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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.
But now with strategic sourcing and categorymanagement, the process has become much easier to track, monitor and control. It’s a style of working that produced innovative thinking – but by its nature, could be hit and miss; where “miss” could have a significant negative impact to an organisation’s balance sheet.
Once a procurement is awarded it moves to contractmanagement whose primary functions are implementation, compliance and issue management. A well written contract is a key enabler of successful contractmanagement as it clearly sets out the expectations of both parties.
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