What is the literal definition of vendor management?

Vendor Management is the management and control, by an entity, of those third parties that supply goods and/ or services to that entity. A Vendor Management System (VMS) is an Inernet-enabled, often Web-based application that acts as a mechanism for business to manage and procure staffing services - temporary, and, in some cases, permanent placement services - as well as outside contract or contingent labor. Typical features of a VMS application include order distribution, consolidated billing and significant enhancements in reporting capability that outperforms manual systems and processes (wikipedia) --

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