Contract Management Made Easy: Unleashing the Power of a Contract Repository In today’s fast-paced business world, staying on top of your contractual obligations can be a daunting task. But fear not, because we’re here to unveil the secret weapon that will make contract management a breeze: a contract repository. Imagine all your contracts neatly organized […]
Boosting Compliance: How Guided Buying Enhances Contract Adherence Introduction to Guided Buying Unlocking the full potential of procurement requires a careful balance between efficiency and compliance. In today’s complex business landscape, ensuring contract adherence is important to maintain strong supplier relationships and driving cost savings. That’s where guided buying comes in. This innovative approach to […]
Decoding Contracts: The Art of Contract Abstraction Contracts are the backbone of any business transaction, governing relationships and ensuring that all parties involved are protected. But let’s face it – contracts can be complex, lengthy, and often filled with legal jargon that can make your head spin. That’s where contract abstraction comes in. It is […]
Contract Management Software: 7 Questions Every CPO Should Ask Before Investing Introduction to Contract Management Software (CMS) Unlocking the full potential of procurement requires efficient contract management. With countless contracts, suppliers, and negotiations to juggle, it’s no wonder that many Chief Procurement Officers (CPOs) are turning to Contract Management Software (CMS) as a game-changing solution. […]
Contract Compliance in Strategic Sourcing: A Critical Component Strategic sourcing is an essential practice that organizations use to optimize their purchasing decisions and drive cost savings. It involves analyzing suppliers, negotiating contracts, and selecting the best options for acquiring goods or services. Once contracts have been signed, ensuring contract compliance becomes vital for achieving long-term […]
The Importance of Procuring Effective Contract Management Strategies Contracts are an indispensable part of every business, and managing them effectively is crucial for success. In today’s fast-paced world, businesses need to be agile in their procurement process while ensuring compliance with regulations and mitigating risks. This is where effective contract management strategies come into play. […]
Navigating the Complexities of Procurement: The Key Differences Between Compliance and Risk Management Introduction Procurement can be a complicated and daunting process, with many moving parts to consider. Two essential aspects of procurement are compliance and risk management, but what do these terms really mean? And how do they differ from each other? In this […]
What is a stakeholder? As organizations grow in complexity, understanding the role of stakeholders, who they are and how to effectively engage with them is becoming a critical part of any successful project. In this article we’ll break down what a stakeholder is, the types of stakeholders you may encounter in your procurement process, the benefits of […]
What is an Evergreen Contract? In business, the term “evergreen contract” is used to describe a contract that is automatically renewed after the initial contract term expires. Evergreen contracts are common in subscription-based businesses, where the customer pays for access to a service on a recurring basis. While evergreen contracts can be beneficial for both businesses and […]
How to Get the Most Out of Contract Management Contract management is a process whereby an organization manages its contracts with other organizations. It includes the negotiation, administration, and monitoring of contracts to ensure they are aligned with the company’s goals and objectives. An efficient contract management system can save your company time and money, but only […]
Contract Lifecycle Management software? The Ultimate Guide Contract Lifecycle Management software (CLM) is a tool used by organizations to manage the entire contract lifecycle from end-to-end. This includes contract creation, negotiation, execution, and post-contract management. The benefits of using CLM software are many, but perhaps the most important is that it helps companies save time and money by […]
What is an eSignature and How To Add Them To Documents? An eSignature is a digital signature that you can add to documents to help ensure their authenticity. Basically, eSignatures are just like traditional signatures, but they’re created and verified using electronic means. This might seem like a minor detail, but it can make a big difference […]
What is Contract Negotiation? Get Procurement Savings Via Contract Negotiation Contract negotiation is a critical part of business. It’s the process by which two or more parties agree to terms of a contract. In most cases, this will involve negotiating the price, delivery schedule, and other important details. If you’re in the market for new […]
Contract Compliance – How To Avoid Non-Compliance Of Your Supplier Contracts What is Contract Compliance? It is when a party in a contract doesn’t fulfil its obligations, it is considered non-compliance. An example of non-compliance is a third-party supplier failing to deliver goods or services that are specified within a contract. Non-compliance of contracts should worry you. […]
How To Carry Out Contract Negotiation With Suppliers Contract Negotiation is a key element for any procurement, commercial or legal department. Unfortunately, far too often supplier contracts do not run as smoothly as they should. A lot can go wrong, such as delivery issues, payment problems, unexpected market changes, uncontrolled price escalations and miscommunications. Well executed […]
