Businesses are setting their sights on procurement as an area overdue for productivity and operational enhancements. Unfortunately, many companies have found that there are several obstacles which have made effective procurement more of a challenge than ever before. These obstacles include:
- Increasing inbound information (aka Big Data)
- Extended supply chains
- Disjointed processes
- Unintegrated silos
Fortunately, a centralized and integrated enterprise content management solution can provide significant improvements to contract and vendor management.
Too many contracts…
Many companies are currently storing large amounts of legacy contracts that are stored at departmental and functional levels. These contracts include:
- Contracts with good terms and conditions that might make a great future resource
- Contracts that should be destroyed to conserve data integrity and space
- Contracts that should be preserved and accessible for potential future legal or audit purposes
- Contracts that require updates or renewals
It can be a daunting task to integrate large amounts of unstructured data into an ERP system. In fact, there is an overwhelming amount of unstructured data to manage, including:
- Supply chain manifests
- Credit verifications
- Supplier certificates
To make matters worse – if this information is not centralized in a data repository, it becomes even more difficult to access and manage effectively.
An integrated and centralized ECM system.
The goal of any effective ECM solution is to help drive efficiency while reducing costs and supporting regulatory compliance. Not only can you realize significant process improvements, but you can also begin to build better supplier relationships.
Keys to Great Supplier and Contract Management
- Centralized data that exist outside of app silos
- Effective approval processes
- Process visibility
- Efficient management of important contract events such as renewal dates
- Standardized processes
- Simplified collaboration processes
Contract lifecycle and supplier management can be significantly improved with the use of an ECM system. Having a consolidated repository of your contract and supplier data will ensure that you can effectively make informed and educated decisions in real time.
Should you decide to implement an ECM solution, you will find that your company can:
- Reduce risks
- Enhance supplier relationships
- Reduce costs
- Gain a competitive advantage
- Improve processes/productivity
- Easily implement changes and ensure scalability
- Effectively manage change
Want to see how NEdocs can improve your supplier and contract management with our ECM solutions? Contact us today!