We’re Going Beyond Basic Contract Management
Posted on: 10/02/16
Here at Target we have described many times how important it is to dump your existing contract management solutions and risky Excel spreadsheets and adopt our Contract Management System, Accord, for improved control, compliance and savings (more info: https://www.targetis.co.uk/products/accord-contract-management-systems/)
We frequently market out software solution as the most advanced and robust contract management system on the market because it is completely configured for individual organisations; It is not an out of the box buy, it is a software solution that can be developed time and time again to manage the changes and demands in procurement and purchasing departments.
Recently we have been working with one of our clients to provide not only a contract management system for expenditure contracts but also to develop a full functioning and integrated income contract manager – In others words we now provide a contract management system that enables 360 degree insights into spend and compliance with enhanced collaborative portals to bring your buy side and sell side together.
Previously our client was using a contract register and were not collecting any data in regards to income sources. Buy side and sell side contracts have always been kept separate but the separation is starving management of information that could truly lead to smart and informed business decisions.
Your buy side will be strongly focused on cost reduction, risk avoidance and compliance, while sell side colleagues will be learning to balance a much wider set of factors to develop sustainable contracts and relationships. Collaborating both sides can dramatically improve your bottom line through lower supplier spend, greater compliance and lower total cost of ownership.
A large organisation will typically have hundreds and thousands of contracts in place but a lack of management around these contracts can have a huge impact on a business, leaving you grappling for clarity on how to take control of your spend.
Contract management is about having a clear understanding of your contracts lifecycle and having all data in one central repository for all your team to have access to for renewal and negotiation procedures. We want to help your business go beyond basic contract management, as you not only want a clear understanding but an in-depth one too, which includes important data about your supply chain management and your ability to serve customers across multiple channels. Visibility on all your contract, supplier and service data can provide you analytical insight and reports to help you manage revenue and spend side by side to see how spend ties to incoming cash.
So don’t settle for less when it comes to managing all your contracts. Robust contract management systems with the flexibility to adapt and meet your contracting requirements is the key to unlocking operational efficiencies, compliance and savings.
Looking to actively manage your expenditure and income contracts?
Take a look at Accord: https://www.targetis.co.uk/products/accord-contract-management-systems/
We are a UK based software company providing bespoke contract management systems globally to procurement, purchasing and facilities departments to organisations in both the public and private sector since 2010, Take a look at our portfolio: https://www.targetis.co.uk/our-clients/