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The chapter provides a comprehensive exploration of IT vendor management and its critical importance for businesses today. It details the definition and benefits of this process, such as cost control, quality assurance, risk mitigation, access to expertise and innovation, and strategic alignment. The chapter also delves into each phase of the IT vendor management process, including vendor selection, contract negotiation, managing vendor relationships, performance monitoring, and risk management. Lastly, it brings to light two case studies that illustrate how effective IT vendor management can result in transformative business outcomes.