Vendor Relationship Management

Vendor Relationship Management (VRM) is the strategic process a company uses to manage its interactions and partnerships with suppliers and service providers. It involves selecting the right vendors, negotiating agreements, and maintaining ongoing communication to ensure mutual value and reliability. Effective VRM helps optimize costs, improve service quality, and foster long-term collaborations. By building strong relationships, a company can better meet its needs, stay competitive, and adapt to changing requirements, ultimately supporting the organization’s goals and operational efficiency.