For some enterprise procurement teams, managing the contracting process may seem like a back-end, tactical process that does not result in anything strategic beyond a codified business relationship with a supplier. But the fact is that managing contracts in a “smarter” manner (in pragmatic terms, and by more effectively managing and analyzing data) can drive increased revenue and profit. However, as with anything that delivers revenue, you need to consider the costs and benefits. Join Andrew Bartolini, Ardent’s Founder and Chief Research Officer, on Wednesday, February 27th at 1:00 pm ET on a webinar, Contract Economics: Smarter Contracts for Predictive Analytics (sponsored by Concord Now) to learn how.
Managing contracts can be a costly affair — especially if isn’t done well. Reducing the cost of contract creation, understanding the financial impacts of said process, and reducing unnecessary costs when managing contracts ought to be table stakes for Chief Procurement Officers (CPOs). But the value proposition for smarter contracts goes far beyond the basic “blocking and tackling” of managing them efficiently and in a cost-effective manner. There’s an “intelligence dividend” in contract data — CPOs just need to know where to find it and how to realize it.
By nailing down the basics of contract management, enterprise procurement teams will then be poised to derive valuable business insights from all of the rich intelligence found within their contract (and spend and supplier) data. From there, CPOs can leverage this data to move beyond historical analysis of their contract, spend, and supplier data and pivot to predictive analysis and proactive decision making. Indeed, applying the “Moneyball” idea to contracting provides a data-driven, empirical approach created through a unified lens that delivers insights greater than the sum of its parts, creating a larger conversation around contract economics.
Join Concord and Ardent Partners for this webinar to learn:
- How to use data from contracts to help make future decisions
- What forecasting means for Procurement in regards to supplier/relationship management
- How to leverage data to move beyond hind-sight reporting and analytics to predictive
Webinar Details
Contract Economics: Smarter Contracts for Smarter Analytics
February 27, 2019, 1:00 PM – 2:00 PM ET
With Special Guest, Andrew Bartolini
Sponsored by Concord Now
Tagged in: Contract Lifecycle Management, Events, Innovation, Process, Solution Providers, Spend Analysis, Strategy, Supplier Performance Management, Supplier Relationship Management, Suppliers, Technology
