Speaker 1: Vendor management refers to the process that helps the organization to find the vendors, evaluate them, and ensure that they are qualified. The process only starts once the need arises to outsource a given task to a vendor organization to perform the activities to accomplish vendor management. Researching vendors who can perform the required tasks involves negotiating and entering into your contract price quotation, performance evaluation, preparation, and maintenance of the vendor-related documents, processing of the payments. The organization makes an extension of all list vendors who can perform the task and deliver it with quality. The vendors are then properly screened based on the following factors, capability, pricing, quality, past history, and goodwill. Initially, quotations are obtained from each of the vendors and their references are checked out. The company researches thoroughly through their resources. Once this is done, their financial stability certifications and insurance details are evaluated. Once a list of eligible vendors is selected, the responsibility of the vendor manager lies in managing a list of vendors allocating tasks or contracts when necessary. Keeping a check on their performance ensures that the agreed-upon contract rules are followed. Depending on past performance, a specific vendor might be best suited for a specific task, while secondary preference is given to other vendors. When the preferred vendor is not able to take a project or is unable to deliver, then the other vendors will be assigned to the project. The management requires huge documentation work. The databases need to be integrated with various accounts' payable systems. This process usually requires obtaining vendor information like contact information incidents or tax-related documents. When the vendors have access to confidential information, it is essential to get the non-disclosure agreement or similar agreements signed in from them and documented. Join the world-leading project pairing platform today at www.mpgpartnering.com.