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Glossary / Also known as

Supplier rationalisation

Another name for Vendor Consolidation.

Other names
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What does supplier rationalisation mean?

Supplier rationalisation is another name for Vendor Consolidation. Vendor consolidation is the strategic reduction of the supplier base by eliminating redundant or underperforming vendors to improve efficiency, compliance, and negotiating power.

The two names mean the same thing. You will see "supplier rationalisation" in some ledgers, reports and contracts and "Vendor Consolidation" in others. The full entry covers how it works, with examples.

Read the full definition of Vendor Consolidation

Topics

From the glossary

Related terms.

Vendor management Vendor Consolidation Vendor consolidation is the strategic reduction of the supplier base by eliminating redundant or underperforming vendors to improve efficiency, compliance, and negotiating power. Also called supplier consolidation, supplier rationalisation, vendor rationalisation Accounts payable Accounts Payable (AP) Money a business owes to its suppliers and vendors for goods or services received but not yet paid for. Also called trade payables, sundry creditors, payables Invoice processing Invoice Management The end-to-end process of creating, receiving, tracking, approving, and processing invoices for timely payments and accurate financial records. Also called invoice processing, invoice handling, invoice workflow GST basics GST (Goods and Services Tax) India's unified indirect tax that replaced multiple central and state levies, creating a single national market for goods and services. Also called Goods & Services Tax Statutory compliance Business Compliance The process of adhering to all applicable laws, regulations, and industry standards that govern business operations in India. Also called corporate compliance, regulatory compliance Vendor management Preferred Vendor A preferred vendor is a pre-approved supplier who has met stringent evaluation criteria and is given priority status for procurement within specific categories. Also called preferred supplier, approved vendor, approved supplier
From the blog

Related posts.

Vendors What is Vendor Management? Process, Lifecycle and KPIs Vendor management is how a business selects, onboards, contracts, pays, monitors and exits suppliers, so each delivers what was agreed, at the agreed price. OneFinOps Editorial 3 min Vendors Vendor Risk Assessment: Process, Checklist and Framework Vendor risk assessment rates a supplier's compliance, financial, operational, data and reputational risk into a score and tier that set approval and controls. OneFinOps Editorial 3 min Procurement Procurement Process: Steps, Types and Flow Chart The procurement process is the set of steps a business follows to buy goods and services: identify the need, source a supplier, order, receive, pay and review. OneFinOps Editorial 2 min
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