Vendor management- SAP

3 weeks ago


sany, India Horigine Consulting Pvt. Ltd Full time
Vendor management is a comprehensiveprocess that involves selecting onboarding managing and evaluatingthirdparty suppliers or service providers to ensure that anorganization receives highquality goods and services at competitiveprices. Effective vendor management can lead to improvedoperational efficiency cost savings and stronger supplierrelationships. Here are key components and best practices foreffective vendor management: IMPLEMENTATION IN MM OR VDM
###Key Components of Vendor Management
1.**Vendor Selection:*
2. **ContractNegotiation:**
3. **Onboarding:**
4. **Performance Management:**
5. **Relationship Management:**
6. **RiskManagement:**
7. **TechnologyUtilization:**
**Vendor Management Systems(VMS):
8. **Cost Management:**
**Budgeting:**Allocate budgets for vendorrelated expenses.
**CostControl:** Monitor costs and identify opportunities for savingsthrough negotiations or process improvements.


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