Supplier Management is the process of managing organizations’ relationships with vendors of goods and services to ensure that the purchased products are delivered on time, within budget, and of high quality. Supplier management involves a strategic approach of evaluating, selecting, and engaging with existing suppliers while also searching for new potential suppliers. It covers activities such as identifying and qualifying suppliers; developing sourcing plans; negotiating contracts; monitoring performance; and building relationships. The ultimate goal of supplier management is to maximize value while minimizing cost.