Contract management process
Why invest money in a contract management system?
According to the Gartner Group, 60% of all supplier contracts automatically renew without the buyer's knowledge, mainly because the buyer fails to terminate the contract. Even more astonishing is the fact that 50% of the contracts are renewed several times without the buyer's knowledge (Forbes, Gardner group).
Managing contracts online in SharePoint - DOCM the solution
Contract management refers to all activities that deal with the development / design, administration, adaptation, processing and updating of all contracts of a company. The DOCM SharePoint solution supports the user in the activities and tasks defined above.
The 8 steps of the contract management process
The following text describes the first part of a contract management process in an eEPK diagram (extended event-driven process chain).
Steps 1-4 of the contract initiation process include the first part of the DOCM contract management process. Stages 5-8 comprise the second line of the active DOCM contract management process with review of the agreed deliveries and services and monitoring of the contract end date.