Procurement and Vendor Management is the official business definition of the process of acquiring goods and services from external sources. It is a process that includes researching, selecting, and managing vendors, negotiating contracts, and monitoring the performance of vendors. The goal of Procurement and Vendor Management is to ensure that goods and services are acquired in a timely and cost-effective manner while meeting the needs of the organization. It is a critical part of the overall supply chain management process and is essential for ensuring that the organization has the resources it needs to meet its goals. Procurement and Vendor Management also involves managing relationships with vendors, ensuring that vendors are meeting the terms of their contracts, and providing feedback to vendors on their performance. This process helps to ensure that the organization is getting the best value for its money and that vendors are providing quality goods and services.
