Enterprises are dependent on vendors to obtain IT hardware, software, and services. The Vendor Management process includes the identification, selection, contracting with, and ongoing management of vendors or suppliers, and is an essential part of the IT management process.
Vendor Management has four steps:
- Plan the Purchase.
- Identify Vendor Candidates.
- Obtain Proposals.
- Select the Preferred Vendor.
When you have completed these steps, you will have a solid understanding of what actions you should take when selecting vendors.