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Vendor Management
Vendor management enables an SMB to manage vendors that provide services to its organization. This discipline can result in better cost control and service excellence and reduce the risks associated with long-term contracts and vendor tie-ins. A vendor management strategy enables leaders to: - Choose the right vendors based on their budget and organizational requirements - Negotiate the right contracts - Determine the ideal number of vendors - Reduce risk when working with vendors - Only pay for vendor services they require - Become part of a vendor management organization that serves their business
What Small and Midsize Businesses Need to Know About Vendor Management
An SMB that manages vendors can minimize business disruption, meet business objectives, avoid downtime and delivery failures, ensure sustainable multi-sourcing, and get more value from their vendor contracts.
Related terms
- Procurement
- Bill of Materials (BOM)
- Advanced Driver Assistance Systems (ADAS)
- Smart Factory
- Strategic Sourcing
- Value-Added Reseller (VAR)
- Telematics
- Supply Chain
- Vendor
- Enterprise Resource Planning (ERP)
- Supply Chain Planning (SCP)
- Scanner
- SCADA (Supervisory Control and Data Acquisition)
- Total Quality Management (TQM)
- Vendor Management
- Senpai
- Radio-frequency Identification (RFID)
- Loopback
- Total Cost of Ownership (TCO)
- Electro Mobility (e-Mobility)