Contract Lifecycle Management 101: Part 6 – The Standard Contract Management Platform [Plus+]

procurement platform

Today we continue our Plus series on contract lifecycle management, an uninspired acronym that sometimes encapsulates, sometimes complements, the source-to-settle or source-to-pay process, which when properly implemented can generate quite attractive results. Today, we discuss the “should-have” features of a contract management platform. While not absolutely required, usability and performance will be significantly affected by the absence of any of these features, and most industry leading contract management solutions will support the majority of these capabilities to some extent. Of course, practitioner priorities will always determine “must-have” versus “should-have” weightings, but we simply break it out for convenience based on how we see organizations prioritize and sequence solution functionality selection and implementation. For most organizations, it’s okay if a few features here are missing, but if too many of these features are missing, then the organization should consider very carefully whether such a contract management solution is right for it, unless the capability is present in another platform currently in use by supply management or the solution is essentially free. In this post, we highlight our list of should-have capabilities.

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