Contract management is the process for managing the acquisition cycle from defining requirements to planning, budgeting, negotiating and closeout.
Many vendors say they offer contract management solutions. But these solutions can require huge investments in time, money, and other resources, or lack critical performance areas, or be incompatible with your current processes or technical infrastructure.
The contract management risks are generally lower and arise from within the organisation. The processes, structure and resources that will be applied to the contract management phase should be identified during the procurement planning stage. Contract management can make the acquisition cycle quicker and more efficient.