What is Vendor Management System?

you need to have a software system that tracks the progress of your work i.e. the deliverable of the vendor.

the systems should have a reporting functionality and a clear process path that can be followed.

it should also have a notification functionality of any of the given timelines (SLA's) are crossed, thus giving you visibility on what to react to.

there is freeware in teh amrket and also companies like IBM (RTC) and HP have systems that support such functionalities.

serach for product lifecycle management systems with SLA's and reportin in google