Author name: Ganeswar Swain

Vendor onboarding is the systematic process of integrating a new vendor into a company’s commercial ecosystem. It involves collecting and verifying vendor information, ensuring compliance with company policies, completing necessary documentation, and evaluating vendor performance or risk factors before they are fully approved to provide goods or services.

Vendor Relationship Management (VRM) is the discipline of overseeing and optimizing the interactions and relationships between an organization and its vendors. It encompasses the processes of vendor selection, performance assessment, contract management, communication, and the strategic alignment of vendors with business objectives. VRM aims to ensure that vendors deliver maximum value to an organization, mitigate

Vendor Contract Management refers to the systematic process of managing contract creation, execution, and analysis to maximize operational and financial performance while reducing risk. This involves ensuring compliance with the terms of an agreement, tracking performance, and managing renewals to optimize business relationships and procurement efficiency.

Accessible Procurement refers to procurement processes and practices designed to be inclusive and accommodating for all stakeholders, ensuring equal access to procurement resources, opportunities, and participation regardless of physical, cognitive, or technological disabilities. It emphasizes eliminating barriers both in policies and digital systems to promote fair and equitable procurement.

An acquisition strategy is a plan or approach developed to guide the process of identifying, evaluating, and acquiring companies, products, or services that align with an organization’s strategic goals and objectives. It outlines criteria for selection, financial considerations, integration plans, and value realization to ensure successful outcomes.

BAFO (Best and Final Offer) is the final commercial and technical proposal submitted by shortlisted suppliers at the end of a competitive sourcing or negotiation process. It typically follows one or more rounds of bids, clarifications, and negotiations. The BAFO round is the point where buyers ask suppliers to submit their most competitive, fully refined

A call-off contract is an agreement under a framework contract that allows an organization to purchase specific quantities of goods or services from a supplier as and when required. It does not specify exact delivery dates or quantities at the time of signing but establishes the terms, conditions, and prices under which the buyer can

Category Strategy is a procurement approach focused on segmenting and managing related spend categories to maximize procurement value. It involves developing targeted strategies based on market analysis and opportunities, allowing organizations to leverage purchasing power, optimize supplier selection, and achieve cost reductions while aligning with overall business goals.

A Central Purchasing Body is an entity designated to manage procurement processes for multiple public sector organizations or departments. This body consolidates buying power, optimizes procurement strategies, and ensures compliance with regulations, aiming to achieve cost efficiencies, standardization of products or services, and improved negotiation outcomes with suppliers.

Competitive Dialogue Procedure is a negotiated procurement process used in complex contracts where open or restricted procedures are not suitable. It involves engaging shortlisted suppliers in a dialogue to develop one or more solutions to meet the contracting authority’s needs, concluding in final tenders being invited based on the refined solutions.