What is Vendor Management?
Vendor Management is the term used when describing the activities included in researching to find the best vendors for the services or products needed, interviewing and sourcing vendors, obtaining quotes with pricing, capabilities, turnaround times, and quality of work, negotiating contracts and agreements, managing relationships, assigning jobs, evaluating performance, and ensuring payments are made. It requires expertise, resources, and time.
A Vendor Management solution enables organizations in all industries to optimally develop, and control vendor contracts, relationships and performance for the efficient delivery of contracted products and services. This can help clients meet business objectives, minimize potential business disruption, avoid deal and delivery failure, and ensure more-sustainable multi-sourcing, while driving the most value from their vendors.
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