This four-part series addresses why actively managing your contracts is the best starting point for any procurement initiative. Many companies are interested in improving procurement processes, yet aren't aware of the importance of first effectively managing and controlling their contracts and contractual agreements. This series discusses the four most common procurement initiatives and the specific impact that a contract management system has on each: Spend Management, Spend Centralization, Outsourcing, and Globalization.
Part I: Spend Management
The initial paper discusses why gaining insight into, and control of, your contracts is the critical first step in procurement process improvement. Focusing on spend management, you'll get detailed information about the benefits of implementing a contract performance management system and how it lays the foundation essential to companies controlling costs, and ultimately reaching desired goals, throughout the life of their agreements.
Part II: Spend Centralization
The second paper focuses on how to use contract management solutions to consolidate the numerous overlapping contracts that companies have with the same or similar vendors that were negotiated at different times, often through different departments across the enterprise. The paper describes how you'll see immediate cost-savings, and why it's essential to have a contract management system in place prior to embarking on any spend centralization initiative.
Part III: Outsourcing
Part three discusses the challenges and complexities of any outsourcing relationship, and the importance that contractual agreements play in planning for outsourcing, as well as implementation. This paper demonstrates how having a contract performance management solution in place up front will improve the overall success of the outsourcing effort and specifically what to look for in a contract management solution that will best support your outsourcing initiative.
Part IV: Globalization
The fourth paper in the series focuses on two key components of globalization: 1) when companies expand their operations and open new facilities in international markets; and 2) when companies source materials and services internationally. Both significantly impact effectively managing and controlling your contracts and contractual relationships. This paper details the challenges introduced by globalization activities and the benefits of first implementing a contract management system.
Click here to download the papers.
Nextance is setting the standard for Contract Management ("CM") solutions with our Nextance Intelligent Enterprise(tm) software and best-practices professional services. With more Global 2000 customers than any other CM provider and strategic partnerships with global market leaders, Nextance is helping companies to better run their business by effectively controlling and actively managing their contractual relationships. Countrywide, Covenant Health, Eastman Chemical Company, Fireman's Fund, Genzyme Corporation, Sasol, Sun Microsystems, and others are using Nextance software every day to tap into the value that is written into each of their thousands of revenue, procurement, Intellectual Property licensing, and partners agreements. Nextance is based in Redwood City, CA, and is privately held.
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