Procurement is the process of obtaining goods and/or services from an external source by entering into contractual agreements. It includes sourcing, selection, negotiations and contract management. Vendor Management encompasses all elements in the relationship between a business and its vendors to ensure efficient delivery of goods and/or services with maximum value. Vendor Management involves planning, selecting, and establishing working relationships with vendors, as well as tracking and monitoring performance relative to contracts. This engagement is built upon collaboration and trust, making it a two-way effort geared towards success for both parties.