What Is Contract Management? Contract management involves the creation, execution, and termination of agreements from their inception to their termination. To maximise operational and financial performance, performance analysis against the contract terms is crucial, as is identifying and reducing financial and reputational risk through non-compliance with the contract. Why should you use contract management software? A […]
Avoid Missing Contract Notice Periods A mistake that many of us make is not giving the correct notice on a supplier contract. As a result, either a contract rolls over automatically or an out-of-contract rate is applied. The cost of forgetting to give notice will vary depending on the value of the contract, the supplier and what kind of […]
What Are The Most Important Dates In Supplier Contracts? Supplier contracts are often signed and then filed away in a desk drawer or shared drive without much management, except for when there is a problem. Until a new contract can be negotiated or put out to tender, the supplier delivers the goods or services and invoices are […]
How To Save Money Managing Supplier Contracts Better managing third-part supplier contracts probably isn’t high up on many companies’ finance department to-do lists. However, it’s been estimated that the average company loses about 9% of annual turnover due to poor contract management practices. With a typical company’s profit margins hovering around 10%, even halving this loss can increase profit margins by […]
What are the Key Dates In Supplier Contracts? Too often supplier contracts are signed and then filed away in either a desk drawer or shared drive with little or no management of the contract, except when there is an issue. The supplier delivers the goods or service and the invoices are paid until eventually a new contract is negotiated […]
How To Avoid Missing A Contract Notice Period One mistake that many of us make is to not to give the correct notice on a supplier contract. This can often result in either a contract automatically rolling over or being put on expensive out-of-contract rates. The cost of forgetting to give notice varies depending on the […]
What Is Contract Management Software? Contract management software is a digital platform designed to be a repository for a company’s legal contracts as well as offering functions such as contract creation, contract negotiation, contract e-signature, contract renewal, contract notifications, and visual analysis. A contract management system has many benefits to an organisation, mainly with it being self-service, user-friendly so that anyone can […]
Where Do You Keep Your Supplier Contracts? It is estimated that companies lose around 4% of savings opportunities because of auto-renewing (so called ‘evergreen‘) contracts every year. The amount of turnover that this represents will vary by company, but it is not an insignificant amount of money to leave on the table, especially these days. […]
4 Steps For Selecting The Right Software For Your Business 4 Steps For Selecting The Right Software For Your Business Choosing software for your business can be exciting, but it can be extremely stressful if you don’t really know what you need. There are a lot of options to choose from and selecting the right one that fits […]
4 Reasons to Use a Contract Management Software in 2023 4 Reasons to Utilise Contract Management Software in 2020 When handling a business, one of the more important things to track are your contracts that you create and handle. Be it for your vendors / suppliers, your employees, or your clients, managing your contracts is essential to […]
What To Look For In A Contract Or Supplier Management Software Contract management software used to be for record-keeping or legal auditing purposes only. Today, though, management software have become enterprise-level solutions. Since organisations are always looking for ways to minimise costs and risks while maximising revenue, streamlining processes has become a need rather than a want. […]
The benefits of Software as a Service (SaaS) The benefits of Software as a Service (SaaS) Software as a Service (SaaS) services are widely used by many businesses today. In fact, cloud-based software is the default deployment method of many companies these days. According to the Computer Economics report, about 60% of companies have integrated SaaS solutions […]
7 Ways Supplier Management Improves Business Efficiency As a business owner, you’ll want to ensure that the money you spend with a supplier provides you with great value in return. To do so, you need to start by recognising the two main pillars of supplier management, which are: To evaluate whether your suppliers are performing according […]
Benefits Of Contract Risk Management In our everyday lives, we are always entering into some type of basic contract, whether we choose to recognise it or not. Something as simple as buying a coffee from the local barista demonstrates the most basic workings of a contract. I.e. The basic exchange between two parties both sharing something in common, […]
Why is there so much change occurring specifically in the contract management space? Contracts are important. Money may be the blood of a business, but contracts are the bones. If you think about a company, underlying almost every asset or every important relationship is a contract. Every business, every non-profit organisation, and every government entity has […]