What is contract lifecycle management?
According to the Chartered Institute of Purchasing and Supply, contract lifecycle management ‘is the process of systematically and efficiently managing contract creation, execution and analysis for maximising operational and financial performance and minimising risk’
Other definitions tend to relate to activities carried out after a supplier has been selected but the most effective contract management includes the equally important pre award stages, hence the term contract lifecycle management.
In the current economic climate, both public and private sector organisations are having to find ways of not only reducing expenditure but also of improving their performance. For these reasons, the importance of good contracts management has never been greater and businesses are now starting to adopt a more structured and automated system to do this.
An automated contracts management system guarantees that renewal dates are not missed and is designed to manage the whole process efficiently from pre through to post contract procedures.
The IPC Group’s contract management system has been developed to give companies greater control over their suppliers and to avoid costly duplication of services and missed deadlines.
For further information on the contracts management system please click here or call us on 08081 45 46 47.