Contract lifecycle management tools
When it comes to managing a variety of supply chain contracts with different workflows, due dates, expiration dates, and renewal terms, using a manual method for managing contracts may be feasible for 3?4 contracts, but it is unlikely to be effective for managing contracts with many different due dates, expiration dates, and renewal terms. According to studies, the continuing epidemic is causing supply chain problems for more than 14% of organizations. A crucial step toward maximizing process efficiency is the digitalization of the contract management system. A thorough grasp of each stage of the contract management process is essential for contract managers. They will be able to effectively manage the process and take informed decisions to reduce risks as a result. Understanding contract lifecycle management is crucial in light of this.
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Category: Business & Industrial
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