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Enhancing the Contracting Process with a Touch of Technology – Part 3

By Roshnee
In Contract Management
Jan 20th, 2014

In our previous blogs we discussed the areas in contracting process that can be made more efficient by using technology. Click here to read part 1 and part 2 of the series.

Contracting process-Part 3

In this blog, the last in series we will focus on the Value derived from automating contract management.

  • Cycle time

Contract templates with pre-approved clauses, pre-defined approval work-flow which facilitates editing the contracts based on the input from different stakeholders and side-by-side comparison of different versions help cut down the time required to write contracts and improve the accuracy.

  • Visibility

With contract metrics, organizations can track the performance of the contracts

  • Vulnerability

Contracting technology with strong security features keeps confidential contracts secured from unauthorized use. This can be done by incorporating user or folder-based access.

  • Maverick spend

Technology enables linking contracts with the organizations spend, reducing maverick spends. As per the Aberdeen study, organizations using contract management systems reduced maverick spend from 22% to 19%.

For further reading, click the download button below to access the e-book, “Enhancing the Contracting Process with a Touch of Technology”

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About "" Has 160 Posts

Roshnee works with the content leadership team of Zycus. She regularly writes on procurement - trends and best practices, sometimes taking the off beat path to bring in a fresh perspective. She also drives the branding activities of her company. In her free time she enjoys hot cuppa coffee with the latest fiction book. She is an MBA in Marketing and a graduate in commerce.

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