What do you mean by Vendor Management?

Question

Accepted Answer

Vendor management refers to the process of managing relationships with suppliers and vendors.

It involves identifying potential vendors and selecting the best ones for the organization's needs.
It also involves negotiating contracts and pricing with vendors.
Vendor management includes monitoring vendor performance and ensuring that they meet the organization's standards.
It also involves managing vendor relationships to ensure that they are productive and beneficial for both parties.
Examples of vendor management activities include conducting vendor assessments, tracking vendor performance metrics, and resolving vendor issues.

Popular interview questions of Assistant Manager Sourcing