Efficient management of vendors is a key component for business continuity. Any sort of hiccups in the supply chain could upset the bottom line. Given the importance of SaaS vendors in ensuring smooth business operations, companies undertake an extensive process before selecting a vendor. The process involves sourcing, screening, quotation gathering, and signing an agreement. But it doesn’t end there, vendor management will also include onboarding, handling, and timely payments for disruption-free operations. Surprisingly, most organizations take care of all these activities manually or with partial automation.
Managing your SaaS vendors manually can lead to a number of issues like delays in clearing invoices, missing deadlines, and so on. This is why companies are gradually moving towards a vendor management system like Zaggle Zoyer. It gives them automation capabilities to quickly process invoices and make timely payments among other things.
The need for a SaaS Vendor management system
With the adoption of a SaaS vendor management system, you can iron out challenges across spend management, contract negotiation, and compliance. Vendor management solutions help you achieve:
- Automated workflows and approval cycles for a smooth journey for vendors
- Templates for contracts and other documents to pick and use
- Customizable dashboard with all vendor performance metrics
- Insightful market research data like price benchmarks for cost optimization
- Compliance check and security evaluation to reduce risks
Zaggle Zoyer helps you achieve all of the mentioned and much more with its data-driven vendor management to help you reinvent accounts payable processes. It is the most ideal solution for SaaS vendor management offering high-end automation. Let’s take a look at it in detail.
Zoyer Vendor Management: An Overview
Zaggle Zoyer is a business spend management and embedded finance platform designed for finance and business leaders who drive vendor management for their organizations. It integrates automation and data analytics to help businesses strategize SaaS supply chain needs to derive maximum value. Leaders can generate a variety of reports to have better control over their cash flow while ensuring business continuity.
The key capabilities of Zaggle Zoyer can be summed up in three categories as listed below.
Cost optimization and spend management
Zoyer vendor management empowers business leaders with a range of insights into spend and payables. It allows you to explore and analyze this information at a granular level to understand your cost categories, payment modes, and vendors. You can also pull up payables trends to detect anomalies like duplicate payments, and off-contract purchases.
As an organization, you can also assess the vendor’s performance in commercial aspects. It helps you identify vendors that offer volume discounts, early-pay rebates, card cashback, and so on. The capability to dive deep into your data will optimize your costs by plugging any leaks and budget overshoots.
Vendor management and contract negotiation
Zoyer comes with powerful configuration capabilities like creating rules-based workflows. It helps you automate the entire journey of a vendor without the IT intervention. Once you decide to collaborate with a vendor, Zoyer will take care of the rest once you define the rules. It streamlines the onboarding process by capturing key data points including due data, and configure reminders so that you don’t delay the payments.
With Zoyer’s data-driven capabilities, you can produce price benchmarking that will help in negotiations. Being informed about the market standards will help you get the best pricing possible.
Ensuring compliance and mitigating risk
Onboarding a new vendor is always associated with risk. Zoyer, therefore, enforces compliance and regulatory policies to mitigate risks and avoid legal mismanagement. You can automate the due diligence process by setting up rules-based workflows when acquiring SaaS solutions. You can also integrate third-party supplier screening solutions to conduct risk assessments and address the observations.
Aligning SaaS investments with business objectives
SaaS today has become a business necessity. With the number of options available in the market, you can take your sweet good time to assess them and choose the one that aligns with your business goals. Built for MSMEs and up-and-coming businesses. Vendor management solutions offers advantages like
- Sophisticated cloud-native solution with on-demand scalability
- Rapid, secure, and API-based interconnection forms a large ecosystem
- Continuous process improvements with AI/ML algorithms
- Seamless integration with other tools with inbuilt connectors
Zoyer offers a customer-centric pricing model with zero surprise charges. Its price is based on consumption and you can choose from a variety of subscription models categorized between per user and invoice volume.
Drive continuous improvement with Zoyer Vendor Management
Vendor management systems are essential for businesses to maximize their SaaS investments through efficient processes, spend management, and risk mitigation. You can achieve all those with Zaggle Zoyer. Furthermore, it offers a range of out-of-box value additions like tax management plugins, supply chain financing, and invoice discounting. With Zoyer vendor management, you can continuously draw value out of your SaaS purchases.