oboloo Glossary

Vendor Lifecycle Management

Vendor Lifecycle Management

Vendor lifecycle management is the process of onboarding, managing, and offboarding vendors throughout the entirety of their relationship with your organization. This process includes defining and documenting policies and procedures related to vendor management, as well as maintaining regular communication and performance reviews with vendors.

The purpose of vendor lifecycle management is to ensure that vendors are providing the best possible products, services, and support to your organization, while also adhering to your organization’s policies and procedures. An effective vendor lifecycle management program can help you save time and money, while also reducing risk.

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