This week in our Whiteboard Wednesday series, we take a look at how to optimize spend using contracts. Procurement teams in particular often spend a lot of their time going back and forth in negotiations. As all spend resides in a contract, a contract lifecycle management platform provides opportunities to help increase efficiency.
This video contains three points that will help an organization move from being tactical to being strategic with their spend:
1. Redlining within a platform makes negotiation faster. By keeping negotiations all in one place, there’s a clear record of who said what and who made any changes.
2. E-signature prevents the contract from getting stuck once the negotiations are finalized. Once all redlining is complete, e-signature helps move the contract to completion without any delays.
3. Finally, lifecycle management, including renewals, deadline alerts, and expirations help an organization maximize the value of a contract. If terms are ideal, being aware of renewals eliminates the need to renegotiate. If there’s a need to renegotiate pricing or any other conditions in a contract, alerts allow companies to be proactive.