Supplier lifecycle management is the process of managing a supplier's relationship with a company throughout the entire supplier lifecycle, from initial selection and onboarding to contract management, ongoing performance monitoring, and, ultimately, supplier offboarding or termination.The objective of supplier lifecycle management is to ensure that suppliers meet the company's requirements in terms of quality, delivery, cost, and compliance throughout the lifecycle. The process typically involves various stages, including supplier selection, supplier evaluation, supplier development, and ongoing supplier performance management.