Most of the time we manage our procurement by means of a formal contract, but this is not followed all the time. To make sure a good contract is reached with a great vendor, organization has to put efforts to know a set of vendors who can provide the required set of product. These information accumulated overtime by departments and the buyers team, this is your vendor database that needs to be used effectively for more cost cutting and better value delivery.

You can follow this screenshot and this navigation to update your vendor information.