SAP Contract Management
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SAP Spend Management: Contract Management
Contract management is the process of managing partner agreements, from creation to execution, between the relevant parties. Contracts are legal documents that outline the terms and conditions mutually agreed upon for exchange of goods or services. Contracts are an important way of building long-term collaborative relationships resulting in valuable business synergies.
Contract Management is important to identify needs, implement a strategy, and then analyze the objectives. This allows for control of spending and helps organizations monitor financial transactions and impact.
4 Common Types of Contracts are:
- Lump sum
- Unit price contract
- Cost plus
- Time and materials
Five Stages of contract management are creating a first draft, negotiation of financial and legal terms, award signatures, execution, and close out and renewal. A strategic discipline is needed to manage ongoing expectations and relationships. Standardizing processes in contract management can help organizations find savings, discover new sources of supply, and mitigate risks.
SAP Spend Management: Contract Management
Contract management is the process of managing partner agreements, from creation to execution, between the relevant parties. Contracts are legal documents that outline the terms and conditions mutually agreed upon for exchange of goods or services. Contracts are an important way of building long-term collaborative relationships resulting in valuable business synergies.
Contract Management is important to identify needs, implement a strategy, and then analyze the objectives. This allows for control of spending and helps organizations monitor financial transactions and impact.
4 Common Types of Contracts are:
- Lump sum
- Unit price contract
- Cost plus
- Time and materials
Five Stages of contract management are creating a first draft, negotiation of financial and legal terms, award signatures, execution, and close out and renewal. A strategic discipline is needed to manage ongoing expectations and relationships. Standardizing processes in contract management can help organizations find savings, discover new sources of supply, and mitigate risks.
Key capabilities include:
- Indirect materials sourcing: Sourcing, process workflows, category management, integrated contract management, and integrated supplier management.
- Direct materials sourcing: Project management tools, materials dashboard, product lifecycle management, bill of materials, integrated contract, and integrated supplier management.
- Product sourcing: Automated project initiation, sourcing project management, automated negotiation processes, material masters, and supplier management collaboration.
- Contract management: Collaborative negotiations, centralized repository, process workflows, search and reporting, and electronic signature management.
- Spend analysis: Commodity classifications, supplier data, machine learning, analysis and reporting, and integrated services.
- Supplier discovery: Diverse suppliers for any need, supplier information, centralized access, facilitated collaboration, and access to supplier diversity.
- Free sourcing software: Two user licenses, RFx publishing, rapid communications, dashboard reporting, and broad stream collaboration.
Some vendor partners that offer contract management include Dassian, DocuSign, Icertis, and SAP.
Key Considerations for SAPinsiders:
- Contract Lifecycle Management: Comparing Ariba and SAP: Mitigate financial risk that might arise due to noncompliant
- The Case for Contract Management: Why You Should Get Started Today: Discover best practices to outsource with success via contract-management.
- SAP CRM Intellectual Property Management: Effectively Manage Intellectual Property Sales with License Contracts: Read the article to learn more about license sales contracts used to sell intellectual property rights.
354 results
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- SAP Accounting
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How to Comply with IFRS 15 Regulations Using SAP Revenue Accounting and Reporting 1.2
Reading time: 29 mins
Learn how to set up SAP Revenue Accounting and Reporting 1.2 in SAP ERP Central Component (ECC) 6.0 to comply with the new accounting standard regulation IFRS 15. The new regulation was jointly released by two leading accounting standard bodies: the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Key Concept…...…
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Automate FI Postings by Integration with RE-FX Through Account Determination
Reading time: 16 mins
Account determination in RE-FX improves productivity by automating customer invoicing and increasing the flow of information by executing a periodic posting run. See how to automate your FI postings by integrating FI and Flexible Real Estate Management (RE-FX) through automatic account determination. Key Concept Flexible Real Estate Management (RE-FX) is used for management of real…...…
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- SAP Logistics
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Outstaffing with SAP Logistics
Reading time: 14 mins
This article discusses the experience of using SAP logistics functionality for control the activities of external personnel in the retail industry. The SAP ERP functionality, in this case, is integrated with the SAP HR system and a supplier web portal, creating additional synergistic opportunities. This information will be valuable for consultants/architects who are tasked with…
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- SAP Accounting
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Maintain Compliance with the IFRS 15 Revenue Standard with SAP Revenue Accounting and Reporting
Reading time: 14 mins
Learn about the changes in the International Accounting Standard Board (IASB) and Financial Accounting Standard Board (FASB)’s International Financial Reporting Standards (IFRS) accounting standard, IFRS 15. From a functional perspective, review the prominent processes and the data accounting flow for SAP Revenue Accounting and Reporting. Discover the capabilities of SAP Revenue Accounting and Reporting and…...…
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Give Your Procure-to-Pay the Next Power of Analytics with SAP Spend Performance Management Solutions
Reading time: 21 mins
BIFinancialsGet an overview of the SAP Spend Performance Management solution and learn about the business case for implementing it. Learn the details about the features of Spend Performance Management. Using a case study example, gain an understanding of Spend Performance Management implementations and lessons learned. Key Concept SAP Spend Performance Management is an SAP BusinessObjects…...…
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SAP CRM Intellectual Property Management: Effectively Manage Intellectual Property Sales with License Sales Contracts
Reading time: 13 mins
Learn about the unique characteristics of license sales contracts, which are used to sell intellectual property rights in SAP CRM-Intellectual Property Management. Key Concept SAP CRM-Intellectual Property Management’s (IPM) license sales contract helps companies manage the sale of intellectual property (IP) rights by capturing contractual information such as the rights being sold, fees being charged…...…
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Use Down Payment Chain Functionality to Improve Efficiency of Tracking Contractual Events
Reading time: 18 mins
Track contractual events that occur in long-term projects with the down payment chain functionality in FI. Walk through the end-to-end configuration of the functionality supported by process steps with an example. Key Concept SAP’s down payment chains functionality groups all the accounting documents that belong to one contract. It also allows you to structure the…...…
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- SAP Procurement
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Achieve Budgetary Control of Unplanned Service Procurement and Projects Using Value Limit Strategies
Reading time: 21 mins
Learn how to use different value limit strategies to control spending on unplanned service procurement and budgetary allocation for projects. Key Concept Value limit is a functionality within purchase requisition and purchase order (PO) documents that can be applied to set a benchmark value for a project or service procurement if the cost and possibly…...…
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Manage Rental Contracts with Help from Sales and Distribution Functionality
Reading time: 13 mins
Learn the necessary sales and distribution (SD) configuration to create and manage rental contracts in your SAP ERP solution. Key Concept A periodic billing plan type is meant to be used with contracts and customer agreements that require predefined periodic invoicing. For example, an agreement might call for the customer to be billed on the…...…
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- SAP Solution Manager
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Understanding Service Level Agreements in Service Desk
Reading time: 17 mins
Manager See how the configuration of Service Level Agreements (SLA) works in SAP Solution Manager, with a specific focus on how information moves among configuration objects. Knowing how the objects involved interact allows you to not only perform more effective configuration but also solve problems should anything go wrong. Key Concept SAP Solution Manager’s Service…...…
Featured Insiders
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James Marland
Global Vice President, Sales Excellence, Intelligent Spend & Business Network, SAP
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Aric Quinones
Managing Director, Protiviti
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Ram Ranganathan
Deloitte
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