With rapidly growing complexities of the sourcing environment, expectations out of procurement teams are way beyond cost savings. A company’s operational efficiency and financial integrity depend a lot on procurement contract management. Procurement is indistinguishably linked with contracting, where the team essentially requires drafting, negotiating, signing, and administering vendor and supply contracts at scale. So, it becomes essential to achieve high levels of efficiency.
The right contract management strategy can improve procurement management, but how?
An advanced AI-powered contract management software like Zycus iContract can prepare your procurement teams to strengthen key supplier relationships, stay agile towards untapped opportunities, and have complete visibility in the supplier agreements.
The State of Strategic Sourcing Report 2014 shows that only 25% of procurement teams use contract management systems, and 47% plan to upgrade later. However, top-notch procurement teams automate their contract management processes 40% more than others — leading to improved price, contract, and transaction compliance rates.
Download our eBook to know Zycus’s cloud-based contract management solutions are designed to make it easier for procurement professionals like you to:
- Manage supplier relationships better with real-time insights
- Negotiate better deals with a contract repository and automated workflows
- Speed up the contracting process with our automated workflows
- Integrate with ERPs like Salesforce, MS-outlook, and MS-Word
- Track vendor performance by monitoring supplier agreements
- Manage budget smartly with insights into the contract data and automated alerts
- Always stay audit-ready with a comprehensive audit trail
- Enjoy a short pre-award phase with artificial intelligence powered authoring
- Identify revenue opportunities by capturing discounts and rebates