Vendor management is vital for longevity and survival in today’s business environment. Vendor management in procurement has several aims and benefits that are reflected in strategic objectives. There is an important link between vendor management and strategic objectives and to derive the ultimate benefits, this must be recognised and aligned with each other. Since vendor management places a particular focus on constant improvement, there are several ways a business can improve vendor management practices.
Vendor management circles around transacting with vendors, and building and maintaining vendor relationships. This is crucial for the long-term survival and existence of businesses.
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