Vendor Management Best Practices for Risk and Cost Savings
A single business is not an isolated box, fully self-sufficient in serving the needs of its customers. Every single business needs to buy goods and services, whether something as ordinary as office goods or something more particularized like a custom product or service. Buying requires contracts, and contracts require management. This is the vendor management process: storing, organizing, negotiating, renewing, and terminating contracts with a business’s various suppliers.
In a small business, vendor management is…