LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their latest article on the common contract lifecycle management challenges.
Contract management plays a vital role for businesses, especially in procurement and sales. It enables companies to forecast expected revenues, control procurement costs, and manage suppliers and risks. However, contract lifecycle management process is a complex process that includes third-party contracts such as purchase agreements, outsourcing agreements, sales agreements, and lease agreements. The inability to manage such contracts could significantly impact the revenues of a company.
SpendEdge offers customized contract management solutions to help companies across various industries improve contract visibility and supports procurement managers right from the agreement in principle to contract execution and ensures that our clients get the best possible terms during every purchase.
Common Contract Lifecycle Management Challenges
Inability to track contracts
Managing contract visibility is one of the most common challenges faced by companies. The contract lifecycle management process is time-consuming and therefore, avoided by many companies. Gaining visibility into legacy contracts could help companies make informed decisions. Outsourcing contract management could also be an option for companies.
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Delay in the approval process
Businesses need to map out the process for different kinds of contracts. This makes it vital for them to evaluate the approval process as well. When a contract is assigned, there are different tasks involved such as editing, approving, rejecting, canceling, identifying reviewers, and sending for signatures, thereby, delaying the process. To obtain necessary insights into the ways to shorten the approval process, get in touch with our experts now!
Regulatory compliance issues
Adhering to stringent compliance requirements is a major hurdle for companies in the contract management process. Such norms increase both approval times and contract expenditure for firms, creating the need for automated contract lifecycle management process and conducting audits on a regular basis.
To know more about contract lifecycle management challenges, read the complete article here!
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