Contract management – redefined
Contract Management is the practical foundation for key business activities and a complex mainstream function with global reach in today’s business environments.
In a company, almost all the departments along the value chain are affected by Contract Management. Moreover, every department has its specialized requirements of Contract Management:
- Purchasing: The ability to create and execute contracts with suppliers, agents and partners
- Distribution: The capability to create and execute contracts with customers
- Legal: Control of regulatory compliance (e.g. Sarbanes Oxley Act or Basel II), and corporate legal requirements such as contractual compliance of organizational policies
- Controls: Active risk assessment aligned to existing contractual relationships
- Review: Improved audit capacity of existing agreements and transparency in all contractual processes
- Management: Design and optimization of internal control systems (ICS) as well as cost reductions realized from better defined and more predictable contractual terms
Spider Contract can shed light on the details of your contracts
Contract Management tracks back to a centralized-kept database virtually all contract details, whether these are purchase, renting, leasing, services or outsourcing contracts. The advantage is obvious: by focusing on managing the essential metrics and evaluation effectiveness, details are available on scanned attached documents.
