Essay On Contract Management

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Recommended: Globalization impact on Contract Management

Contract Lifecycle Management - Think Big, Start Small and adopt faster Organizations that look to manage contracts effectively and efficiently have clear-cut agenda. It wants to mitigate financial risk that might arise due to non-compliance of contract and also effectively manage the relationship with vendors, customers and employees who help in creating value. Managing relationships could be a challenging process if there is no visibility and transparency on the terms on which the relationship was built. Even the best framed contracts are of little use if nobody is familiar with them. Several large global conglomerates have realized the importance of creating transparency and accessibility of contracts to all internal stake holders. Globalization has opened up lot of possibilities for procurement but has also increased the complexity of contracting process due to a variety of legal requirements across the globe. With increasing competition, even being an industry leader, no longer provides the insulation from market fluctuations. Organizations are caught unprepared with extremely ...

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