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Vendor management is the process of directing and controlling relationships with third party suppliers. The following are common vendor management capabilities.The process of due diligence in selecting vendors and purchasing services.Vendor OnboardingThe administrative process of setting vendors up to work within your processes and environments. For example, granting required authorizations to access systems and physical locations.Relationship ManagementEstablishing and sustaining positive working relationships with vendors.
Vendor Risk ManagementIdentifying and controlling risks related to vendors in areas such as intellectual property, financial stability and information security.Financial ControlsVendor related financial controls such as invoice reconciliation.Performance ManagementMonitoring and evaluating vendor performance potentially including a vendor scorecard.SLA ManagementMonitoring SLAs and escalating violations.Contract ManagementManaging the lifecycle of contract negotiation, amendment, renewal, execution, obligations management and termination.ComplianceEstablishing standards and compliance controls in areas such as sustainability.|
Type | | Definition | The process of directing and controlling relationships with third party suppliers. | Related Concepts | |
Management
This is the complete list of articles we have written about management.
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A guide to management techniques.
A list of techniques for developing and implementing a strategy.
The basics of productivity.
A guide to project management.
The common types of internal benchmarking.
A definition of internal customer with examples.
A definition of business optimization with examples.
The common types of team objective.
A definition of internal stakeholder with examples.
An overview of the different types of management planning.
A definition of management with examples.
A list of common project risks.
A list of basic project management techniques.
A definition of workaround with examples.
A list of project branding techniques.
An overview of project stakeholder management with examples.
A definition of action plan with examples.
The primary types of cost overrun.
The definition of document control with examples.
A guide to project oversight.
A definition of design driven development with examples.
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