In addition, companies can use vendor management to achieve business goals, such as harnessing opportunities for cost savings, as well as taking steps to speed up the onboarding process. For one thing, vendor management plays a key role when it comes to selecting the right vendor for a particular business need. Vendor management is important for a number of reasons. Vendors can also range in size from sole traders to large organizations. The vendors used by a company will vary considerably depending on the nature of the organization, and could include companies as diverse as seafood suppliers, IT vendors, cleaners and marketing consultants. ![]() ![]() ![]() Vendor management includes activities such as selecting vendors, negotiating contracts, controlling costs, reducing vendor-related risks and ensuring service delivery. Vendor management is a term that describes the processes organizations use to manage their suppliers, who are also known as vendors.
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