Contract management AI is not something to be intimidated by. Its goal is not to eliminate jobs or replace valuable employees. Instead, it can add value to contract management software processes by transforming contracts and documents into building blocks for enhanced contract oversight, improved risk mitigation, and more proactive opportunity realization. It can lend a competitive edge by shifting the responsibility of employees from tedious data entry to valuable contract analytics. Organizations that embrace AI-based contract management can maximize growth opportunities and increase their software ROI.
Government supply chain management is a multi-faceted, involved process – including the handling of RFIs, RFPs, and RFQs. Supply chain RFx management responsibilities may include accumulating vendor proposals, collecting quotes to compare vendors and contractors, establishing a database of vendors and contractors, signing off on approvals before selecting them, managing contracts, and much more. Handling these different tasks with separate manual processes can make for a disorganized approach that can potentially lead to lost opportunities, supply chain lifecycle bottlenecks, improper vendor and contractor selection, wasted time, and revenue loss. Luckily, integrated contract management software solutions can help. Here are three ways to improve government supply chain RFPs.
When it comes to vendor management, efficiency and process unity are key. A vendor management process that relies on disparate documents, spreadsheets, and emails for vendor key data, contract information, certificates of insurance, and performance data for vendor comparison may not cut it. Such methods can leave organizations with a disorganized process that might lead to missed deadlines, failed compliance, insufficient payments, agreement breaches, and poor vendor selection. Eliminate manual, time-consuming processes by successfully keeping track of what’s essential with vendor management software. Here are three critical aspects of vendor management to track.
2020 is quickly approaching and, with it, new advancements in contract management options. To that end, we’ve detailed five essential tools contract managers must empower themselves with to navigate the ever-changing landscape of contract management best practices going forward.