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What is Contract Management? Your Procurement Guide

ProcurePort

Contract management is one of the key duties procurement and sourcing teams must attend to. An orderly contract management process can grow business and increase revenue. To get the best value from each supplier contract, it is imperative to know and understand exactly what is contract management.

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Choosing a Contract Management Tool

Procurement Tactics

Bonus PDF: 51 ChatGPT Prompts to 10X Your Productivity in Procurement Download 51 Prompts →  Or receive our famous weekly newsletter Choosing a Contract Management Tool Choosing a contract management tool is crucial for your business as you need to select what suits your company the best.

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The Role Procurement Teams Play in Contract Management

ProcurePort

Procurement today is supposed to be a management function within an organization, directly supporting the strategic goals of the organization. In most cases, contract management is left to the legal department team members. However, this is yet to be achieved in most organizations.

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Contract Manager Responsibilities to the Procurement Team

ProcurePort

Each team member of the procurement department is going to have a specific role in the procurement process. Staffing the procurement team with informed individuals who are capable, knowledgeable, and take ownership of their roles within the department is important in building an effective, and efficient procurement team.

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Here’s a comprehensive list of the top 100 skills that a Procurement Manager should master

Procurement Templates

SAP, Oracle) Procurement software (e.g., SAP, Oracle) Procurement software (e.g., SAP, Oracle) Procurement software (e.g., SAP, Oracle) Procurement software (e.g., SAP, Oracle) Procurement software (e.g., SAP, Oracle) Procurement software (e.g., Coupa, Ariba) Data analytics tools (e.g.,

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Contract Management Responsibilities Checklist

Procurement Templates

Creating a comprehensive contract management checklist involves several key steps to ensure effective oversight and compliance. Here’s a detailed checklist you can use: Contract Initiation: Define contract objectives and requirements. Establish contract terms and conditions. Machine Learning?

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Contract Management VS. Contract Administration

ProcurePort

What are contract management and contract administration, and how do these two processes impact your procurement efforts? Dealing with contracts is hard and it’s much harder if you don’t know the difference between contract management and contract administration.