Ans:
Relationship management is extremely vital if a company wants to maintain a good purchase management policy. It is important to mitigate any kind of risks in procurement. More visibility is required to effectively reduce supplier risks in terms of operations, regulatory compliance, or unpredictable cost implications. You can track your suppliers and get the data you need to discover supplier weaknesses by incorporating vendor management into your relationship management. Then you can weigh the risks and decide whether to mitigate them or find another vendor with whom to work.