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“Contract management” and “contract administration” might appear to be interchangeable terms; however, each concept has distinct differences in their function, stepwise process, and role within a company. To ensure that your company is reaping maximum benefits from your contract management and contract administration strategies, understanding the similarities, differences, and the gray areas is critical.
Contract management is a complex process involving many moving parts. A contract is created, then approved by the sending party, then negotiated or approved by the receiving party. Each step in the contract process, or stage, is known as a workflow stage. Workflow stages are conditions that contain tasks that must be performed for a contract to be signed by all parties. Workflow stages can be the responsibility of either the sending party or the receiving party or all parties.
The trends in the world of contracts and contract management vary based on geography, economy, population. Geography, economy, and population all contribute to the formula that comprises demand. This article examines the similarities and differences among the top five countries in the world based on economy and population.
What is procurement? Procurement is the process of obtaining goods or services from an external source that are essential to the growth of your organization. Companies worldwide engage in the procurement process through a tendering or a bidding process. Procurement is often confused with common purchase; this confusion could arise due to an unfamiliarity in the domain. Procurement is the process of sourcing and obtaining the goods and services required for the company to fulfill its business objectives through a series of negotiation and strategic decisions, purchasing is the process of buying goods and services. An example of a procurement item is a quantity of sugar purchased by an ice cream manufacturer to add to the ingredients of the ice cream they sell. An example of a purchase is when a consumer shops at a grocery store to buy a pint of ice cream to eat. Procurement items are essentially ingredients to make other products or services to sell, in the middle of the item's life cycle. Purchase items are essentially consumed or used in full, at the end of the item's life cycle.
Over the past years, enterprise business processes have been revolutionized by cloud computing technology. The very convenient means of accessing resources, be it data or computing power in the form of any software solutions, has made cloud computing very favorable for enterprise business operations. It effectively eliminated the need for having mainframe hardware readily available on-premises. Cloud computing technology is helpful especially for operations that are not based in a single location. Users are now able to collaborate and work effectively on projects even from remote locations. Companies can also operate without worrying about the risks of data security because cloud service providers like Microsoft and AWS have a very reliable infrastructure to manage (encrypt) data at REST and in transit.
The adjustment to Covid continues to change the workplace. Software such as contract management systems have increased demand and usage in the remote work setting. Employees working from home have participated more as a daily user of contract management software than pre-Covid. As employees return to offices, or begin hybrid work environments, contract management systems will continue to be an important software for every company. According to the Wall Street Journal, Microsoft began a hybrid work environment on March 29, 2021.
The sudden switch to remote work has forced us to find new and innovative ways to deal with our daily tasks. Countless solutions have been introduced in the market to tackle the daily organizational activities. These solutions include intranet portal, project management solution, helpdesk solution, contract management etc. Among these solutions contract management has proved to be the most useful and handy for enterprise organizations in the remote work handling.
Cornell University’s law department defines breach of contract as “the violation of a contractual obligation. One may breach a contract by repudiating a promise, failing to perform a promise, or interfering with another party’s performance.”
OCR stands for Optical Character Recognition. This is an advanced software capability that involves artificial intelligence (AI) to turn a scanned contract or document from a picture to a usable data set. OCR has changed the playing field for Contract Management Systems, in a huge way!