In today’s fast-paced business environment, effective vendor management is essential for organizations to maintain smooth operations, ensure compliance, and drive cost efficiencies. However, traditional vendor management methods—often relying on manual processes and fragmented systems—are time- consuming, error-prone, and inefficient. Challenges such as delayed vendor onboarding, lack of real-time visibility, compliance risks, and poor vendor performance tracking create operational bottlenecks and increase business risks.