Vendor contract management is the process of creating, negotiating, agreeing, storing, and tracking vendor contracts. This process enables teams in legal, procurement, and finance to manage risks involved as well as renewals.
Restrictions related to the COVID-19 pandemic appear to be lifting, and some people are resting easier. Nevertheless, many organizations faced upheavals and disruptions that have left systems and processes tattered and, in many cases, broken. Moving ahead, managers can try to revert to the old ways of doing things ... or they can embrace change, learn how to solve procurement challenges, and adjust procurement strategies and processes to tackle the new realities.