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Contract Management

Set Your Procurement Process to “Automatic”

How should procurement software be? Complex, with a number tools and functions, or easy to use but with limited functionality? This is the challenge that procurement technology developers face today - designing procurement software that’s powerful and effective, as well as easy-to-use and intuitive.

The Gold Standard for Contracts

It is a curious statement that appears on British bank notes. “I promise to pay the bearer on demand the sum of [whatever denomination the note is].” Who is this promise made to and by whom exactly? One might be forgiven for thinking that the promise is one that the holder of the note is making to part with it on demand in return for goods or services.

BACK TO BLOG UNLOCKING THE CRITICAL BUSINESS VALUE WITHIN CONTRACTS

This directive is fairly straightforward, but as many sourcing and procurement professionals know, following this excellent business advice can be anything but simple. The contract management process is akin to herding cats in most organizations, given the wide array of stakeholders involved, each with their own specific requirements and timelines. This leads to significant delays during the negotiation and authoring phases, and indeed throughout the entire contract lifecycle. Mastering this linchpin of B2B commerce is crucial to streamlining the full process of requisition to purchase to settlement, resulting in massive cost and efficiency savings. An article by PayStream Advisors.

Terms of Endearment

According to Guinness World Records, the oldest company in the world is Nisiyama Onsen Keiunkan, a Japanese hotel which has been trading since 705. If that hasn’t quite sunk in yet, that’s the YEAR 705, folks. Indeed, this one hotel has been in business for over one thousand three hundred years. Quite a statistic, quite an achievement. One suspects (and perhaps hopes) that few of the original fixtures and fittings remain. That said, every business traveler has occasionally checked into a conveniently located hotel only to find that the facilities are so old they might have been passed over by the operators of Nisiyama Onsen Keiunkan as being “a little outdated.”

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