Global Vendor Relationship Management

Global Vendor Relationship Management (GVRM) refers to the strategies and processes organizations use to manage their relationships with suppliers and service providers worldwide. It involves coordinating communications, contracts, and performance evaluations to ensure suppliers meet quality, cost, and delivery expectations. By effectively managing these relationships, companies can foster collaboration, improve supply chain efficiency, and reduce risks. GVRM also helps organizations negotiate better terms and achieve greater innovation through strong partnerships, ultimately supporting overall business success in a competitive global market.