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This comprehensive chapter outlines the importance of vendor management tools for streamlining processes and making informed decisions about vendor relationships. It provides insight into the key features and functions of these tools, including centralized vendor information, contract management, performance monitoring, and risk assessment. It further offers a framework for selecting the right vendor management solution based on organizational needs, scalability, ease of use, and integration capabilities. The chapter concludes with strategies for successful implementation and optimization of vendor management tools, covering aspects like a detailed implementation plan, cross-functional teams, training, system integration, governance, performance monitoring, and continuous optimization.