Sourcing managers know: Contracts are the foundation of business. They spend a majority of their time reviewing, negotiating, shepherding and gaining approval for pieces of paper that will ultimately help their companies drive down costs, create beneficial alliances and reduce risk.
They handle full portfolios of contracts that range from pending to finalized to executed and work with numerous departments within the company to attain final approval – that’s no small numbers of important negotiations to keep tabs on. One mistake can seriously jeopardize progress, costs and projects.
So why would a sourcing manager rely on email or spreadsheets to handle such an important task? Manual processes = more risks.
With the right software, a sourcing manager can gain greater visibility into a contract portfolio which means:
– Enhanced insight into total time for approval
– Iron-clad audit trains to support compliance
– Establishment of a proven process to manage risk
– On-demand status reports of all outstanding contracts
Here’s how one sourcing manager accomplished this.