Vendor Relationship Management (VRM) is a process for businesses to build strong and meaningful partnerships with their suppliers. It involves effective communication, collaboration, and negotiation to ensure mutual goals are achieved. The process not only helps businesses save time and money by leveraging the skills and knowledge of vendors, but also helps promote a more secure, responsive, and profitable relationship between the two entities. By engaging in vendor relationship management, businesses can maximize their strategic advantage while developing mutually beneficial supplier relationships.