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Procurement plays a foundational role within any organization, as it serves in the process of sourcing goods and services. When a company purchases a product or service, the purchase undergoes a procurement procedure. While “procurement” mainly refers to the purchase itself, the overall procurement process is what ensures compliance and product/service quality through specialized management. A procurement management strategy with a base in contract management is conducive to an efficient procurement process, and this is because businesses are required to use contracts to maintain internal and external accountability.
Chief Procurement Officers (CPOs) are oftentimes bombarded with numerous tasks to fulfill on a daily basis, and the every-changing nature of the procurement process only makes their job that much more demanding. Today, several software solutions exist to support CPOs in completing daily procurement activities, and contract management software is one such solution. But before making any initial investments into a contracting platform, CPOs should gain a clear understanding into some key aspects of contract management software.
Contract management plays a key role in every procurement cycle. Contracts serve as a determining factor in terms of how business relationships will function between suppliers, vendors, and other partners. It’s necessary for any company to have and optimized, well-planned, and effective approach to contract management in procurement.