Vendor Data Management (VDM) is an essential process for any business that relies on vendors to provide goods or services. In essence, it involves evaluating vendor performance, staying up-to-date on their information, and managing payments and contracts. From monitoring invoices and deadlines, to tracking product and service quality, VDM ensures that good relationships with your vendors can be maintained. Ensuring timely and accurate data entry and cross-referencing vendor information helps businesses keep costs low while meeting customer expectations. By taking a proactive approach to managing vendors and their data, businesses can save precious time and resources while avoiding costly errors.