No source-to-pay (S2P) capability is complete without a robust contract management process that’s not just bolted on, but built-in and completely integrated. In procurement and supplier management, contracts are the tools with which to measure supplier performance, control direct and indirect spend, rein-in mavericks and mitigate risk.
The Determine Cloud Platform-based CLM provides the ability to have 360-degree visibility into contracts and related documents. It provides details on whether negotiated terms being met, what’s in service level agreements, renewals, expiry dates and more. In terms of compliance, linking contract management with supplier management is how leading organizations achieve optimized risk management – supplier credentialing and validation are precursors to putting contracts in play. According to Forrester, Contract Lifecycle Management reduces contract review time by 80-90%; faster contract cycles means more opportunity to drive business goals, make better decisions and drive revenue.