Vendor Lifecycle Management is the process of identifying, evaluating, engaging and managing suppliers to optimize outcomes for the business. It involves improving efficiency and mitigating risk through a comprehensive review of existing policies, procedures and systems. The process enables businesses to strengthen vendor relationships, improve their ability to comply with regulations, avoid costly surprises and maximize their value from supplier investments. With Vendor Lifecycle Management, organizations can ensure that their suppliers are contributing to the growth and success of the company in an efficient and cost-effective manner.