Procurement - Process
Vendor management
The ongoing work of selecting, overseeing and improving relationships with suppliers
What's it for?
Keeps important suppliers accountable for their cost, performance, risks and contractual promises.
For example…
Quarterly supplier reviews cover service, problems, future plans and renewal costs.
Before renewing a major supplier contract, the company reviews whether the supplier met its service promises, any security concerns and any unresolved problems
Think of it like…
Managing a roster of regular contractors: check quality, renegotiate when needed, and notice before a key one walks away