Sourcing & Contract Management Software Research

The primary goal of a strong sourcing and contract management system is to identify suppliers that can provide the highest quality raw materials, goods, and services at the lowest prices. Professionals that engage in this vital piece of the procurement process often wear many hats. They may be involved in some or all of these focus areas:

•  Supplier discovery, evaluation and qualification
•  Market research and quality testing
•  Transportation and logistics
•  Contract negotiation and execution
•  Contract lifecycle management
•  New product development

                                                                                                                                              

Sourcing & Contract Challenges and Opportunities

For many organizations, sourcing and contract management processes are spread out among multiple data sources and dependent manual data entry. Supplier information is gathered by employees as opposed to being submitted in a standardized format by the suppliers themselves. There is often little visibility into how suppliers are performing against contract terms, making it difficult to make strategic, data-driven decisions on future contract terms.

As procurement becomes more integral in an organization’s ability to gain competitive advantage, so do the sourcing and contract management functions. At PayStream Advisors, our analysts have identified key solutions that enable a more proactive approach to sourcing and contract management.

We consider 4 core attributes when evaluating each solution, including:

•  Contract Configuration and Presentment
•  Documentation and Workflow
•  Renewal
•  Negotiation

                                                                                                                                              

Sourcing & Contract Tools and Education

PayStream Advisors provides finance professionals with objective, authoritative research to guide them in their search for sourcing and contract software solutions. Our ultimate goal is to provide change agents with the resources they need to transform processes at their organizations.

These include:

•  Research Reports
•  Educational Webcasts
•  Case Studies, Articles, & Infographs
•  ROI & TCO (Total Cost of Ownership) Calculators
•  In-Depth Video Reviews

Our research is available on demand for our members and membership is completely free.