informed decision-making strategies.
• Collaborative Electronic Training Records Management: Facilitates team learning with shared resources.
• Scalable and Configurable Platform: Adaptable to evolving organizational needs effortlessly.

A robust vendor management risk system is crucial for safeguarding against potential disruptions, ensuring compliance, enhancing efficiency and preserving an organization’s reputation through effective risk identification and mitigation strategies.

What Should an Open-Source Vendor Management Software Do?

The vendor management process is lengthy and costly to carry out manually. However, enterprises can customize a VMS to carry out the process to the end automatically.

Below is an overview of how this workflow automation reduces the department’s workload.

Identify the organization’s needs and requirements

The software monitors various supplier performances. Then, it generates reports for the critical decision to renew or end the contracts. 

Finding the perfect solution becomes more straightforward once the organization’s needs and requirements are determined.

Identify potential vendors

The software initiates bids from vendors by allowing them to key in their details for the contract. Afterward, the software identifies each vendor’s strengths and weaknesses and analyzes the risks.

Initiate the contracts after selecting vendors 

A VMS initiates the contracts by compiling the budget and business criteria score reports after selecting vendors. 

After signing the contract, the software helps the vendors understand the delivery timelines and the reporting flow. It also enlightens the vendors on contract terms and all necessary obligations.

Execute the contract 

The VMS executes the contract by monitoring if the deliverables undergo completion within the stated time frames. It also records the documents and the communication between the vendor and the necessary departments. And finally, it clears the financial terms.

Monitors and generates reports on vendor performance

It monitors and generates reports on vendor performance, then creates a report on improvement areas and the quality of the end products.

It then generates a report with a key decision to end or renew the contracts. If the contract ends, the cycle begins again. 

These are what open-source vendor management software does. But it’s also helpful to know the essential features of this type of software that allow it to achieve these tasks. 

Key Features of Open-Source Vendor Management Software

Below are the features that the open source vendor management system needs:

1. Cost control

Any software by third-party vendors should manage vendor payment processes and quickly identify discrepancies, especially exaggerated pay rates.

2. Tracking performance

By analyzing the vendor data, free vendor management software solutions should track performance and determine the suitable supplier for the organization to optimize business processes.

3. Reporting and analytics

The VMS stores vendor transaction data in the cloud as part of a cloud-centric approach to data storage. The data assists in identifying new markets, products, and projects to expand with trusted vendors. It also generates emails on essential reminders.

4. Expense management

The system should identify vendors with higher risks and allocate substantial resources efficiently.

5. Data storage

The software should store all necessary documents and information in one data storage area for easy assessment.

6. Security and control

Recording all the activities makes it easier to trace any risk factor and address it accordingly. So, it’s essential to carry out all operations through the software.

7. Staff management

Every department is assigned a different role. The software manages the staff by providing a platform for each to carry out their duty.

8. Vendor portal

The vendor portal should provide a platform for supplier self-service. Self-service activities include keying in their information and submitting it for analysis.

Open-Source Vendor Management Software Practice Examples

Open-source VMS tools are customizable and compatible with nearly all organizations. They are preferable because of their flexibility, ability to train workers, enhanced performance, and stability.

Examples of open-source vendor management software practices are;

• Risk assessment by listing all organization’s vendors and ranking them according to their criticalities.
• Continuous monitoring by reviewing agreements and comparing performances. The software allows various staff to be assigned to review monitoring reports.
• Documentation and reporting for accountability and easy conflict-solving between vendors and the organization’s departments.
• Vendor activities must discontinue after the end of contacts. The practice minimizes errors and conflicts in terms of financial agreements.
• Confidentiality agreements to ensure critical data cannot be obtained and used for unintended purposes. Confidentiality is vital because some vendors may have unsupervised access to the organization’s facilities.

Consider these best-practice vendor management program examples to optimize your use of VMS tools. 

Take Time to Find the Right Open-Source Vendor Management Software

Choosing the ideal open-source vendor management tools demands careful consideration, and our list of the top vendor management software should help you find the right VMS for your organization.

Take the time to assess features, compatibility, and community support. Thoroughly investigate user reviews and ensure the software meets your organization’s needs. 
A well-informed decision in selecting vendor management software can lead to enhanced efficiency, IT cost optimization, and seamless collaboration.