Contract Insights

Utilizing manual sourcing methods - such as gathering item prices in spreadsheets, corresponding with prospective bidders individually via email, leveraging paper-based RFPs, and collecting numerous data separately from potential suppliers - can cause you to face a time-consuming challenge in sourcing quality and cost-saving goods or services.  Without the proper tools, sourcing professionals within your procurement team could fail to determine formal bids, RFPs, budget allowances, stock levels, current contracts, and contingencies in purchase order releases.  Fortunately, you can utilize the following seven essential eSourcing software tools for seamless source-to-contract management success.

Procurement departments can encounter procurement workflow inefficiencies without the proper procure-to-pay tools – especially when implementing inefficient and disjointed contract management processes throughout parts of the procurement process.  You can avoid risk, unreasonable vendor pricing, and vendor non-compliance by leveraging contract management processes in procurement that centralize processes, technology, and people.  Read on to discover how you can implement effective contract management in procurement that results in maximized collaboration of various roles and responsibilities, managing cost effectively, and more fruitful business relationships.

Managing contracts from requests to renewals can prove difficult when relying on primarily manual processes. Your organization could be sacrificing accountability, visibility, a clearly defined strategy, and actionable insights. As such, you can find yourself running into compliance issues, minimizing contract value, and encountering other setbacks. 

But it does not have to be this way. Modern advances in contract management technology can allow your organization to scale with success.

Read on to learn how to manage contracts effectively and how leading contract management software can support each of the contract management best practices below for efficient contracting processes.

Collecting, analyzing, and tracking contract management data with manual and disparate processes throughout the contract lifecycle can prove challenging. You can waste time and energy without readily accessible contract management reports for the following.

• Contract Financials
• Contract Terms
• Workflows
• Budgets
• Key Performance Indicators (KPIs)
• Vendors
• Contract Compliance Data
• & Other Essential Contract Data

Fortunately, leading contract management software can provide you with contract reports for optimizing contract performance management oversight.