Supply Chain Vendor Management Definition
Vendor management is the process of assessing supplier performance, defining and setting expectations for quality and delivery, and maintaining supplier performance records. In supply chain management, vendor management is a critical part of ensuring that goods and services are delivered on time and meet quality standards.
An effective vendor management system can help streamline operations, improve communication between buyers and suppliers, and reduce costs. A well-run vendor management program can also improve supplier performance by holding suppliers accountable to agreed-upon standards and providing feedback on their performance.
