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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.
25 results
Momentum25: Docusign’s Premier Event for AI-Powered Agreement TransformationMar 20, 2025 — Outdated agreement management processes incur significant costs and inefficiencies for businesses globally, prompting the need for adoption of advanced integrated solutions like DocuSign's Intelligent Agreement Management (IAM) platform, which leverages AI to streamline workflows and improve operational efficiencies across various sectors.
3 minute read
Addressing Credential Compromise and Insider Threats with Docusign MonitorFeb 18, 2025 — Threat actors exploit unpatched systems and compromised credentials in data breaches, with insider threats posing significant risks; organizations should adopt advanced security solutions like Docusign Monitor for real-time threat detection and proactive risk mitigation, moving beyond reliance on Single Sign-On.
3 minute read
Enhancing Agreement Workflows with Docusign’s Advanced Digital Identity ProofingJan 9, 2025 — As businesses increasingly conduct sensitive transactions online, effective identity verification is essential for securing agreements and maintaining compliance, particularly for high-value or regulated contracts, which can be streamlined using DocuSign’s advanced ID Verification solutions to enhance security and user experience.
3 minute read
Maximizing Value in Source-to-Pay: Transforming Agreement Processes with CLMDec 5, 2024 — Procurement teams face significant challenges in contract management due to fragmented processes and lack of visibility, but solutions like Docusign's Contract Lifecycle Management (CLM) can streamline workflows, enhance compliance, and ultimately save organizations millions in costs.
5 minute read
Optimizing the Source-to-Pay Process with a Contract Lifecycle Management SolutionNov 25, 2024 — Procurement teams face challenges with outdated contracting processes, but Contract Lifecycle Management (CLM) systems, as discussed in a recent Docusign webinar, can streamline operations, improve contract visibility, incorporate third-party risk management, and enhance negotiation outcomes through AI integration, ultimately transforming contract management into a more strategic and risk-averse process.
2 minute read
Accelerating Source-to-Pay Value with CLM-Driven Agreement TransformationNov 5, 2024 — As procurement teams face the challenge of enhancing strategic business value through effective contract lifecycle management (CLM) despite ongoing issues with inefficient document management, solutions like Docusign aim to streamline source-to-pay processes by automating workflows and integrating with third-party applications, ultimately improving contract visibility and reducing risks.
2 minute read
Docusign unveils Connector innovation to manage workflows for SAP AribaOct 2, 2024 — Organizations can often struggle with limited visibility into contracts, inefficient approval handoffs and disconnected tools across the contracting process. These challenges can injure an organization’s procurement cycles and contracting, resulting in unwanted auto-renewals and reduced contract value. According to a recent study by Deloitte, nearly $2tn is lost in global economic value each year due […]
1 minute read
How Contract Intelligence Overcomes Supply Chain DisruptionsAug 28, 2024 — Supply chain disruptions affect nearly every part of global commerce. Climate related issues, COVID-19, and many other issues can affect the flow of goods, driving up prices and straining supplier and customer relationships. Organizations around the world are doing everything they can to mitigate the effects of supply chain disruptions. While adjusting inventory and using […]
2 minute read
Simplifying Agreement Workflows and Collaboration with DocusignAug 26, 2024 — Businesses often struggle with delayed deals, complicated signup processes, and financial losses when vendors fail to meet contractual obligations. These issues stem from outdated agreement management practices that rely on traditional tools like word processors, emails, and basic digital storage. This not only slows down the drafting, negotiation, and management of agreements but also leaves […]
2 minute read
Wieland’s Accelerated Digital Transformation with SAP + DocusignAug 14, 2024 — The Wieland Group, a leader in copper and copper alloy products, sought to streamline its contract management processes as part of a broader digital transformation strategy. In 2021, they established a Digital Transformation Unit to modernize operations and enhance efficiency across the company. Faced with operational inefficiencies due to manual contract processes, Wieland partnered with Docusign to implement SAP Signature Management, successfully digitizing and optimizing these workflows. The integration resulted in substantial efficiency gains, reducing agreement turnaround times from days to hours and significantly cutting down the manual effort required. This digital transformation, beginning with the legal department and expanding to other areas like sales, finance, HR, and purchasing, not only improved operational efficiency but also contributed to sustainability efforts. Docusign's integration with SAP systems played a crucial role, transforming contract management into a seamless, automated workflow solution across the enterprise.
2 minute read