Vendor management is the process of managing and maintaining relationships with third-party vendors that provide goods or services to a company. It involves identifying, evaluating, selecting, and monitoring vendors to ensure that they meet the company's needs and standards.
Vendor management is important because it helps companies to:
The key elements of vendor management include:
The benefits of vendor management include:
Vendor management is an important process for companies that rely on third-party vendors to provide goods or services. By identifying, evaluating, selecting, and monitoring vendors, companies can reduce costs, improve quality, reduce risk, ensure continuity of supply, and improve efficiency. The key elements of vendor management include vendor selection, contract negotiation, vendor monitoring, performance evaluation, and relationship management.