Before
moving forward I have some questions from all supply chain professional, have
you ever felt a sense of frustration ever the pace of progress in your
organization? Have you ever take any initiative to improve operational and cost
performance. If the answers are yes then you need to focus your attentions on
this article where we will understand the vision of eProcurement and its
benefits.
Every
procurement event cannot accomplish without signing of final contract order
between both buyer and seller. So contact management always played an important
role for successful completion of any procurement event. Any procurement
professional always involve into agreements and contracts with suppliers from
different categories. A contract cant not be finalize without legal clauses, KPIs
and statutes that deal with contract. Many Organizations are managing contracts
in centralized and automated ways. Therefor now a days many organizations are
using Contract Lifecycle Management system to finalize contracts on the basis
of different criteria.
Even
if contacts would be negotiated as well as possible, contract risks might
always be included. Risks related to contracts should be controlled and
limited. Important factor associated to agreement documents are risks to the
paper documents. In case a company has only paper archive for its valuable
agreements; fire, water damage or thefts may cause a serious and irreversible
damage to the documents. With the help of contract management software, paper
documents are scanned into picture format (PDF etc.) and documents are filed on
a server. Server is located to a different location than where the paper
contract archive is located. With these precaution steps company can assure,
that if outside threat, electronic contract database and the scanned contracts
could be restored immediately. These way business functions of the company are
now in safe side.