Increased efficiency built into an organization’s procurement strategy helps it to become more effective. Contracts form the core of an organization’s procurement activities. Hence, it becomes highly important that contract management for procurement departments is an efficient and speedy process.
Procurement efficiency and speed demand the streamlining of contract management processes. The Hackett Report states that procurement organizations relying on manual procurement processes should digitally transform their approach to contract management. They need to think about how they can use a robust, cloud-based infrastructure and applications for contract lifecycle management (CLM) to get fast and efficient results.
In this article, we will discuss ways to improve workflow efficiency and speed of procurement by automating the contract lifecycle management process which will help in reducing timeframes, increase visibility, cost control and cost reduction of goods.