The supplier management helps in managing the relationship with the vendors. Explanation: The suppliers or vendors are entities that supply the goods or raw materials to the organization for the manufacturing of a product. They have a critical role to play in the success of the organization. Supplier management is an effective way of managing the suppliers so that it ensures that they supply quality products that add value to the goods. It requires establishing legal contracts and policies with the suppliers. Contracts with suppliers should match the business needs of the organization. It is necessary to maintain a good relationship with the suppliers and working along with them.