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  If you are running a business currently, terms like  vendor management tools  and  vendor management software  are the buzzwords in the industry. Let us understand why these terms are so important. The smallest, as well as the biggest of businesses, always have vendors. Be it a software company or your local hair salon, all businesses have this single entity supporting their business (supplying what they need to run their business) known as a vendor. And the consolidation of activities you take on to keep a close watch on all your vendors is vendor management — one of the industry’s most overlooked processes. However, this process is essential to ensure the smooth running of your business operations while preparing for future growth. Creating and sustaining efficient vendor relationships result in: Better products : Improved product quality always results in happier customers. Efficient and fast delivery : A dependable vendor helps ensure one can effectively meet customer requirement

From coffee houses to tech companies, businesses particularly rely on third-party vendors to run and grow optimally. It could be an HR services provider, a local product supplier, an internet service provider, or anything like that. In order to manage your vendors, you need a sound vendor management process in place. Otherwise, your purchases, contract negotiations, and renewals could get messy. As a result, you may risk losing your money by overpaying vendors or buying duplicate subscriptions, especially if you run a  business. Fortunately, you can save yourself from these hassles and navigate the vendor management process smoothly. All you need is some proven vendor management strategies that give you full visibility and control of things.  Let’s check out five vendor management best practices: #1 Effective Vendor Communication You want to maintain positive and mutually beneficial relationships with your vendors, and communication is the key to this process. By communicating transpa