Contract Management is the hub on which change, risk, project management, demand changes and category management all rest.
It is supported by good robust Supplier Relationship Management and it covers the full life-cycle of a contract.
If you don’t manage your contracts none of the above processes will work properly. Procurement teams and Contract management teams must understand exactly what you are getting from your contract and suppliers.
Good Contract Management will benefit you in
- Building relationships with your suppliers
- Delivering outcomes for service and products users
- Leading you to long term efficiency savings
It is critical to understand the life-cycle of the contract and it is never a bad time in the life cycle of a contract to implement Contract Management.