Vendor management involves the process of overseeing and coordinating relationships with external suppliers to ensure seamless collaboration, quality service delivery, and cost efficiency. It includes tasks such as selecting the right vendors, negotiating contracts, monitoring performance, and maintaining strong communication channels. Effective vendor management enables businesses to build strategic partnerships, mitigate risks, and align vendor objectives with organizational goals. By fostering transparent and mutually beneficial relationships, companies can optimize their supply chain and drive sustainable growth. This approach not only enhances operational efficiency but also ensures compliance with industry standards and customer expectations.
