Contracts are the ultimate output of every sourcing event. Answer the following questions to start thinking about whether your organization is using contracts to their fullest potential.
When setting up an RFX, can your organization holistically track past supplier relationships, risk profiles and overall contract performance to select which suppliers to invite to bid?
Does your sourcing process automatically verify that suppliers have submitted necessary NDA contracts?
Do your buyers consider contractual redlines from suppliers during the bidding round to avoid surprises later on?
In general, do your contract managers feel included in the sourcing process?
After choosing a supplier, are you very confident that the deal will get put under contract without delays or disruptions?
Your answers indicate that contracts are a source of delay, risk and leakage in the procurement process.
The Icertis Contract Management (ICM) platform allows organizations to address these challenges by putting contracts at the center of the sourcing process. Contract-centric sourcing is an approach used by Daimler, Airbus and other leading companies to accelerate commerce, protect against risk and optimize business relationships.
Read our eBook, Contract-centric Sourcing: A New Paradigm, to learn more.
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The ICM Sourcing app allows organizations to take a contract-centric approach to procurement. Contract-centric sourcing is an approach used by Daimler, Airbus and other leading companies to accelerate, protect, and optimize their processes.
Think you still have room to improve? Check out this Spend Matters article: Why “Concurrent Contracting” is crucial to unlocking maximum commercial value