What is third-party category in SAP FS-PM - Policy Management?

SAP Term: third-party category

• Component: FS-PM

• Component Name: Policy Management

• Description: Describes the legal entitlement of a third party participant, such as an assignment session, pledge, restriction of transferability or security certificate.

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• Key Concepts: 
  Third-party category is a feature of the FS-PM Policy Management component of SAP. It allows users to categorize third-party vendors and suppliers into different categories, such as “preferred” or “non-preferred”. This helps organizations to better manage their relationships with third-party vendors and suppliers. 
  
  How to use it: 
  To use the third-party category feature, users must first create a category for each third-party vendor or supplier. This can be done by selecting the “Create Category” option in the FS-PM Policy Management component. Once the category is created, users can assign each vendor or supplier to the appropriate category. 
  
  Tips & Tricks: 
  When creating categories for third-party vendors and suppliers, it is important to consider the specific needs of each vendor or supplier. For example, if a vendor specializes in a certain type of product, it may be beneficial to create a separate category for that vendor. This will help ensure that the vendor is properly categorized and that their services are used in the most efficient manner possible. 
  
  Related Information: 
  For more information on using the third-party category feature in FS-PM Policy Management, please refer to the SAP Help documentation. Additionally, there are several online resources available that provide detailed instructions on how to use this feature.