What is Procurement Contract Management?

Procurement contract management is about the managing of contracts associated with procurement or purchasing as part of legal documentation shared with partners, suppliers or even customers. There are advanced procurement software available that can eliminate manual processing where an enterprise has to go through a large volume of data in the form of historical records across categories, geographies, performance, renewal dates, as well as notifying the organization about red flags.

The contract management tool in GEP SMART™ , for example, provides complete, enterprise-wide contract management capabilities — from preliminary request to long-term maintenance, performance monitoring and analysis. The unified software enables contract data to flow seamlessly all through the contract life cycle — enabling faster subprocesses, including automatic document creation.