Many organisations assume that once a tender is completed & the contract signed that the expected terms & benefits automatically flow into the business. However, supplier contracts are live documents that require ongoing management to ensure that the terms are implemented correctly & remain optimised.
Pro-active contract management ensures that contracts are adhered to, risks are minimized, and value is maximized throughout the agreement’s lifecycle. Spend Solutions’ contract management includes activities such as invoice validation, supplier performance review, internal compliance assessment, cost reduction review & commercial negotiations.
Collectively, the services provide a contract management solution that ensures that the commercial & performance expectations of the agreement have been met, any further improvement opportunities have been identified & pricing remains market competitive.
A contract management service is typically carried out by a contract management company, who are experts at managing supplier contracts & procurement more generally.
For more information about outsourcing contract management services, contact us to discuss how Spend Solutions can help obtain greater value from your supplier contracts.