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This chapter provides a comprehensive overview of various strategic aspects of vendor management, namely Regular Performance Reviews, Benchmarking and Best Practices, Change Management and Adaptation, and Continuous Improvement and Innovation. The chapter lays out effective methods to evaluate vendor performance, benchmark and implement industry best practices, respond to changes in a proactive manner, and foster a culture of continuous learning. With actionable insights, it provides clear pathways for organizations to optimize their vendor management processes, strengthen vendor relationships, and maintain a competitive edge in an evolving business environment.