vendor management

Vendor Management: Vendor Management refers to the process of overseeing and managing relationships with third-party vendors or suppliers to ensure that they meet the needs and expectations of an organization. The process involves identifying, selecting, and managing vendors who provide goods or services to the organization. Vendor management activities typically include vendor selection and negotiation, contract management, vendor performance monitoring, and risk management. The goal of vendor management is to ensure that vendors are providing high-quality goods or services that meet the needs of the organization, while also minimizing risk and optimizing value.