Vendor Management is the process of developing, managing, and evaluating vendors that supply goods and services to an organization. It involves overseeing contracts, monitoring vendor performance, ensuring compliance, and maintaining strong relations with existing vendors while bringing in new ones. It is essential for businesses to build relationships with their vendors to ensure they are receiving the best quality products and services at the most competitive prices. Vendor Management helps organizations assess risk and maintain control over the procurement process while maximizing profits. By engaging in Vendor Management, businesses can gain greater visibility into their supply chain processes, improve collaboration between departments, increase efficiency, reduce costs, and maximize value from their vendors.