**North America**: VendorPM unveils its new Contract Management module, integrating Vendor Credentialing, eTendering, and Contract Management to streamline vendor relations for property management firms, addressing industry challenges and enhancing operational efficiency with AI and automation.
VendorPM has announced the launch of its new Contract Management module, making it the first platform in the vendor management industry to integrate Vendor Credentialing, eTendering, and Contract Management into a single workflow. This integration aims to alleviate the typical challenges faced by property management professionals, such as inefficiencies from using multiple, disconnected systems.
As property management firms often grapple with manual processes and lack of governance in vendor relationships, the new module centralises contract storage, automates renewals, and utilizes AI for cost analysis, thereby enhancing visibility and control over vendor management. Emiel Bril, CEO and Co-Founder of VendorPM, emphasised that the solution’s goal is to streamline vendor management by consolidating various functions into one accessible platform. “With the launch of our Contract Management module, property managers no longer have to juggle multiple logins, disparate systems, and manual workflows,” Bril said.
A recent report from Multimedia Family Network has highlighted the industry’s fractured vendor management systems and the substantial financial implications, pointing out that property management services incur roughly $600 billion annually on service vendors in North America. The report stresses the pressing need for a comprehensive solution like VendorPM to drive operational efficiency and competitive advantage.
Over the past year, VendorPM has expanded its offerings, implementing several innovations including integration with Yardi ERP, features like the AI-Procurement CoPilot, and customisable RFP/RFQ templates. These enhancements aim to streamline procurement processes and enhance the capabilities available to property management firms, including improved vendor response flexibility and scalability for enterprise clients.
Since its Series A funding round in 2022, VendorPM has formed partnerships with several prominent property management companies, such as Related Group and Avison Young. The platform has earned accolades, being named the “Commercial Property Management Platform Of The Year” by PropTech Breakthrough for two consecutive years. VendorPM continues to expand its network, boasting over 10,000 buildings and 70,000 service vendors across North America.
Source: Noah Wire Services
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