Over recent years, there have been various industry developments that served as or caused trends in procurement. These procurement trends include technology changes, novel strategic approaches, new processes, and necessary adaptations to change. As supply chains become increasingly complex, procurement has become highly crucial and influential in the production process and continues to grow.
SpendEdge’s contract analytics are created to deploy contract management best practices for an optimal growth of your organization.
Contract negotiations are time-sensitive and often they can fall apart because legal and procurement teams don’t react quickly to customers’ needs, or because they go back and forth redlining and revising MSA and SOW. Oftentimes it is a lack of reliable data that prolongs the negotiation and contract management best practices because both parties, buyers and suppliers, are not confident they are getting the best value out of this contractual relationship. Our objective is to remove the guesswork, provide you with timely and accurate contract analytics, and advise you through the contract negotiation process in order for both you and your prospect suppliers to land on a mutually beneficial contractual agreement, with confidence and without wasting time. SpendEdge has provided clients with negotiating and contract analytics advisory services for POs, SOWs, and MSAs.
SpendEdge has delivered unwavering contract supporting services to top-tier clients looking to shake up the status quo and review long-standing contract terms that could be outdated and no longer competitive, and as a result capping the value realization opportunities for our clients. Our 17+ years of contract management best practices advisory solutions have provided us with the confidence, expertise, and tools needed to come in and audit your PO, contract terms, contract pricing, and supplier relationship and provide actionable insights on how to maximize value from current engagements or look to replace them with new vendors. Through our research and procurement intelligence capabilities, we can identify optimization opportunities which can lead to a revision of the current contract agreement or the establishment of new contract terms with new vendors. In other words, we can help you throughout the life cycle of procurement requirements, as we have advised and provided intelligence to 200+ clients and 55+ Fortune 500 clients, while maintaining a 90% client retention rate. With SpendEdge’s negotiating and contract analytics services we help you stay competitive and negotiate cost savings.
Benefits of well negotiated and executed contracts are in increased realized value through reducing costs and risks, but not only. Some other benefits are:
- Strong supplier relationships
- Reduced supply chain risks
- Increased cost savings
- Supply chain efficiencies
- Increased compliance measures
- Free up internal resources for more strategic and less operational tasks
- Create a formula for success which can be repeated and reiterated
SpendEdge engagement models include but are not limited to:
- One-off single engagements
- Access to repository of executed contracts for your industry, sector, and category.
- Negotiating and contract services for various categories/commodities
- Review of current contract terms and identification of new cost-saving opportunities
- Contract lifecycle management from initiation to execution, including post-contract execution intelligence services
With procurement experts who specialize in contract management, SpendEdge helps improve contract visibility and supports procurement managers right from the agreement in principle to contract execution and ensures that our clients get the best possible terms during every purchase.
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