Managing Vendors and Service Providers is the process of selecting, evaluating, and monitoring external third-party entities that assist your business in fulfilling its needs. This includes activities such as sourcing vendors, negotiating contracts, and overseeing vendor performance to ensure that they deliver on their promises. It also includes activities such as dispute resolution and contract renewals, and can involve multiple layers of stakeholders from vendors and service providers, to customers and internal stakeholders. By efficiently managing your vendors and service providers, you can leverage the best available services while protecting your company’s interests.