LONDON--(BUSINESS WIRE)--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest contract management study for a food and beverage company. The study offers a comprehensive view of how rising market opportunities have created the need for contract management for companies to reduce costs, mitigate risks, and increase profitability.
The growth of companies in the food and beverage industry has given rise to a certain set of challenges that companies need to address to sustain themselves in the market. These challenges involve adherence to the dynamic compliance requirements for Food and Drug Administration (FDA) and the Environmental Protection Agency (EPA). Moreover, the importance of contract management increases manifolds due to the rise of e-commerce platforms and new distribution channels. Since the food and beverage industry has to undergo additional scrutiny from various authorities, contract management becomes a necessity at every step of the growth.
According to the procurement experts at SpendEdge, “While leveraging contract management solutions, companies should ensure that audits are performed at regular intervals and alerts are set for deadlines and renewals to avoid revenue losses."
The Business Problem: The client is a leading Fortune 500 food and beverage company headquartered in North America. The company markets thousands of products across different countries and is expected to grow significantly over the next few years. However, the rapid growth was posing challenges in managing the huge volumes of contractual data required to ensure all compliance documents and track contract costs. The outdated methods of data extraction were making contract management even more complex for the client. They needed a contract management repository and well-defined business rules to reduce cycle-time and ensure error-free contract terms.
Compliance issues can pose major hindrances to the growth of the food and beverage industry in the market. Talk to our experts and know how contract management solutions can be leveraged to manage compliance issues.
The Solution Offered: The solutions offered by experts at SpendEdge, helped the client to streamline all contracting processes, reduce risks, and design a better contract management framework. It ensured greater efficiency in the management of the contracts and vendors for the company and enabled them to implement a contract lifecycle management platform that tracked revisions and amendments to the contracts. Moreover, the contract management specialists at SpendEdge facilitated the seamless execution of supply and master agreements by working directly with the company's procurement and legal teams. This helped them achieve better savings and greater profits. Moreover, the company was empowered to perform audits on a regular basis to ensure obligations are met and value is realized.
Not having an effective contract management framework can pose various challenges for food and beverage companies such as increased risks and spend. To know how to devise a contract management framework, Request a free proposal today!
SpendEdge’s contract management solutions helped the client to:
- Streamline all contracting processes.
- Reduce the time from agreement in principle to a signed contract.
- Contract management has become the need of the hour for companies in the food and beverage industry. To gain vital insights for improving your contract management process, Request a free demo now!
SpendEdge’s contract management process also offered predictive insights on:
- Performing regular audits to ensure obligations are met.
- Reducing overall spend and achieving better profits.
- Read the complete article to know more: https://www.spendedge.com/casestudy/contract-management-best-practices
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. To know more, https://www.spendedge.com/request-free-proposal
