Vendor management encompasses the processes organizations use to select and manage their vendors, which vary widely in type and size. Effective vendor management is crucial for improving vendor selection, reducing costs, minimizing supply chain disruptions, and fostering strong supplier relationships. Benefits include quicker processing, better communication, and increased competition among vendors.

1. RMM Technologies (P) Ltd

2. •Vendor Management
•Vendor Management Process
•Why is vendor management
important?
•Vendor management benefits
•Vendor management benefits
AGENDA

3. Vendor Management :
•Vendor management describes the methods that
organizations employ for managing their vendors which are
also referred to as vendors. Vendor management involves
actions like selecting vendors and negotiating contracts,
managing costs, reducing risk associated with vendors and
ensuring the delivery of services.
•The vendors utilized by a business will differ greatly based on
the needs of the business It could be comprised of companies
such as seafood companies as well as IT vendors, cleaners or
marketing specialists. Vendors also vary in size, from sole
traders to large-scale organizations.

5. •The management of vendors is crucial due to a variety of
reasons. In one sense, the management of vendors plays an
important part in picking the right vendor to meet an
individual business need. businesses can leverage the
management of their vendors to meet objectives in the
business, like maximizing opportunities to save money and
adopting measures to improve the speed of onboarding.
•Vendors should also be properly managed to minimize the
chance of disruptions to supply chains and to ensure that the
products and services supplied are provided on time and
according to the standards expected. Beyond that, a well-
designed process for managing vendors can aid companies in
building better relationships with their vendors which could
result in to opportunities to negotiate lower rates.
Why is vendor management important?

6. •Improve vendor selection
•Cost savings from harnesses
•Speed up vendor onboarding
•Reduce the chance of disruptions in the
supply chain
•Strengthen supplier relationships
•You can negotiate better rates
Vendor management benefits

7. •Quicker Processing times
•Better Communication
•Vendor Profile Maintenance
•Larger Vendor Pool/increased
Competition
•Audit trails
Vendor management Advantages

8. "If you sell what you do,
you're a vendor. If you sell
why you do it, you're a
brand".
Simon Sinek
Thank you!
More info: https://rmmindia.com/vms/