Before You Sign on the Dotted Line

Understand the terms in place for improved contract lifecycle management


“Looking at contract management software from a compliance aspect, setting up alert mechanisms will let you know when a contract is expired or about to expire and when you need to start thinking about the conversation with the supplier,” said North Rizza. “But some companies don’t think about the exposure of the suppliers’ supplier and what contracts he has in place. And in some cases your products may not have sold the way you wanted them to because of the economy. Technology can help you. But you really need to have a strategy of the way you are going to work with your supply base and the way it’s going to feed your supply chain to get that product out the door so you can than take that strategy and apply it to your contract. And then use your contract management technology and analytics to tell you what is really going on so you know if you’ve got gaps, risk and exposure.”

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