SpendEdge, a leading provider of category market intelligence solutions, has announced the completion of their latest presentation on key strategies to drive greater value from your contract management process. The article offers detailed insights into the challenges faced by companies in improving the contract management process. The article also highlights how implementing contract management best practices can help you to standardize processes, enhance spend visibility, and reduce maverick spending.
In a rapidly evolving business environment, contract management is crucial for companies to control procurement costs, forecast expected revenues, and manage suppliers and risks. However, contract lifecycle management is not an easy process due to the involvement of different third-party contracts such as purchase, sales, and outsourcing agreements.
This article will help you understand how the inability to manage contracts that lack visibility can impact the contract lifecycle management. Also, it highlights how delay in the approval process and stringent compliance requirements can become a major challenge for businesses in improving the process.
Improving the contract management process is often the responsibility of procurement organizations. But it is one of the most non-uniformly applied mandates in the realm of purchasing. Organizations who are good with contract authoring, negotiation, and administering individual contracts often fail in tracking and managing compliance to terms of the contract.
To help you get all these problems right, we have outlined few best practices. This article will help you realize how following a high-level of process compliance and integrating dedicated legal resources into the workflow can fix the loopholes in the contract management process. Also, it will provide key insights regarding the role of contract intake case tracker and workflow tool in creating a time-lagged record.
An efficient contract management process is crucial for companies to standardize processes, improve spend visibility and reduce maverick spending. However, you must agree that not many companies pay enough attention to numerous factors involved in different stages of contract management process.
To help you reap the above-mentioned benefits, you need to allocate budget, time, and resources for this area of the business. The article will help you gain some effective tips to improve the complete process. This will ensure that you have legal recourse if your supplier doesn’t deliver what you expected. The article also highlights how building flexible contracts, maintaining a good relationship with suppliers, and using KPIs can help you improve the process.