Supplier management is a process used by businesses to ensure that they are working with the best suppliers to meet their needs. It involves the evaluation, selection, and management of suppliers in order to maximize the value of the products and services they provide. This process includes identifying potential suppliers, evaluating their capabilities, selecting the best ones, and then monitoring their performance over time. It also involves setting up and maintaining a relationship with the suppliers, negotiating contracts, and ensuring that the supplier is meeting the agreed-upon terms and conditions. The goal of supplier management is to ensure that the company is getting the best quality products and services at the most competitive prices. This helps to ensure that the company is able to maximize its profits and minimize its costs.