Procurement vendor management is an ongoing process of identifying, assessing, and developing relationships with external partners to maximize value for an organization. It involves the development of effective strategies to evaluate vendors, as well as creating systems and processes to ensure that the relationship is managed in a way that maximizes value. Through this process, procurement professionals are able to identify reliable service providers and create mutually beneficial partnerships. Engaging vendors at all stages of the supply chain allows organizations to build long-term relationships that benefit both parties.