What is Vendor Management?
Vendor Management involves overseeing the entire lifecycle of vendor relationships, from contract negotiation and performance monitoring to vendor selection and renewal management.
Why it Matters
Effective vendor management ensures that vendors meet expectations for cost, quality, and performance. It helps businesses optimize vendor relationships, reduce costs, and maintain operational efficiency.
Benefits
- Manages contracts, performance, and renewals
- Optimizes vendor relationships for better value
- Reduces vendor-related risks and inefficiencies
- Supports strategic decision-making in vendor selection
