Contract Management

Contract management solutions allow organisations to monitor and track contract performance in a pro-active manner. Not only are they very effective in ensuring that consistent contract types are created for specific spend categories, but they also help organisations manage the risks posed by contracts and key terms expiring unexpectedly.

Demand for Contract Management solutions within the UK has increased significantly, partly due to the UK regulatory compliance framework that many companies, and their suppliers, are now legally obliged to meet. For companies who source outside of the UK there are also other restrictions and issues that organisations need to manage, not least CSR obligations.

Attempting to manage contract compliance and the risks and issues posed by poor contract performance can almost be impossible without some form of effective contract management solution.

The attached Contract Management pdf document provides a more thorough overview of many of the benefits and how Contract Management should be viewed and managed within the organisation.

Other key features of contract management solutions include the ability to:

• Monitor contract compliance and thus maverick spend

• Track the complete status of all contracts and key term expiry dates in a single dashboard

• Programme in key alerts when contracts or terms are close to expiring on order to avoid and manage potential supply risks

• Ensure that contracts are created directly from when a supplier
is chosen from an e-RFx or a Reverse Auction event

• Create a robust contract review and approval process

• Maintain an audit trial for tracking changes to the original document

• A repository for storing signed contracts which prohibits users
from editing.