VendorPM has added a contract module to its platform that facilities managers use to procure and manage vendors, the company announced last week.
“With the launch of our contract management module, property managers no longer have to juggle multiple logins, disparate systems and manual workflows,” Emiel Bril, the company’s CEO and co-founder, said in a statement.
The company’s move to expand its platform tracks Gartner findings from last year that property managers are losing out on efficiency. The research organization found that almost 40% of property management teams are still using manual systems like spreadsheets and about a third are relying on third-party software tools for individual functions. The Gartner findings are based on a survey of more than 700 small- to- mid-size organizations seeking facilities management tools.
Gartner says third-party tools not designed specifically for the property space struggle with facilities management, because tasks like equipment maintenance and asset tracking don’t integrate well with many systems.
In announcing its new module, VendorPM said its expanded platform can help managers reduce risk by combining functions like eTendering, vendor credentialing and contract renewals into a single system, and adding AI-driven analysis on top of that.
“From vendor onboarding to contract management and compliance tracking, everything is now accessible in one seamless experience,” Bril said.
The module launch brings together other enhancements the company has announced in the last year. These include an integration with Yardi ERP, a reusable and customizable RFP template, an AI-enhanced procurement application and a mechanism for vendors to respond with tailored quotes as part of the eTendering process.
