Ardent Partners recently published a new research report, “Collaborative Contract Management: Procurement’s Role in Enhancing Compliance and Mitigating Risk.” It’s an exciting and refreshing look at how Chief Procurement Officers (CPOs) and procurement teams can utilize innovations in contract management solutions to collaborate more internally and externally, increase compliance, mitigate risks, and ultimately deliver greater value to enterprises. CPOs and procurement leaders searching for ways to breathe new life into existing contract management processes and tools will certainly want to get their hands on this report.
In it, readers will learn how:
- More enterprise procurement teams and CPOs are looking to collaborate more effectively inside and outside of the enterprise to drive greater compliance, risk management, and performance;
- Automated contract management solution adoption is on the rise, with Best-in-Class procurement teams leading the pack for superior procurement and enterprise performance;
- Features like contract digitization, centralization, straight-through processes, alerting and reporting tools, and mobile-first/ready applications enable greater internal and external collaboration, compliance, risk management, and performance.
- Best-in-Class contract management process automation correlates with greater capability across several key areas, including internal and external collaboration, contract and GRC process standardization, and gaining visibility into contract compliance and supplier risk;
- This enhanced capability correlates with higher levels of spend that is contract compliant, higher levels of transactions that are contract compliant, and greater identified savings that are realized from the sourcing and negotiation processes.
Readers will also receive a number of recommendations for driving greater collaboration through the contract management process and reaping greater enterprise performance, as a result. At a high level, these recommendations include:
- Automating contract management processes and systems to enhance relationships and results;
- Improving collaboration with stakeholders using contracts as leverage;
- Standardizing contract processes to align stakeholders and sourcing efforts, reduce errors and waste, and improve compliance and performance;
- Standardizing GRC processes to drive greater collaboration, compliance, and performance; and
- Valuing visibility, and ensuring that the reporting elements of contract management are front and center.
These are not your father’s old contract management processes; these are innovative and time-saving tools that, when leveraged in harmony, can promote greater collaboration with all relevant stakeholders, like Product Development, Legal, and suppliers, drive greater compliance, mitigate more risks, and realize more value for the enterprise. Although contract management has often been an overlooked process, the day has come for it to help procurement teams elevate enterprise compliance and performance to the next level.
Download the full report here.
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