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Vendor Management Guide
What are the key stages of vendor management?
The stages of vendor lifecycle normally involve selection, onboarding, performance monitoring, and contract renewal or termination. Every stage is designed in a way to ensure consistency and accountability of the relationships with suppliers. Vendor management software facilitates the vendor lifecycle by means of automation.
Related Procurement FAQs
How often should vendor performance be reviewed?
How does AI help improve vendor management?
How does vendor management software work?
What is the purpose of using a vendor management system (VMS)?
What types of businesses need vendor management software?
What is the difference between vendor management software and procurement software?
How does a VMS help in managing third-party vendors?
What problems does vendor management software solve?
