There are four major steps involved in the vendor management process. The first one is to set clear business goals so it will be easier to choose and manage vendors using the criteria and parameters set. The next is to choose the vendor that best suits your business goals and needs. It is important to work with only the most suitable vendors in order to achieve optimal results.
The third part of the process is to manage the vendors or suppliers that you have picked. It is the vendor manager's responsibility to maintain good relationship with them. Also, they monitor the performance of each partner, making sure that they work based on the contracts made.
The last part of the process is the continuous monitoring of the relationship and the performance, making sure that both parties are productive and enjoy good return of investment.
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