Effective contract management addresses all aspects of the contracting process, beginning with the development of the contract terms, negotiation to secure agreement, operationalizing the contract through technology, and ongoing protection of category terms and conditions with suppliers. Nitor’s approach combines both process and technology to deliver a scalable program to effectively manage contracts at your organization.
Robust contract management is one of the key components to securing the value created through category management and strategic sourcing efforts, yet it is often an afterthought in many organizations. Organizations unable to actively enforce the terms and conditions that were established in the contract typically lose up to 30% of the value delivered from strategic sourcing projects.
With the right processes, technology and people seeing the task through to the end and contracting and managing suppliers in an efficient way - the value created will be realized.
Once key gaps are identified, a transformation program to drive change is created and enabled. Key performance targets to measure success are set.