vendor management activities

Vendor Management Activities: Vendor management activities refer to the processes and tasks performed by an organization to effectively manage its relationships with suppliers and other external partners. This may include procurement, contract management, supplier performance evaluation, and risk management. The goal of vendor management is to ensure that the organization is able to obtain the highest possible value from its external partners while minimizing risks and maximizing the efficiency of the supply chain. Effective vendor management requires a well-defined strategy, clear communication with suppliers, and a commitment to continuous improvement.