A disjointed procurement management process can lead to procurement workflow bottlenecks. The manual management of contracts, vendors, purchase orders, and bids can prove challenging and ineffective. Processes that involve paying per solicitation can grow expensive. Don’t waste time, resources, and opportunities with a decentralized and inefficient procurement process. Leverage leading eProcurement software for procurement management success “from cradle to grave.”
Process, unity, and efficiency are essential for proper vendor management. A vendor management process that relies upon disorganized documents, emails, and spreadsheets for vendor key data, contract data, certificates of insurance, and vendor performance data may not be enough. These methods may lead to failed compliance, missed deadlines, agreement breaches, overlooked volume discounts, insufficient payments, and poor vendor selection. These manual and time-consuming processes should be replaced in favor of an organized and streamlined one. Thus, here are six tips for better vendor oversight with vendor management software.
NIGP (The Institute for Public Procurement) will be hosting its annual forum virtually August 24th – 28th, 2020. CobbleStone will be exhibiting its leading-edge government contract management, sourcing, bid management, and procurement software in NIGP’s virtual exhibit hall. CobbleStone’s software experts will answer questions from attendees and demonstrate how contract management software can help solve government purchasing challenges. NIGP’s celebratory 75th Annual Forum will feature procurement-focused sessions, a virtual exhibit hall, breakout sessions, networking opportunities, inspirational keynote speakers, a virtual happy hour, and other engagements.
Proper contract management is vital for the health of an organization’s contract lifecycle. Despite the importance of forming a solid foundation for contracting, most organizations do not use a contract playbook. Considering that these tools for contract procedure establishment are instrumental in helping many departments within an organization to share a universal understanding of standard contract processes and improve contract performance, this is surprising. When a contract playbook is paired with leading contract management software, organizations are equipped with powerful tools for efficient, cost-effective, and organized contract management. Given the importance and under-use of contract playbooks, here is how organizations should establish them for next-level, automated contract management.