Vendor Management is the process of proactively overseeing the performance of vendors by carefully assessing their products, services, contracts, and relationships. It involves a careful evaluation of each vendor’s qualifications, performance, capabilities, compliance, and more to ensure the right fit for your business. Setting up a formalized and structured Vendor Management Process provides businesses with full control over the third-party agreement life cycle, and helps them maximize their ROI while minimizing potential risks. This process includes steps such as identifying and selecting vendors, authorizing and executing agreements, monitoring performance, and managing disputes and closures. By engaging in these steps, businesses can leverage the full potential of their vendor partnerships and drive successful outcomes.