What is the purpose of vendor management

Vendor management is a practice that enables organizations to control costs, drive service excellence and mitigate risks to gain increased value from their vendors throughout the deal life cycle.
The discipline is rooted in the principle that vendors can help organizations achieve strategic outcomes faster than if they were to go it alone.
By leveraging vendor management best practices, you can utilize your vendors more effectively while improving their performance, reducing your costs and ensuring that purchases are of the highest quality.
Vendor management software is changing the face of technology buying; it helps organizations get the best value for their money while also reducing risk by ensuring effective contract negotiations, an engaged partner base, and helping negotiate competitive terms. This eliminates costly extended support contracts and can dramatically improve response times when issues arise.

Streamline your vendor strategy, process and engagement across the entire deal life cycle with the World's 1st Plug and Play vendor management system powered by TYASuite that offers modern capabilities covering all aspects of vendor compliance, risk mitigation and supply chain optimization from initial RFI/RFP through procurement, payments and beyond.