Contract Management vs Contract Administration: Know the Difference!
Understanding the nuances between contract management and contract administration is crucial for the success of your contract management program. Here’s a quick breakdown:
Contract Administration:
* Focuses on pre-signing activities like planning, negotiation, and sourcing.
* Key elements include setting terms, defining scope, and ensuring financial clarity.
* Strategy-driven approach to mitigate risks and ensure fair agreements.
Contract Management:
* Takes over post-signing to ensure compliance, performance tracking, and modification.
* Emphasizes effective communication, relationship management, and problem-solving.
* Centralized repository and KPI tracking streamline processes for efficiency.
Both are integral phases in the contracting process, each with its own set of best practices to ensure smooth operations and successful outcomes.
Trident’s contract management platform (PoseidonCM) is built to handle your end-to-end contract processes. From the initial request to the contract renewal, we’ve got you covered!
Put us to the test and provide us with a manual and error-prone step in your contract management processes and we can show you how we can help.
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