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Vendor management is a structured method for selecting, governing and evaluating external suppliers. It establishes roles, contracts, KPIs and communication processes to manage risks, costs and service quality. The goal is sustainable supplier relationships with clear responsibilities, compliance controls and continuous performance improvement.
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What organizes, connects, or makes decisions possible.
Vendor management governs the selection, performance, risks, and collaboration with external suppliers across the business relationship.
Vendor management grew from purchasing and supplier relations into systematic oversight of outsourced services; CIPS describes the maintenance and evaluation of supplier relationships as part of that practice.
Define the need and selection criteria, agree performance and responsibilities, monitor quality, cost, and risk, then decide whether to develop, renew, or end the relationship.
The sequence of selection, engagement, management, evaluation, and termination.
A measurable expectation for a service’s quality, scope, and response time.
A possible impact from supplier failure or inadequate performance.
Vendor management makes external dependencies governable and protects operations, quality, and negotiating room.
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