Contracts being at the heart of every business relationship are instruments through which commitments and essential elements of business transactions are defined and governed. They are key assets to build competitive advantage to organizations in today’s fast paced and multilateral business landscape.
Organizations today are redesigning the entire business process workflows to improve productivity in front line functions like procurement or sales deal cycles (buy-side and sell-side).
In contrast to its tactical past, procurement today is on a journey to becoming a long term strategic function. The modern procurement organization, by embracing contract management and adhering to best practices, is an important force in creating and sustaining value to the businesses today.