Vendor management is comparatively a contemporary subject. The need for shortlisting vendors has risen from the evolution of production techniques. In earlier times, when the production was done manually, the demand was always higher than the supply. And hence, the seller focused only on the product and not on the satisfaction of the consumers. But with the Industrial Revolution, the scenario changed. Now the supply is much higher than the demand. Hence the need for product differentiation, attractive packaging and creating brand image became imperative. The focus of vendor management is solely on Consumer Satisfaction. Modern Vendor Management moved much higher than simply selling. It starts before production with Marketing Research and Product Planning and continues even after selling in form of After Sales Service.

Managing vendors is the most important function of any business because it focuses on Customer satisfaction which leads to Profit Maximization.

It caters to many functions like Buying/Assembling, Selling/Distribution, Transportation, Storage, Marketing Research, Product Planning and Development, Standardization and Grading, Branding, Labelling, Packaging, Advertising, Salesmanship, Packaging etc. There are several aspects that our vendor management team focuses upon that are as given below:

Labelling Labelling implies putting labels on products that are, putting labels/identification marks on the package, that is, its size, weight, price, date of manufacturing & expiry. Under vendor management we take due care of the following aspects:

Packaging Packaging is a process which involves designing & producing the appropriate sizes of packages for packing the product. Our vendor management team assures that there is no discrepancy while undertaking the process of packaging along with the safety of the product.

Finding the best available vendors Finding the best available vendors can be explained as a systematic & scientific investigation into all the aspects of the market so that business can be driven smoothly for the whole year. It includes an examination of the consumer’s behaviour & also evaluates the pattern of demand & supply of past & current year(s) & then analyses the marketing plan of the current year.

Branding Branding can be defined as giving a unique identity to a business. It includes the usage of a particular name, number, or symbol to make the business look different from others. Vendors from different businesses are identified with an expert from our vendor management team

Onboarding and creating standards Onboarding and creating standards include the physical transfer of goods from one place to another, it includes mediums of transportation such as trains, buses, etc. It helps to create both place & time utility.

Storage It implies storing seasonal goods in applied warehouses or in huge spaces so that they can be stored efficiently & can also be utilised as & when necessary. Hence, it creates time utility. We coordinate the details of our clients with our vendors and ensure that there is safe storage while the devices are to be warehoused for a particular period

Standardisation and grading It refers to arranging goods into different lots and then grading/giving them standards on the basis of their quality so that it is easier for consumers to choose & select, which also gives them guaranteed standard quality & greater satisfaction.

Contract negotiations It implies deciding the monetary value of the commodity. It adds value to the commodity & serves as the returns for factors of production. We also bring in the negotiations between clients and vendors so that there is an efficient pricing system implemented in the process of vendor management

Epsilon strongly believes in rendering quality vendor management services to its clients in order to augment business performance.