Vendor or supplier management is part of the procurement process involving selection of appropriate vendors, describing supply conditions, negotiating supplier contracts, quality bench marking of supplies and payment terms.
Vendor’s or suppliers are the most important part of production matrix in any operations, the set of standard operating procedures revolving around quality, goods inwards and procurement is collectively part of vendor management. The company runs with help of various expertise and other administrative needs and has to depend on different people, company’s in fields of IT , Human resources, third party marketing companies, Branding and advertisement etc for providing professional expertise and all of these come under vendor management circle.
