Learning about vendor management is no easy task.
As soon as you search the words ‘vendor management’ in Google, you’re bombarded with details regarding vendor management systems, rather than information regarding vendor management itself.
And considering that 88% of companies use at least one outside vendor, and 47% more than 10 vendors, vendor management is a topic that, at some point in their careers, many employees will need to understand.
That’s why in this informative, easy-to-understand post, I’ll tell you everything you need to know about vendor management – and in layman’s terms.
Specifically, you’ll learn exactly what vendor management is, the benefits of it, and the process of managing vendors successfully. To finish off, I’ll even provide you with (free!) vendor management templates you can jump into and use straight away. Just read through the sections below:
- What is vendor management?
- Benefits of vendor management
- The vendor management process (and its 4 essential components)
- Tried-and-tested tips for successful vendor management
- How Process Street can help with vendor management and vendor relations
Now, it’s time to get a solid grasp on vendor management.