Ultimate Guide for Vendor Management

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Any company that sells products or services to your business is a vendor. Examples of vendors you may have include third-party payroll services, suppliers of raw materials for products, cleaning services, and shipping companies.

A vendor management system is a software program that helps your business with the various processes you use to control costs, improve service, increase value and reduce risk when working with vendors. Examples of management processes include:

Researching vendors
Assessing the quality of their work
Comparing prices
Setting organizational standards for vendor performance
Making on-time payments.
Estimating turnaround times

Management processes also include managing vendor relationships, assigning jobs, reporting, key performance indicator tracking, conflict resolution, compliance monitoring, and risk mitigation. Your vendor contracts should specify your performance expectations, and you should have a backup plan ready for when a vendor does not meet expectations.