Collaboration between procurement, legal, and contract management teams is essential for successful contract execution and supplier relationship management.
Procurement and contract management are interconnected processes that work together to ensure the effective acquisition of goods and services while mitigating risks, optimizing costs, and maximizing value for the organization
Risk Assessment, Mitigation and Cost Management
Valuates the risks associated with vendor relationships, including financial, operational, and reputational risks
Manages costs associated with vendor contracts, including negotiation of pricing, discounts, and payment terms
Collaborate with contract management to incorporate risk mitigation strategies into contract terms
Compliance and Due Diligence, Supplier Relationship Management, Performance Monitoring and Evaluation, Contract Renewals and Termination.
