Vendor Management Framework Definition
A vendor management framework is a system that provides a structure for how an organization manages its vendors. This system includes policies and procedures for how to select, onboard, monitor, and terminate vendors.
The goal of a vendor management framework is to help an organization manage its relationships with vendors in a way that is efficient and effective. This includes ensuring that vendors are held accountable for their performance, and that they meet the organization’s standards for quality and compliance.
A vendor management framework should be tailored to the specific needs of the organization. It should be regularly reviewed and updated as needed, in order to keep up with changes in the organization’s business model or operations.
