Every company manages thousands of contracts. These contracts could belong to procurement, sales, or HR. But in most cases, the contracts management function is part of the procurement team because of the sheer volume of contracts issued and negotiated. If you don't want to spend millions of dollars in back and forth negotiating with lawyers, then you would need a contract playbook that can help define the boilerplate for your contract, along with a system to track contract expiry, legal obligations, and commitments.
In today's episode, we have our guest, Karthik Rama, who shares his insights into contract management processes' nuances and best practices. He also discusses how contract processes differ across departments, categories, industries and how a contract playbook can help save with admin efforts. Finally, he discusses different toolsets and frameworks available to streamline contract management processes and where ERP and P2P systems might help.
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