What Is Vendor Management?

Author(s): Steven Jeffery, Phil Bode

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Vendor management is a proactive, holistic, and strategic approach to interacting with vendors from cradle to grave (i.e. onboarding through offboarding). It comprises five Vendor Management Towers of Excellence with each Tower comprising unique processes that are complementary to the other Towers. In addition, vendor management exists as a spectrum: at one end you will find formal, well-staffed, and robust vendor management offices (VMOs), and at the other end you will find a part-time person using some vendor management practices, tools, and/or template to improve their exchanges with their important vendors.

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