// ROBOTICS AND SMART FACTORIES TERM
Vendor Management
Vendor management is the process of overseeing and controlling the relationships and contracts with companies that supply goods or services. It ensures that vendors meet expectations and deliver value.
TECHNICAL DEFINITION
Vendor management is the strategic process of selecting, onboarding, monitoring, and optimizing relationships with third-party suppliers to ensure performance, compliance, cost-effectiveness, and risk mitigation across the supply chain.
BACKGROUND
Operations management is concerned with designing and controlling the production of goods and services, ensuring that businesses are efficient in using resources to meet customer requirements.
READ MORE ON WIKIPEDIASYNONYMS & ALIASES
- Supplier Relationship Management
- SRM
- Supplier Management
- Procurement Management
USAGE NOTE
Effective vendor management reduces supply chain risks and improves operational efficiency.