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The main point is to devote sufficient time to the procurement planning stage (concept and development) to ensure all stakeholder considerations are addressed. This includes clients, current vendors and unsuccessful bidders of previous similar procurements. A best practice is to use current procurement document templates.
ContractManagement is often thought to be the last step in the Procurement life cycle but instead it is both the beginning and end of the procurement cycle and it provides a constant feedback loop. The following article discusses the various steps of contractmanagement and its role in procurement efficiency.
Awarding the Contract The winning supplier is selected based on clear criteria, ensuring fair and competitive procurement. ContractManagement Once the deal is signed, contractmanagement ensures the supplier delivers as promised. E-Procurement It is the digital way of handling public purchasing.
ContractManagement is an essential element of the procurement lifecycle as it helps to mitigate risks, ensure compliance and achieve desired outcomes. It is a structured approach to overseeing contracts from initiation to execution and leads to either termination or renewal.
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