Contract Lifecycle Management
Why
How
The IT contract lifecycle management process involves the creation, execution, and management of contracts related to the procurement of IT services and products. This process typically includes the following activities:
> Initiation: Establish a contract management system, register and evaluate all existing contracts, and create a risk profile for contracts.
> Execution: Evaluate contracts for ambiguity and missing information, identify key milestones and plan activities, update contract records, and conduct performance evaluations.
> Control: Verify that the contracted services still align with the organization’s needs, ensure invoice accuracy, and review compliance with market standards and the original business case.> Change: Request and implement changes to contracts or services, plan actions based on contract milestones such as extension, renewal, or cancellation.
> Exit: Plan and execute contract termination, plan and execute handover activities, and close and archive the contract file.
Result
Good contract lifecycle management will bring you the following advantages:
> Improved efficiency: Properly managing IT contracts will help streamline the procurement process, reduce the risk of errors or misunderstandings, and ensure that the organization is getting the best value for its money.
> Relevance of the contracted service: By continuously addressing the changing business needs with your supplier, the supplier’s services can evolve along with the business needs.
> Enhanced supplier relationships: A well-managed IT contract will help establish a positive and productive relationship with suppliers, which lead to better quality of services and products and a more collaborative partnership overall.
> Risk management: Properly managing IT contracts will reduce the risk of disputes or other legal issues arising. It also ensures that the organization is complying with any relevant laws or regulations.
> Better decision-making: A robust IT contract lifecycle management process will provide visibility and transparency into the organization’s IT spend and supplier relationships, underpinning better decision-making for future IT investments.> Improved cost management: Effective IT contract management can help ensure that the organization is getting the best price for the services and products it procures, which can help reduce costs and improve the organization’s bottom line.
References
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