Contract management is a systematic process of managing contracts to minimize operational and functional risks and optimize vendor performance. It involves contract creation, execution, and analysis. Depending on the business operations, it also consists of termination of contracts. Generally, contract management is time consuming, but automation systems are greatly simplified for organizations. It can help your organization to improve contract management efficiency by as much as 50%.
Digitizing contract management allows organizations to store contracts in a central repository for use by different stakeholders. Legal and compliance departments can quickly fetch contracts for review at any time. Implementing access control ensures that only authorized users across the organization can view and edit any contract, thereby increasing security.
Automated alerts for expiring contracts will allow decision makers to take appropriate action to avoid getting locked into contracts automatically. Digitization makes reviewing current spending against the supplier easy, and detailed information helps reduce operational costs. Modern-day solutions are enabled your organization to uncover untapped savings potential with data analytics and detailed reporting.
Learn more about contract management software and contract management services.
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.