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Vendor Management Template

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Vendors are essential to one's business since they source raw materials that build the final product. However, the business can't run smoothly if the company fails to manage its vendors systematically. The Vendor Management Template that Stackby provides is the perfect solution to this problem.

Understanding Vendor Management

A vendor refers to the sellers who provide products/services to the company. The processes of data collection, forming contracts, reducing risks, and building good business bonds are called vendor management. Vendor management ensures timely delivery of promised goods and services that match the quality and demands of the receiving end. 

Why is Vendor Management Essential?

  • Vendors carry risks relating to product/service quality, accurate payments, and timely delivery. Managing vendors reduces these risks and deflects losses. 
  • Selecting the right vendors saves time and reduces cost. 
  • Delivery of products and services need to be ensured by the company vendor management. 
  • It builds trust between the provider and receiver, generating goodwill for both parties. 
  • It thus ensures the uninterrupted functioning of the business. 

How will the Stackby Vendor Management Template help your business?

  • The Vendor management template will help you manage your vendors by organizing their detailed information according to your preference. This overview helps you select the most appropriate seller for your job at hand. 
  • The template provides you with a built-in system of entry that allows you to record the vendor’s current status, name, contact information, and the services they provide in detail.
  • You can upload the deal document and contracts to ensure that they comply with their end of the deal. 
  • Costs are reduced because information about their products and quality gives you the upper hand in negotiations and discounts.
  • Since you will be able to store your vendor(s) details all in one place, it saves you time and trouble while communicating and tracking the vendor’s status.
  • The linking of sites acts as a bonus feature as you’ll directly be able to reach your vendor’s company website.
  • The vendor's management template features the 'vendors needs' section, which caters to the seller's requirements to deliver a quality product. 
  • The payments are made easier with the provision of bank details.

Who will find this template useful?

Firms frequently carrying out businesses with third parties as well as start-ups will find this template extremely helpful. It also helps firms that produce goods involving several steps of production of the final product.