A quote from Spend matters,
Even though defining appropriate sourcing strategy, selecting most competitive suppliers and negotiating are central to the success of procurement, it can be easily reversed if the contract is not managed properly. In the recent times there have been multiple cases highlighting the same. For instance,
To ensure maximum operational and financial performance it is necessary to effectively manage the various stages of contract life cycle, right from drafting the contract to execution and analysis of the contract.
There are various stakeholders involved in the different stages of the contract life cycle. The various stakeholders are legal team, sales, finance and even the supplier. Each stakeholder has her/his own priorities in managing the contract life cycle. Hence, it is necessary there is a common platform for the stakeholders to collaborate.
Learn More: Zycus iContract Solution;
Before discussing the 5 steps for managing contracts let us explore the spokes in contract lifecycle management wheel
To read about the 1st step in the series for effectively managing contract life cycle, stay tuned!!
For further reading, click on the download button below to access the white paper-5 Steps to Realizing Value from Contract Lifecycle Management