When it comes to business, there’s a lot of talk about efficiency. The concept of efficiency, however, differs for larger corporations. When poor processes, communications and technologies prevail, the consequences are substantial. These inefficiencies hinder collaboration, visibility, compliance and, ultimately, growth.
Contract Lifecycle Management (CLM)
In today’s business world, time isn’t just money. Time is everything. To achieve a competitive advantage, procurement teams must complete their business objectives with more agility than ever.
But what does more agility in purchasing and contracting practices actually mean? How can a business adapt its existing operations to keep pace with industry leaders and mitigate high-level risk without sacrificing quality, compliance or reliability?
Sourcing professionals around the globe face increasing challenges and demands, and that was true even before the pandemic. Siloed systems have historically slowed down the supplier onboarding and source-to-contract process.
But flexible contract lifecycle management (CLM) solutions can enable new agility in the sourcing process, especially if they are extensible enough to bring sourcing professionals directly into the contract management process.
Poor contract management costs businesses up to 9% percent of their annual revenues. Contracts determine the flow of an organization’s finances and directly impact customer satisfaction, savings, risk exposure and productivity. However, organizations can have thousands of working contracts at any given time—each with their own set of set of risks, terms and expectations.