Contract Management Best Practices
Contracts are the most important tools that not only gauge supplier performance but also help measure direct and indirect spend, control maverick spend, and mitigate supply chain risks. No procure-to-pay process is complete without a robust contract management process that’s not just bolted-on, but built-in and completely integrated. SpendEdge’s contract management solutions offer a 360-degree view of contracts and related documents while enhancing the visibility of contracts. It offers detailed information on service level agreements, negotiation terms, expiry date, and so on.
Here are the top 3 contract management best practices:
- Make use of a central repository for all the legal contracts
- Standardize the contract negotiation process
- Build compliance management in the contract management process
About the Client
The client- a leading generic drugs manufacturing company in the Midwestern United States. With over 150 generic drugs being marketed all over the globe, the pharma company’s growth is expected to accelerate significantly over the next few years.
Being one of the world’s leading manufacturer of generic drugs, the client is committed to the manufacturing of high-quality generic drugs that adhere to international manufacturing standards. With the accelerating growth rate, the generic drugs manufacturer realized the need to establish a robust revenue and contract management system that is easy to use and scalable to meet their growing business need. The generic drugs manufacturing company engaged SpendEdge to leverage its expertise in contracting and contract management services to implement a new contract management process.
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A detailed review of the generic drugs manufacturer’s existing contracts helped them identify shortfalls and areas for performance improvement. Our contract management solutions proved to be beneficial in several ways, it not only helped them improve contract performance but also helped include proposed clause variations for each of the reviewed contracts.
This assessment was a success story in terms of overcoming challenges, leveraging collaborations, and adapting to the recommendations. A comprehensive suite of integrated contract management solutions empowered the generic drugs manufacturer to- enhance contract visibility, reduce costs, prevent revenue leakage, and improve overall performance.
For ages, SpendEdge has been developing world-class procurement and contract management solutions to help organizations across industries. Our razor-sharp focus enabled us to offer accessible, flexible, and scalable contract management solutions that improved the generic drugs manufacturing company’s ROI without breaking the bank.
The solutions offered also helped the generic drugs manufacturer to:
- Identify and validate potential chargeback discrepancies
- Improve working capital by over 70%
- Reduce the time spent on contract validation by 50%
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