The Vendor Management Team is the group of professionals responsible for managing a company’s vendors. These individuals are tasked with researching, evaluating and selecting vendors to ensure the best possible products and services at competitive prices. They also manage the ongoing relationships between buyers and sellers, including contract negotiation, monitoring of performance and compliance, resolving disputes and complaints, and consolidation of vendor relationships wherever feasible. In short, the Vendor Management Team is vital to the success of any organization looking to maximize efficiency and profitability.