The best procurement strategies are designed to work quickly, accurately, and efficiently. But despite all preparations, errors can still occur and have a very negative effect on a company’s procurement ability and cost. Listed below are the procurement challenges that we believe you may face.
Increased Costs – Acquisitions can pose a financial risk if all new costs are not accounted for.
Contract Inefficiency – Requests for intel from your contracts may take several weeks to complete.
Increased Legal Risk – A member of a company’s sales team was making a habit of signing for both parties in the organization’s supplier contracts.
Unknown Risk – Mergers and acquisitions can pose a risk if the liabilities contained in the new contracts are not know.
Missed Opportunity – Failing to enforce price increases, and newly acquired agreements, poses several risks.
Counselytics can overcome these challenges by providing capabilities to easily manage the information held within contracts. Having a document’s information immediately accessible will save hours of time, and will help to prevent important liabilities from going unnoticed, creating a faster, more cost effective, and more reliable way to manage your contracts.