An effective contract management solution will allow a company to manage its procurement contracts that will:
A Contract management solution can range from simple desktop applications to major modules of purchasing systems. At the core of each system, are:
While a simple Contract management solution will have the above as its core, a more complex Contract management solution will be interfaced with the purchasing, account and inventory systems so that these systems are automatically updated when any contract management activity is undertaken.
These systems will also update your contract management solution. A more complex contract management solution will have one or more of the following capabilities:
As with all things in life, you get what you pay for so you should match your requirements to your budget.