Master Vendor List Definition
A Master Vendor List (MVL) is a list of pre-approved vendors that have been carefully vetted and approved to do business with a company. This list can be used by procurement teams to save time and effort when sourcing new vendors.
An MVL can be created internally by a company, or it can be procured from a third-party provider. When creating an MVL internally, companies should consider factors such as vendor financial stability, supplier diversity, quality assurance, delivery times, payment terms, and customer service.
Third-party MVL providers typically use similar criteria when vetting vendors, but they also often offer additional benefits such as contract management and dispute resolution services.
An MVL can be a valuable tool for procurement teams, but it’s important to keep the list up to date and review it regularly to ensure that only the best vendors are included.