Contracts are central to the procurement process, and therefore contract management is critical to ensure successful outcomes on both the sourcing and purchasing sides. This realization has fueled the evolution of contract lifecycle management (CLM) solutions from simple information repositories to sophisticated, dynamic software that manages vital business information, boosts contract visibility and reduces risks.
And yet, many enterprises still rely on homegrown and manual contract management systems ― failing to achieve the benefits and value generated by comprehensive contract management capabilities.
This new report from PayStream and GEP ― 2017 Contract Lifecycle Management ― explores and corrects some of the misconceptions around CLM. The report also highlights current CLM software adoption trends and offers a set of best practices for companies considering a solution.
The report is highly recommended for all sourcing and procurement pros who want to identify and implement best-in-class practices. Complimentary from GEP.