A deficiency we see in many organisations is the failure to pay attention to a contract after signature. The unfortunate truth is that, once signed, the contract is put in a drawer and forgotten about until either something goes wrong or the supplier serves notice. This lack of action can lead to missed opportunities to gain the full potential value from the contract.
We recommend to all our clients that they implement a contract management process which will reduce the risk of a contract or supplier failing and increase their capability to make strategic sourcing decisions.
At Retonomy we use a model that puts in place:
- A standardised process comprising governance, approvals and administrative procedures, which can be rolled out for all contracts throughout our client’s organisation;
- Risk mitigation from overpayment and under delivery against the contract;
- A single picture of all contracts, obligations and costs across departments and the estate. This comprehensive view enables strategic decision making and review of the status of outsourcing within your organisation.
To find out more about what the Retonomy model can do for you, click here.