There are many “best practices” for managing your vendors, but the top 5 that come to mind are as follows. 1: Set expectations and define desires. Setting expectations and defining your desires should be part of the vetting process when you’re looking for a new vendor. Expectations, both internally and …

A well-managed vendor relationship will result in increased customer satisfaction, reduced costs, better quality, and better service from the vendor. When and if problems arise, rest assured that a well-managed vendor will be quick to remedy the situation. The time, money and energy used to nurture a positive vendor relationship …

Vendor management allows you to build a relationship with your suppliers and service providers that will strengthen both businesses. Vendor management is not negotiating the lowest price possible but constantly working with your vendors to come to agreements that will mutually benefit both companies. Appropriate vendor management practices provide only …

Vendor management software offers new levels of integration and standardization across the value chain. Organisation that strive for supply chain innovation transform their trading capabilities. Capturing the digital opportunity means adopting new technology and innovation to maintain the advantage. For buying groups, digital supply chains dramatically improve vendor management. Vendor …