With plethora of tools available in the market, it is important to qualify the right solution / vendor that has the right organization fit. In such a diverse and complex landscape, having a good contract management solution (People + Process + Technology) serves as a good starting point. Organizations are caught unprepared with extremely volatile market and price hikes that makes it re-think its contracting strategy and timelines.
With increasing competition, even being an industry leader, no longer provides the insulation from market fluctuations. Globalization has opened up lot of possibilities for procurement but has also increased the complexity of contracting process due to a variety of legal requirements across the globe. Several large global conglomerates have realized the importance of creating transparency and accessibility of contracts to all internal stake holders. Even the best framed contracts are of little use if nobody is familiar with them.
Managing relationships could be a challenging process if there is no visibility and transparency on the terms on which the relationship was built. It wants to mitigate financial risk that might arise due to non-compliance of contract and also effectively manage the relationship with vendors, customers and employees who help in creating value. Organizations that look to manage contracts effectively and efficiently have clear-cut agenda.
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