Surprisingly this includes from the very largest to very smallest of companies, both of which are extremely exposed to risk.
So just what is Contract Management or Contract Lifecycle Management? Are they the same?
According to Wikipedia Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.
Contract management can include negotiating terms and conditions and ensuring compliance with those terms and conditions. Beyond these base functions contract management can also include documenting and agreeing on any changes that may occur during the implementation or execution of a contract.
We can think of contract management as a summary of the process of with which companies use a systematic approach to manage contracts through the process of creating, executing and analyzing contracts for the purpose of maximizing the financial and operational performance of contracts so as to mitigate risk.
A frequent buzz word in the industry today is that of Contract Lifecycle Management Solutions. This really means the same thing from a systems perspective that should include automating much of the following.
5. Awareness management
6. Baseline moderation
7. Commitment moderations
8. Communication moderation
9. Contract visibility
10. Document management
11. Change management
12. Issue alerts
13. Service level agreement moderation
14. Total Transaction compliance
Ask you solution provider how they can help you in this area and how to integrate CLM with your e-procurement suite.
We look forward to and appreciate your comments.