The presentation outlines the latest transformation of the IT vendor management setup at Ørsted by focusing on two major developments. The first is related to the industry-specific vendor risk management and the special cybersecurity requirements with regard to procurement and management of IT. The second focuses the overall shift from on premise software to cloud services. To master both aspects, a new operation model is being presented, which combines an effective IT Asset Management with IT contract management with the aim to optimize the process of purchasing standard software and improve its management due to the increasingly dynamic development of technologies. Additionally, by increasing the follow up and efficiency with regard to usage & entitlements, the aim is, at the same time, to reduce software costs.