Vendor Management Tools And Techniques are the processes and technologies used to efficiently manage relationships with vendors in order to reduce costs, optimize performance, and ensure contractual compliance. This includes developing and maintaining vendor relationship plans; negotiating contract terms; monitoring vendor performance; and measuring the effectiveness of vendor-provided services. When done correctly, Vendor Management Tools and Techniques provide organizations with greater visibility and control over their supplier base, improving communication, ensuring a healthy and productive partnership between vendor and organization.