Procurement is a complex process that entails significant commercial and regulatory risk, however, Contract Management Solutions can significantly mitigate these risks, reduce costs, and increase compliance. Know how Contract Management Solutions can enhance Procurement and what Future of Procurement looks like here: https://aavenir.com/future-of-procurement-aligning-with-enterprise-it-strategy/

1. Procurement Contract Management
On ServiceNow

2. What is Procurement Contract
Management?
Procurement Contract Management is the process of managing, executing, and analyzing the
management of procurement contracts efficiently. The process includes:
● Managing contracts that are made as a part of legal documentation of forging work
relationships with customers, vendors or even partners.
● Negotiating the terms and conditions in contracts
● Certifying compliance with the terms and conditions
● Documenting and agreeing on any changes or by both the parties

3. Challenges in Procurement
Procurement is a complicated aspect of global businesses that entails significant commercial
and regulatory risk. Some of the contract-challenges in procurement include:
● High cost of operations
● Slow turnaround time
● Loss of revenue due to unclaimed entitlements
● Missed Obligations
● Regulatory enforcements due to non-compliance

4. Objectives of Contract Management
in Procurement
Contract management helps in the smooth running of transactions, maintenance of
good relationships with suppliers, reduction of risks, and the speedy resolution of
problems. However, main objectives of Contract Management in Procurement are:
● To ensure Product/service is sold at agreed upon price.
● To assess whether product/service conforms to specified quality standards.
● To ensure product/service is is delivered timely, at the right place and right
quantity.
● To ensure that vendor management is cost effective

5. Importance of Contract Management
in Procurement
The procurement team must have a solid Contract Management plan in place to ensure
mutual benefit of all relevant stakeholders. Here are some ways in which Contract
Management improves Procurement:
● Enhances Business Functioning by identifying the needs, implementing the strategies,
and analyzing the objectives.
● Controls Spending by providing better spend visibility and help organizations to
monitor financial transactions.
● Aids in Supplier Evaluation by ensuring if the suppliers are abiding by the criteria and
build long-term relationships with them.
● Ensures Compliance by mitigating risks to a great extent.

6. Manage Procurement Contracts on
ServiceNow
Built as a native ServiceNow application, Aavenir Contractflow can capitalize on existing ServiceNow
investment and offers many benefits including:
● Quick & easy installation from ServiceNow Store
● Extends the capability of Aavenir Contractflow or Now Platform products like GRC, LSD etc.
● Supports single sign-on for Now Platform
● Requires the same Now Platform admin skills to install upgrades and manage compliances
● Easy to integrate with CRM, ERP, Risk Management systems using integration hub
● Stores your data on the world’s most secure and scalable Now platform

7. Free Demo Session
Get a live demo of Aavenir Source to Pay solutions to know how Aavenir can address
your enterprise's unique business challenges and goals.
We provide live demonstration for following Aavenir S2P solutions:
● Contractflow - Contract Lifecycle Management on ServiceNow
● RFPflow - Request for Proposal Management on serviceNow
● Invoiceflow - Account Payable Automation on ServiceNow
Visit: https://aavenir.com/demo/

8. Get Free Resources
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Future of
Procurement
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of CLM Solution
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Contractflow
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9. Delivering Future of Work
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