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The process creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. It is called strategic because it replaces traditional ad hoc approaches to sourcing, which were almost entirely focused on cost savings, item by item.
Introduction to ContractManagementContractmanagement is the process of systematically and efficiently managingcontract creation, execution, and analysis to maximize operational and financial performance at an organization. Negotiations may be required to create new contracts.
It is a process that creates efficiencies across all spend categories, minimizes supply chain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. How Has Strategic Sourcing Evolved?
A dedicated CLM platform provides the automation, control, and analytics procurement teams need to maximize the value of contracts while minimizing risk. With the right CLM solution in place, procurement can achieve end-to-endvisibility into the contracting process, reduce cycle times, and eliminate inefficient manual tasks.
Or alternatively, as senior managers we only see the end results of procurement as figures on a spreadsheet or a financial statement, with little awareness of how they are arrived at and how they can be improved. To understand whats really going on we need, first, to step back and get a holistic view of the end-to-end process.
This is where managed procurement services come into the picture. Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.
This is where managed procurement services come into the picture. Managed procurement services can be defined as an external service that helps streamline a company’s acquisition processes, offering an end-to-end solution that takes into account all aspects of procurement – from sourcing to payment.
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