What Is Vendor Management? Process, Challenges, Tools
Companies across many industries rely on vendor relationships for business growth.
Vendor management is a must if you belong to any of the above industries or another type of industry that relies on vendors.
A definable, replicable process will keep the supply chain flowing, ensure vendor satisfaction, mitigate risk management, and continue serving your customers to the quality you’re known for.
Today’s guide will fully explore vendor management, including what it is, why it matters, the process to create a management system, best practices, and the tools you need to further your relationships with vendors.
Vendor management entails all the steps and processes a company uses to manage its ongoing vendors and even procure new ones.