Vendor Management refers to the processes and practices involved in managing relationships with suppliers and vendors. It encompasses activities such as selecting vendors, negotiating contracts, and monitoring performance to ensure that the goods and services provided meet the organization's standards and requirements. Effective vendor management can lead to improved quality, reduced costs, and enhanced collaboration. In today's competitive business environment, organizations must prioritize vendor management to optimize their supply chain. This involves establishing clear communication channels, setting performance metrics, and conducting regular reviews. By fostering strong partnerships with vendors, companies can achieve greater efficiency and innovation in their operations.