The processes for selecting, coordinating, monitoring, and maintaining relationships with external suppliers.
Why Vendor Management matters
Understanding this term helps teams align sales, operations, finance, and technology around how business customers evaluate, purchase, and receive products or services.
How It Applies to E-Commerce
Marketplace or commerce teams coordinate suppliers whose product feeds and fulfillment affect the storefront.
How It Applies to ERP Systems
ERP manages vendor masters, purchasing, supplier terms, lead times, and performance.
How It Applies to CRM Systems
CRM may track supplier relationships when the organization uses it for partner management.