Supplier management is the process of overseeing and coordinating relationships with the vendors that provide goods and services to a business. This involves selecting the right suppliers, negotiating contracts, and ensuring that they meet quality and delivery standards. Effective supplier management helps businesses reduce costs, improve efficiency, and maintain a reliable supply chain. Additionally, supplier management includes monitoring supplier performance and addressing any issues that arise. It often involves regular communication and collaboration to foster strong partnerships. By managing suppliers effectively, companies can enhance their overall operational performance and achieve better outcomes in their supply chain processes.