Using can ensure a professional contract management approach, improve risk management and profitability, and provide a clear return on investment (ROI) in terms of the cost and benefit of contract management activities. Contract management best practices, such as implementing contract management software, can raise the quality of customer relationships and maintain open written contract communication channels to avoid contract conflicts and escalations.
There are other benefits of using , such as:
Simplify your RFP processSupplier and bid managementImprove bid analysisTransform contract managementContract Change ManagementProcurement and Resource PlanningEnhance communication and collaborationAudit trail and documentationComplianceDeliver projects on time and within budget
Contract Management provides businesses with contract automation, an auditable single source of truth and a real-time view of project progress and contract activity.
Having an integrated system between contract management and project control can alert project professionals of cost or schedule overruns that may occur. Projects with integrated contract and cost management systems can efficiently collect contract bids, perform bid analysis, and award contracts. Not only can add contract changes and send updated commitments to the cost management team for project reporting, but it is able to evaluate contract performance and calculate accurate progress.
