LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the launch of their latest presentation on the key strategies to drive greater value from your contract management process. Efficient contract management can help companies to control procurement costs and forecast expected revenues. It can better manage suppliers and risks associated with them.
SpendEdge’s procurement solutions have helped numerous companies to stay competitive by offering valuable insights to improve supplier performance and achieve continuous advancement. The latest edition of SpendEdge’s presentation will help companies to better comprehend different aspects of contract management, reduce procurement cost, and avoid the high cost of the contract penalty clause. It also highlights how companies can implement contract management best practices and can better administer the overall contracts’ database.
Unfortunately, not many businesses realize that contract management is crucial to manage suppliers and keep the business going. They end up facing penalties, fines, and a potential lawsuit. To help companies prevent such situations and improve contract management, the experts at SpendEdge have highlighted how companies can standardize processes, improve spend visibility, and reduce maverick spending. Download this newsletter to know how you can improve contract visibility and get the best possible terms during every purchase.
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KEY STRATEGIES TO DRIVE GREATER VALUE FROM YOUR CONTRACT MANAGEMENT PROCESS: A PRESENTATION BY SPENDEDGE
In this complex business environment, it is crucial for companies to manage contracts to forecast expected revenues, control procurement costs, and manage suppliers and risks. However, it becomes an arduous task due to the involvement of different third-party contracts such as purchase, sales, and outsourcing agreements. The article highlights some most faced contract lifecycle management challenges in today's world. It shows how the inability to manage contracts that lack visibility can impact the contract lifecycle management and become a major challenge for your business.
Get in touch with our procurement experts to know how we can help you identify contract management challenges and address them efficiently.
Procurement organizations are often good with contract authoring, negotiation, and administering individual contracts to incorporate changes. But they find it hard to track and manage compliance to terms of the contract. To help organizations get all such problems right, SpendEdge's experts have outlined a few contract management best practices. Following such practices will help organizations to follow high-level of process compliance, integrate dedicated legal resources into the workflow, and fix the loopholes in the contract management process.
Finding loopholes in the contract management process requires companies to gain a detailed understanding of the complete contracting process. Request a free demo to access our web-based platform for FREE!
Contract management involves numerous factors. The process becomes much more complex when organizations have multiple contracts to manage. The article, therefore, highlights some tips for effective contract management to help you better plan budget, time, and resources. It shows how you can have legal recourse if your supplier doesn’t deliver what you expected. It also highlights how building flexible contracts, using KPIs, and maintaining a good relationship with suppliers can help you improve the process.
To know more tips for effective contract management, get more info about our offerings here!
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