Procurement power play: 6 best practices for smarter contract management
Procurement teams deal with a high volume of contracts, tight timelines, and cross-functional coordination. The right contract management practices can reduce risk, boost efficiency, and strengthen supplier relationships.
Here are six proven tactics to optimize your contract process:
1. Define clear terms & deliverables
Avoid costly misunderstandings by setting clear scope, service levels, and payment terms upfront.
2. Standardize with templates
Use pre-approved templates to streamline negotiation, reduce legal risk, and maintain brand consistency.
3. Strengthen supplier evaluation
Go beyond price. Use scorecards and feedback to assess vendors on reliability, compliance, and performance.
4. Implement contract management software
Automate tagging, reminders, and approvals to reduce manual work and improve accuracy.
5. Collaborate across teams
Break down silos between legal, finance, and procurement with shared workflows and clear responsibilities.
6. Monitor contract performance
Track obligations, renewal dates, and milestones to stay in control and avoid costly lapses.
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