Contract compliance refers to observance of the norms and procedures outlined in a contract. Often, this involves periodic reviews of an existing contract to determine adherence to compliance mandates and protocols and check for deviations.
An essential part of a company’s risk management strategy, contract compliance helps ensure that all stakeholders — suppliers, buyers and employees — stick to the terms and conditions of a contract. This protects a business from fraud, corruption and rogue spending.
Compliance is an ongoing exercise that involves planning, implementation, measurement and continuous improvement.
Businesses can boost contract compliance by using robust contract management software to automate and simplify some of the more mundane aspects of this requirement. Contract compliance can provide valuable insights into procurement processes and can lead to savings. Learn more about GEP’s contract compliance software.
GEP SMART is an AI-powered, cloud-native source-to-pay platform for direct and indirect procurement. GEP SMART offers comprehensive source-to-pay functionality in one user-friendly platform, inclusive of spend analysis, sourcing, contract management, supplier management, procure-to-pay, savings project management and savings tracking, invoicing and other related functionalities.
GEP NEXXE is a uniﬁed and comprehensive supply chain platform that provides end-to-end planning, visibility, execution and collaboration capabilities for today’s complex, global supply chains. Built on a foundation of data, artiﬁcial intelligence and cognitive technologies, GEP NEXXE helps enterprises digitally transform their supply chains and turn them into a competitive advantage.