An area of great interest to me is applying technology to managing Contracts.
There are 2 basic types of software:
1) Repository: this is for storing contracts only. No fancy bells or whistles. At its most simplistic - a shared drive or even a shared filing shelf.
These applications do not provide easy reporting or search.
2) End to End Contract Management Software: these often fall within the procurement space and enable a contract manager to use the tool from Contract Request through Execution and beyond.
Often these can have full RFx capabilities. Electronic RFI, RFP, RFQ would be available as well as Reverse Auction functionality.
Using these tools bring the procurement team and the contract management(outsourcing) teams close together - pulling down any silo mentality.
Posts
The MOST Important Clause in Your (Procure) Tech (SaaS) Contract (Part I)
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While you might think there is no one most important clause as there are a
lot of important clauses, especially if you ask around. In Procurement, you
will...
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