The Why, What & How of Contract Management: Part 5 – Implementation Best Practices
The procurement department has identified the need for contract management automation, justified it to the management, selected the vendor and is now just a few days away from implementing the technology. So how can organizations ensure smooth implementation?
Let’s have a look at few best practices for contract management implementation.
- Creating an incentive plan for individuals who embrace the Contract Management process and deliver ROI.
- Documenting best practices and demonstrating how they can be facilitated by use of a Contract Management Tool.
- Celebrating Success and ensuring it is replicated at every Procurement Group.
- Continuous Training till adoption is close to 100% and in-house trainers have been certified.
- All the metadata fields should be considered for configuration, based on the objectives. Errors in metadata upload lead the tool to return improper results.
- Clear benefits of Contract management technology should be highlighted to all the users.
- Ensuring that Objectives and Key Result are well defined, especially KRA ‘s should be quantifiable.
- Sign-off from Key stake holders is key to avoid costly re-work.
With increasing complexity in the business environment, procurement is looking to expand the use of technology for managing contracts. Automating the contracting process helps procurement attain maximum value out of the contract with less effort.
For further reading, click on the download button to access the report- The Why, What and How of Contract Management