Basis of Vendor Management
Vendor or supplier management is a process of several stages focusing on the development of good working relationships with vendors, who provide goods and services to companies so they can operate on a daily basis.
Vendor management helps organizations to control costs, reduce risks related to vendors, ensure great service and derive sufficient value from vendors over time. Some important stages of vendor management are:
Researching vendors
Gauging the quality of work
Vendor selection
Managing multiple vendor relationships
Setting organizational standards
Ensuring on-time payments
Resolving disputes
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