[Editor’s Note: Ardent Founder and Chief Research Officer, Andrew Bartolini is pleased to present a new webinar “Transforming Vendor Performance through Innovative Contract Management” next Wednesday, July 22nd @ 11 AM ET. If you are interested in learning more, click here.]
Ardent Partners research has shown that procurement departments can save between 12% and 18% by avoiding maverick spending. But managing contracts is more than just compliance. Contracts are the glue that binds buyers and suppliers, ensuring that buyers maximize the value negotiated during the sourcing process and that suppliers deliver on promises made in the contract. In 2020, innovative new contract management strategies and technologies are changing the way procurement, legal, and contract management teams collaborate with vendors transforming performance and value realization in vendor engagements.
There are several key components to the modern procurement function that are unheralded in nature and often considered to be more tactical than strategic. However, in the greater purview of the total impact of procurement, attributes such as contract management sit inside a territory of processes that, when mismanaged, can wreak financial havoc within the average enterprise. Those enterprises that deem contract management a critical component of their overall procurement programs are the ones that avoid savings leakage, maintain legal and financial visibility, and ultimately drive more value to the greater organization.
With that said, join Andrew Bartolini and Scott Quinn, VP – Customer Success, SirionLabs next Wednesday, July 22 @ 11 AM ET as they discuss and present the latest contract management trends and the key findings from Ardent’s upcoming report. On this webinar “Transforming Vendor Performance through Innovative Contract Management” (click to register), attendees to this webinar can expect to:
- Learn how innovative contract management solutions can improve vendor management
- Discover what new contract management strategies and approaches are being used to improve the bottom line
- Receive a complimentary copy of Ardent Partners’ latest report on Innovative Contract Management
Contract management automation is a multi-faceted series of technology-driven processes that can drive real efficiencies across the entirety of the contract management function. Contract management automation can also enable access to central repositories and standardized service-level agreements to ensure that suppliers perform against the negotiated terms and conditions. In the quest to reduce maverick spending, curb savings leakage, and identify compliance gaps, contract management automation may be the most critical capability of all. Hope you can join us next week to learn more!
