The success of a third party relationship relies upon the foundation it is built upon pre-signature and then the execution of the contract management design post-signature. By thinking practically when contract management is working well, organizations can receive the goods or services they expect within the time and at the cost that they expect.
Effective contract management can keep the contract “alive” and “evolving”, enabling new capabilities to be delivered to the client organization whilst maintaining integral value. The challenge is that many contracts are not fit for purpose and remain dormant, decreasing in relevance as each year passes and eroding and leaking value. They often measure the wrongs things and fail to evolve as the relationship and the services/capabilities develop. What can be done to tackle this?
Read our latest article to see how organizations can reduce value leakage in the early stages of the contract lifecycle and develop contracts that accelerate the procurement process.