Supplier Life Cycle Management is a strategic business process that looks at the entire lifecycle of the supplier relationship, from initial selection and onboarding to ongoing performance and risk monitoring. It focuses on maximizing the value derived from existing relationships with suppliers to ensure they remain competitive in such market forces as price, delivery, quality, and technology. The process also helps identify areas of new opportunity, such as identifying new vendors who can offer features or services not found with other suppliers. Ultimately, Supplier Life Cycle Management provides an efficient way for organizations to assess, monitor, and optimize their suppliers—allowing them to be better prepared for major industry shifts.