Contract Management plays an integral role in the procurement cycle of any organization. Contracts are inextricably linked to relationships with vendors, suppliers, outside service providers, and other purchasing /sourcing entities.
According to Hackett Group research in 2018, procurement professionals agree that digital transformation will help them achieve critical objectives such as cost-cutting, improving agility, and improving their productivity to the enterprise. One such digital transformation that procurement professionals should consider is deploying Contract Lifecycle Management (CLM) technology for their contracts.
If procurement and contracting teams rely on manual processes, spreadsheets, and siloed systems to manage the pre- and post-award phases of buy-side contracts, it renders the overall management of contracts inefficient, time-consuming, incurs higher costs and exposes the organization to risk.