Vendor Mdm is an organizational term that refers to managing relationships with external suppliers for operational efficiency and cost effectiveness. Vendor management involves the process of strategically selecting, onboarding and auditing vendors on an ongoing basis to ensure they meet the organization’s business requirements. This requires efficient communication between all stakeholders involved in the purchasing process and ongoing monitoring of vendor performance and behavior. With the right vendor relationship management strategies, companies can be sure that their investments are going towards reliable, high-quality vendors who will fulfill their obligations and remain compliant with industry regulations.