External vendor management is the practice of creating and maintaining relationships with third-party providers or vendors. The main goal of external vendor management is to ensure that an organization’s services are delivered in a timely and cost-effective manner, while also managing risks associated with engaging third-party service providers. It involves evaluating potential vendors, developing contracts that protect an organization’s interests, and monitoring ongoing performance. Through effective external vendor management, organizations can better control costs, improve vendor performance, maintain compliance, and protect their brand. By taking a proactive approach to managing their external vendors, businesses can maximize the value of their investments and develop strong partnerships for long-term success.