The aim of the Vendor Management process blade, sometimes called procurement, is to:
- Help source/identify and procure the right products and services from other organizations. To negotiate and then manage contracts with partner organizations.
- To oversee relationships and partnerships to ensure partner excellence and increase overall value of partnerships.
- To address the risk associated with external partnerships.
To do this your vendor management team will collaborate with other parts of the organization to help them understand their needs (if any), identify potential vendors that can fulfill those needs, and work with your legal team to develop appropriate contracts. Organizationally your vendor management team is part of, or at least closely related to, your legal team.