How to know when it’s time to source that category?
Today’s post is by Dave Wenig, Vice President of Sales and Services at SafeSourcing.
As we wrap up another year of providing eProcurement services to our customers, it’s a good time to consider what categories you’ll be sourcing in the new year. In an effective eProcurement program, every spend category should be considered at the appropriate time. But how do you know when it’s time to source a category?
One of the first considerations is contract timing. Unfortunately, many organizations today don’t have good controls in place to monitor contract terms. In some cases, the contracts are even missing because they were not saved in a central repository.
That’s where a contract management tool comes in. SafeSourcing’s contract management tool, called SafeContract™, is a great way to manage contracts and avoid the issues caused by losing track of your contract terms, or even entire contracts.
SafeContract™ is an online contract repository that stores, tracks, and monitors your contracts. SafeContract™ puts you in control of your contract and notifies the user when it’s time to consider a category for eProcurement based on contract termination. For example, if the contract requires 30-day written notice before termination, a user might set a 60 or 90 day reminder so that they remember to take action. With SafeContract™ as your contract management tool, you’ll know when it’s time to consider sourcing a category. Not only will you know when to source your categories, you’ll also avoid missing deadlines for automatic renewals and other unfavorable outcomes.
Please Contact SafeSourcing if you’re interested in learning more about our contract management tool or any of our full suite of Procure to Pay tools.