What do you like best about the product?

I have had a very positive experience with Venminder. I was new to vendor management (and I am still learning) since I started working as our Executive Assistant. The Venminder team has been very helpful and willing to suggest ways to improve our risk management program as well as provide training when needed.

What do you dislike about the product?

The user interface can be intimidating at first, especially to those who don't have prior experience with vendor management software. However, the Venminder team is always willing to help navigate. The cost is on the higher side compared to similar services, which might deter some clients. There is a minimum flex fund balance in addition to the annual fee, which can be used for add-ons and to automate certain functions. For smaller organizations with limited budgets, these tools might not be necessary but since there is a minimum balance, you have to use some services. There are somewhat limited settings for reports you can pull as well, which can make it difficult to read a report without spending more time on it. The reports are created as a spreadsheet file though, so once you have downloaded it, you can edit the view for printing in that software. This just adds another step. There are some unnecessary tasks that are added for some of our vendors. We can pay for an add-on to limit the tasks for certain types of vendors, but the cost is pretty high. I would be more vigilant in setting up the correct tasks and reminders for vendors when we first add them so we don't have to manually change the tasks at this point, when we have had these vendors for a long time.

What problems is the product solving and how is that benefiting you?

It is convenient to have all our contracts in one place and know we have support if we need it. The tools are very helpful with the option to automate due diligence and the Venminder team helps us to collect due diligence documents when needed so we aren't spread too thin with other tasks.