Ardent Partners research has shown that procurement departments can save between 12% and 18% when they avoid maverick spending. But, managing contracts is about much more than compliance. Contracts are the glue that binds buyers and suppliers, ensuring that buyers maximize the value negotiated during the sourcing process and that suppliers deliver what they promised to provide. In 2020, new and innovative contract management strategies and technologies are changing the way procurement and contract teams can communicate, track, and collaborate with their vendors and directly transform vendor performance. This report looks at how procurement organizations can utilize innovative contract management strategies and solutions to improve internal operations, transform vendor performance, and impact the bottom line.
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