By Nikita Saharia Chaturvedi
Contract life-cycle management provides procurement with one version of the truth, and, as such, helps organizations to see the real value of relationships with suppliers.
So says Samir Bodas, CEO of Icertis, in a podcast interview with My Purchasing Center.
In the podcast, Bodas recounts a list of challenges procurement runs up against as it partners with IT on certain corporate initiatives, such as contract lifecycle management. These are:
Fragmented systems and data
User adoption
Lack of integration
Lack of insight from analytics
Bodas also discusses the benefits gained from implementing and using contract lifecycle management systems by providing a quick sketch of principal processes used by organizations: sourcing, contracts and procurement. Contract management, he says, “bridges the fragmentation and brings together data across the enterprise.”
Finally, Bodas offers a series of success tips for procurement professionals:
Think of CLM globally.
Make sure the CLM system is easy to use, adopt and deploy.
Make sure the CLM system is integrated and receives support from the c-suite.
Listen to the My Purchasing Center podcast interview, Contract Management Systems Bridge Fragmented Data.
CONTENT IS KING 