HOW TO
REDUCE CONTRACT LIFECYCLE MANAGEMENT RISK
JAGGAER ’ s Amen Reghimi , discusses the digital advancements improving contract lifecycle management and how to effectively manage potential security risks
WRITTEN BY : GEORGIA WILSON
Fundamental to the procurement process , contracts directly impact an organisation ’ s savings , supplier relationships , risk exposure and overall performance . Businesses use contract lifecycle management ( CLM ) to optimise value throughout a contract ’ s creation , review , approval , renewal , amendment or termination .
“ Companies can have up to 40,000 active contracts at a time , meaning thousands of different buyersupplier relationships , rates and risks ,” explains Amen Reghimi , VP of Product Management at global procurement technology company JAGGAER .
Reghhimi adds that If contracts are not properly managed organisations run the risk of missing out on negotiations that can lead to savings , and the opportunity to prevent unnecessary maverick spend . “ With effective CLM organisations can ensure they remain on top of important dates , vendor compliance issues , or when a supplier isn ’ t sticking to the contract ,” says Reghhimi .
112 March 2022