Contracts are at the heart of virtually all business transactions. Contracts dictate every aspect of key business strategies and relationship.

Many organizations spend a considerable amount of time and resources executing contracts to their liking and then, once executed, fail to properly monitor and oversee these contracts. Also, once the contract is finalized and services are procured, many companies fail to manage the contractual obligations, agreed to during the negotiation phase. Contract Management or Contract Life Cycle Management is the key part of the procurement process which, if managed inefficiently, can affect an organization’s bottom line adversely.

Risks

From an impact perspective, failure to meet obligations of contracts can result in:

  • Missed savings
  • Heavy fines and penalties
  • Litigation and compliance risks
  • Supply chain gaps
  • Loss of customers/ supply chain
  • Overpayment of Goods and Services
  • Miscommunication due to incorrect use of language
  • Inadequate or absence of relevant clauses, such as IP, NDA

Our Approach

Provide end to end services for contract management

  • Initiation activities
    • Demand analysis and management
    • Defining Contract Strategy
    • Risk assessment
    • Contract Exit strategy
    • Contract Management Plan
    • Preparing Requirement document
    • Finalization of the procurement strategy, terms and tendering process
  • Contracting activities
    • Conduct Pre-bid meetings
    • Obtaining Quotes
    • Evaluation of bids
    • Negotiations
    • Defining Service Level Agreements (SLAs) and Key Performance Indicators (KPIs)
    • Contract Preparation
  • Post Contract activities
    • Contract administration
    • Prepare and monitor contract specific milestone-based checklists
    • Monitor SLAs and KPIs to manage day-to-day adherence to the contract
    • Supplier management
    • Risk Management
    • Change in contracts
    • Contract closure
    • Invoice Processing
  • Reports and Analysis
    • Timely alerts and notifications to all concerned stakeholders
    • Periodic reports
    • Spend & Performance Analysis
    • Document the changes in work scope

Benefits to organizations

  • Increase operational efficiency
  • Increase in productivity
  • Increases Financial value
  • Improved Budget Management
  • Reduced Administrative costs
  • Standard Processes and procedures
  • Timely procurement of goods and services
  • Spend Analysis
  • Strengthened Compliance Management
  • Reduced Maverick buying
  • Better Supplier relationships
  • Improved Supply chain performance
  • Timely renewal of contracts

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