How Technology Helps Procurement Ensure Compliance, Boost Efficiency, & Minimize Risk

By Timothy Donaghy
My Purchasing Center, June 8, 2018

Despite the increased digitization of many business functions, the contract management function has lagged behind at many organizations.  Horror stories still exist of sensitive contract data being scattered around organizations in:

• thick manila folders stacked on desks
• overstuffed hard copy filing cabinets
• various people’s hard drives
• poorly managed shared folders
• static spreadsheets

For procurement professionals, these practices pose challenges in simply finding the most recent version of a contact, let alone meeting contractual deadlines or holding suppliers accountable for agreed-upon milestones. But procurement professionals in forward-thinking organizations are leveraging contract management technology to manage their contract lifecycle to ensure compliance, mitigate risk, reduce costs, and increase revenue.