Digitally streamlining both your supplier contract and information management systems leads to enhanced efficiency, and time saved in procurement.
As more relevant tools emerge, primed to aid you in this area, it’s important to consider what specific features can help streamline supplier management processes to the highest possible degree.
Automated Renewal Alerts
One cause of wasted money in contract management is missed renewal dates, as it means professionals miss the opportunity to renegotiate contract terms. This can be down to a simple lack of visibility over your contract database.
When looking for a supplier contract management tool, it’s imperative to ensure that it offers visibility and notifications over these upcoming renewal dates. This offers you time to renegotiate deals, and ensure that none of your supply base fall out-of-contract.
AI-Powered Contract Management
Sifting through contracts to identify specific terms and clauses is a time-consuming task. By opting to use AI-powered contract management to summarise key clauses, and find information hidden within large documents, users can save a great deal of time and frustration.
A Centralised and Integrated Contract Repository
When contracts are scattered across different desktops, or saved in different folders, it’s difficult to track the correct document. Centralising contracts within a cloud-based system and integrating data-streams wherever possible is absolutely imperative when streamlining contract management.
Key Takeaways
- Automated Alerts can prevent missed renewal dates.
- AI-driven contract software can help identify key contract terms.
- A centralised and integrated system can both streamline contract management and enhance data integrity.
ARCUS® Supplier Contract Management (SCM) has all three of these features and more. It’s a system designed to streamline your contract management and remove the pesky inefficiencies that hinder productivity.
If you’d like to discover more about streamlining supplier management processes, you can book a call with a member of the team here.