Service Vendor Management is the process of managing the relationship between an organization and its vendors, in order to ensure that services are provided in a timely, cost-effective, and reliable manner. It involves establishing and maintaining communication between the organization and its vendors, negotiating contracts, monitoring vendor performance, and managing the overall relationship. The goal of Service Vendor Management is to ensure that the organization is getting the best value for its money, while also ensuring that the vendors are meeting their contractual obligations. By properly managing the relationship between the organization and its vendors, the organization can ensure that it is getting the best possible service at the best possible price. Additionally, Service Vendor Management can help to ensure that the organization is able to maintain a good working relationship with its vendors, which can help to ensure that the organization is able to receive the best possible services in the future.