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Better supplier performance and risk management.

Afterward, you can achieve several business benefits through effective contract management, such as: Contract management comes into action right from the moment you start negotiating with your suppliers. However, as organizations and businesses grow exponentially with digital transformation, managers realize the true importance of practical contract management approaches. However, for several years, contract management has been seen merely as an administrative system to draft and store contracts so that the documents are easily accessible by all of the business units and departments. In short, a contract is a legal document specifying the relationship with your organizational partners. The contract outlines your business’s roles, responsibilities, expectations, tasks, and timeline with suppliers, clients, employees, and relevant stakeholders.

Before exploring contract management further, let’s get a clear idea of a contract.

SAP Ariba Contracts: Dashboard and ToolsĬontract management is a process to facilitate all the involved parties to perform their responsibilities throughout the contract’s lifecycle.Additional Advantages of SAP Ariba Contracts.It will also introduce you to the user interface and application workflow of SAP Ariba Contracts. This article will tell you about the varying aspects and stages of the contract management process and show how to manage it all through SAP Ariba Contracts. For example, a PwC research concluded that a systematic and automated contract management system could shorten your negotiation time and resources by half and reduce contract management costs by 10-30%. However, contract management is more than that as it has several stages, such as drafting, creation, approval, agreement, amendments, and consumption.Įffective contract management can improve efficiency across all business processes to boost the ROI.

The traditional view of contract management mainly focused on contract drafting and storage.

Contracts are one of the most important legal documents that helps you smoothly manage supplier performance throughout the supplier lifecycle while avoiding non-compliance. SAP Ariba Contracts, a cloud-based solution offered by SAP Ariba, facilitates all the contract management needs of your business.