Till now we discussed the significance of having a good contracting process and the challenges (part 1 and part 2) faced in building an effective contracting process.
In this blog we will discuss the possible ways to fight the challenges within the contracting process. They are,
1. Resolving the visibility challenge by
- Investing in a centralized repository to store and manage contract information.
- Setting alerts on key terms & conditions.
- Generating reports to provide detailed information on contract utilization and examining the utilization trends.
- Ensuring all evergreen contracts are reviewed with business owners and identify the opportunities for re-negotiation by setting time alert before its expiry.
Learn More: Zycus iContract Solution;
2. Ensuring contract compliance by
- Matching established contracts with actual spend transactions.
- Ensuring that organizations track utilization of the contract.
- Matching purchase information with contract.
- Increasing visibility of contracts by integrating with your organization’s ERP system.
In the next blog, we will conclude with 2 more ways to help build an effective contracting process
