Vendor management spans a gamut of services, each contributing to a property’s overall functionality and value. And as portfolios scale up, so do their vendor interactions.
Traditional vendor management often resembled a jigsaw puzzle, pieced together with phone calls, emails, paperwork, and manual follow-ups. This fragmented approach often led to miscommunication, missed opportunities, and inefficiencies.
In this blog we take you through the best practices for property managers to create the best, most efficient vendor management system.
What is means to digitize your vendor management
Establishing a modern approach to your vendor management means digitization.
Digital vendor management turns the narrative from unorganized chaos to one of streamlined processes, enhanced collaboration, and strategic partnerships. By organizing vendor management into one centralized digital database, all the information you need is right at your fingertips. That includes service portfolios, ratings, compliance data, and more. This repository aids in quick decision-making and ensures that the best-suited vendor is always a few clicks away.
Use building operations software for better vendor management
A building operations platform with vendor management at its center allows owners to submit work orders directly to vendors. Vendors can give an estimate for the work right in the request ticket. And when the platform is connected to the accounting system, there’s no room for error or leaving any money on the table.
And for recurring tasks or in emergency situations, a robust building operations platform can automatically assign jobs to preferred vendors, reducing response times and ensuring continuity of service. What’s more, the best building operations platforms offer a wider reach, allowing you to request and compare bids from a larger pool of vendors. Bid management software not only ensures competitive pricing but also introduces you to newer, potentially more efficient service providers.
The software constantly monitors vendor compliance, be it insurance, certifications, or licenses. Any lapses trigger instant alerts, ensuring that every vendor on the property meets the mandated standards.
And as portfolios and properties expand or diversify service needs, a digital vendor management system can easily onboard new vendors or scale existing partnerships, all without missing a beat.
Build the best tech platform
Deep into the myriad services that a property demands, there is one constant: a seamless, data-driven, and proactive approach to vendor interaction. A building operations platform with vendor management built in can:
- Centralize vendor information so that quick decision-making is just a few clicks away
- Offer a robust network of vetted vendors, ensuring you reduce response time to requests
- Monitor vendor compliance and notify you if there are any lapses
- Quickly onboard new vendors as a portfolio scales
- Submit work orders directly to preferred vendors
Vendor management: At the center of smooth operations
Navigating vendor management requires more than old-school methods. It demands a robust, integrated, and intuitive solution that addresses every challenge head-on – including managing vendor relationships.
To learn how to better organize and manage your vendor relations, reach out to one of our experts today. They can show you how to keep your commercial properties at the top of their game by providing a faster, simpler way to hire (and manage) external service providers.