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Difference between vendor and supplier | Explained | Procurement Academy

Hello Everyone! welcome to our new video about difference between vendor and supplier. Many businesses use the terms vendor and supplier to mean the same thing when referring to all third-parties that supply them with products or services. But, there are few differences between vendor and supplier which are appended below: • A vendor is an individual or company who sells goods and services to it's customer whether a cash customer or a company. On the other hand, supplier is a company who sells goods and services to another company. • Vendors might use a mix of business-to-consumer (B2C) and business-to-business (B2B) sales models to sell products or services. However, Supplier deals with business-to-business (B2B) model. • According to Gartner, a vendor is the last link in a supply chain before a product or service reaches your business, which is the final customer whereas, supplier is the first link in a supply chain. • Bringing it back to your organization, your vendors have a transactional relationship with you, meaning that you typically only interact with them when you need something specific. But, you have strategic relationship with supplier just to fulfill your future requirements for goods and services. • Objective of vendor is to sell variety of goods and services to meet market demand whereas supplier's objective is to supply raw materials and semi finished products to manufacturing setups generally. I hope this video is quite helpful for you understanding difference between vendor and supplier. If you want more information about procurement, then stay tuned to this channel. ‪@procurementacademy6665‬ Like | Comment | Subscribe #procurement #procurementclub #procurementmanagement #vendorlist #supplier