Procurement 101

Vendor Management

Reading time:

5 minute read

Written by

Majdi Sleimen

Vendor Management

Why is vendor management important?

Because if you don't maintain a list of reliable suppliers for every product and service you buy, you are, in essence, starting over every time you prepare a purchase order.

Did the vendor supply the quality and quantity of product or service that was promised last time? Were the terms honored? Was it delivered on time? Were the documents in order?

A good vendor-management system can tell you that.

As importantly, the system offers procedures on how to select suppliers and how to evaluate them, enabling you to keep only the ones who perform to your standards.

With Tradogram, each purchase gives you the opportunity to quickly and easily rate the vendor. A quick review before the next RFQ goes out will ensure you pay only for good value-whatever you determine that to be. This vendor-management system is usually part of more expensive supply management software. With Tradogram, it comes at no extra charge.

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