Top 5 Benefits of Cloud-Based Contract Management for Rail Procurement Teams

Contracts sit at the heart of engagement between procurement teams and vendors. Yet they don’t only represent tangible agreements between 2 parties, they also present the potential for commercial gain as well as risk. There are payment and other contractual obligations to be met, bids, and proposals to track.

Recent changes in the supply chain due to the COVID-19 pandemic have created brought risk management into the limelight and could lead to a more diverse supply base, deeper and longer-term investment in the success of key suppliers in order to provide more reaction time to disruption. Safeguarding your business from revenue loss is never more critical than now, and that involves making decisions that are good for the business when it comes to managing contracts.

In this Industry Perspective, we take a hard look at the digital opportunities available to produce the sort of agile response to disruptions and mitigation of risks when it comes to procurement (including sourcing and leasing) and contracting. And we outline what we see are 5 leading benefits of cloud-based contract management for rail procurement teams:

  1. Mitigate sourcing risks and negotiate better deals
  2. Analyze procurement events for compliance and risk avoidance
  3. Acquire better deals
  4. Standardize vendor onboarding processes
  5. Accelerate procurement with self-service contracting

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