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Vendor Management is used when describing the activities included in researching and sourcing vendors, obtaining quotes with pricing, capabilities

The term vendor management is used when describing the activities included in researching and sourcing vendors, obtaining quotes with pricing, capabilities, turnaround times, and quality of work, negotiating contracts, managing relationships, assigning jobs, evaluating performance, and ensuring payments are made.

Effective vendor management requires a lot of skills, resources, and time. It’s about streamlining the process for heightened efficiencies and managing vendor relationships to ensure that the agreements made are mutually beneficial for both parties.

With effective vendor management processes in place, you can properly establish service, quality, cost, and satisfaction goals and choose and manage third-party suppliers that help you achieve those business goals.

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