Vendor Management

When an organization chooses a vendor, it establishes a partnership. The organization and the vendor work together to achieve a goal for the benefit of the organization—whether it be providing office supplies so employees can get their work done or inviting sellers to an event to add value to the customers in attendance. With that said, it is crucial that organizations manage vendor relationships effectively in order to thrive. 

Vendor management includes researching and sourcing vendors; obtaining quotes on pricing, capabilities and turnaround times; negotiating contracts; managing relationships; assigning jobs; evaluating performance; and ensuring payments are made. Vendor management empowers an organization to take appropriate measures for controlling costs and delivering value.

Watch the following videos for insights on vendor management. 

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