History
The term vendor originally represented property vendors. However, today it means a supplier of any good or service. A vendor, or a supplier, is a supply chain management term that means anyone who provides goods or services to a company or individuals. A vendor often manufactures inventoriable items, and sells those items to a customer.
Typically vendors are tracked in either a finance system or a warehouse management system.
Vendors are often managed with a vendor compliance checklist or vendor quality audits.
Purchase orders are usually used as a contractual agreement with vendors to buy goods or services.
Vendors may or may not function as distributors of goods. They may or may not function as manufacturers of goods. If vendors are also manufacturers, they may either build to stock or build to order.
'Vendor' is often a generic term, used for suppliers of industries from retail sales to manufacturers to city organizations. 'Vendor' generally applies only to the immediate vendor, or the organization that is paid for the goods, rather than to the original manufacturer or the organization performing the service if it is different from the immediate supplier.
Read more about this topic: Vendor (supply Chain)
Famous quotes containing the word history:
“America is the only nation in history which miraculously has gone directly from barbarism to degeneration without the usual interval of civilization.”
—Georges Clemenceau (1841–1929)
“When the coherence of the parts of a stone, or even that composition of parts which renders it extended; when these familiar objects, I say, are so inexplicable, and contain circumstances so repugnant and contradictory; with what assurance can we decide concerning the origin of worlds, or trace their history from eternity to eternity?”
—David Hume (1711–1776)
“Three million of such stones would be needed before the work was done. Three million stones of an average weight of 5,000 pounds, every stone cut precisely to fit into its destined place in the great pyramid. From the quarries they pulled the stones across the desert to the banks of the Nile. Never in the history of the world had so great a task been performed. Their faith gave them strength, and their joy gave them song.”
—William Faulkner (1897–1962)