Contract Management In ERP
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Contract Management In ERP

Awarding contracts for essential services is common in many companies.It is paramount to manage the contract after it is awarded to ensure that the company is not short changed and that they get value for their money.

What is contract management?

This refers to the process of monitoring a contract through all it's stages to ensure minimized financial risk while ensuring that the vendor performs best.It ensures that the terms and conditions of the contract are adhered to.

How does it work in an ERP system?

Contract Management Software

Contract management software is integrated with ERP system.This allows all the contract details and timelines to be processed as per the signed agreement.

Benefits of contract management in ERP

The integration of contract management in the ERP system ensures proper submitting and receiving of payments into various due accounts as well as processing of invoices and professional handling of all financial matters regarding the contract.

Features of contract management

The features include;

-Contract request and authoring.Well configured prices and quotations

-Negotiations.

Both parties should get the best out of the contract

-Approval.

The agreed contract is signed and implementation process set.

-Execution.

Once the parties agree,the implementation kicks off.

ERP Contract Management

Aims of contract management in ERP

-Manages contract requests

-Stores information about the contract

-Authoring and creation of contracts

-Negotiation.

-Ensures storage of digital signatures and monitors every step of implementation

-Facilitates compliance through constant reporting

-Sends alerts on deadlines and steps that need urgent attention.

Integration of contract management with ERP is an ideal way of ensuring that the contract's timelines are met without compromising the quality of service or goods offered.
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