![]() The National Contract Management Association (NCMA) defines contract management as “the process of managing contracts, deliverables, deadlines, and contract terms and conditions while ensuring customer satisfaction.” It involves many areas of the organization to ensure that you not only meet your operational, functional, and business objectives, but that you profit from every interaction and deliver cost-effective approaches. The scope of contract management covers strategy, sales, performance optimization, and your relationships with customers and suppliers. Managing Performance: Assess whether the contract’s deliverables meet the standards spelled out in the contract, and use performance improvement methods to address substandard work. Managing Relationships: Drive engagement by using communication tools and processes, as well as developing conflict-resolution protocols that build relationships with team members, stakeholders, and partners. ![]() Planning, Establishing, and Executing Contract Administration: Establish and monitor the key components of contract administration in your organization, including checklists, payment standards, and strategies for identifying and mitigating risk. The CMF has four main components that cover a range of activities.Įstablishing Governance and the Contract Management Team: Identify the structure, roles, and responsibilities of the team, as well as the resources needed for contract management and any training. The standards for contract management may be spelled out formally in a contract management framework (CMF), which can help guide your organization’s process at a high level. Improve Contract Management with Real-Time Work Management in Smartsheet.Steps to Automate the Contract Management Process.The Benefits of Software and Automating the Contract Life Cycle.Establish Metrics to Measure Your Effectiveness.Elevate Project Management to Ensure You Meet Deliverables.Specify a Workflow Process and Develop Standards.What Are the Challenges in Contract Management?.Contract Management Stage 9: Review and Amend.Contract Management Stage 8: Report and Audit.What Are the Stages of Contract Management?.What Is the Importance of Contract Management?.What Do Contract Management Professionals Do?. ![]()
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