A Vendor Information Management System (VIMS) is a comprehensive system designed to manage the life-cycle of vendor relationships – from sourcing and onboarding to contracting, performance monitoring, and communication. VIMS provides a single source of truth for all vendor data, making it easier to review, edit and update information quickly and efficiently while ensuring data accuracy and consistency. With a VIMS, businesses can ensure that they are selecting the right vendors for their needs, streamlining processes and reducing costs associated with the vendor management process.