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Importance Of A Contracts Life Cycle

‘The failure to place contracts in a system where they can be reviewed, organized and managed through their life cycle means that companies are missing sources’
  • Corporate Counsel, (2014). ‘Contract Management: Do You Know Where Your Contracts Are?’. Online <http://www.corpcounsel.com/id=1202662178977/Contract-Management-Do-You-Know-Where-Your-Contracts-Are?slreturn=20141007050938> Access Date: 07 November 2014

It is believed many organisations are not taking advantage of the technology which is available to deal with contracts that are in place with their supply chain and that there is a lack of promoting efficiency and potential cost savings.

This article shines a light on how some organisations are still unable to find an efficient process to handle all the overwhelming data that surround contracts management.

We understand that the contracts management process is often archived in one depository place, as a result creating a wall between departments. By not having a centralised platform which secures all contract information it creates a problem of communication and understanding as departments are not shown the handling of a contract through its life cycle.

At Target we have provided a system solution for a contract management processes or alternative systems that has failed its business through financial loss. Our clients are able to review, organise and manage their contracts with instant visibility, automated work planners, secure repository for documents and much more.

By developing our contract management systems with our clients we have helped them overcome wider problems and created adaptable solutions. Meeting their requirements has ultimately helped procurement, purchasing, materials managers and buyers do their job quicker and stop them from becoming overwhelmed with day to day data management and reporting.

Do you know where your contracts are and how they are managed? Are your current contracts management process slowing down your work day?

It’s important to understand how your contracts are being managed, and that you have all the data in that process. Investing time to review and address the improvements that can be made to save you time and money will consequently provide an improved work flow and successful future.

Find out more about our Contract Management Systems.

Posted by Olivia Davies