The Importance of Contract Tracking in Procurement

‘The failure to place contracts in a system where they can be reviewed, organised and managed through their life cycle means that companies are missing sources’

• Corporate Counsel, (2014). ‘Contract Management: Do You Know Where Your Contracts Are?’. Online <http://www.corpcounsel.com/id=1202662178977/Contract-Management-Do-You-Know-Where-Your-Contracts-Are?slreturn=20141007050938>

It is believed many organisations are not taking advantage of the technology which is available to deal with contract tracking and their supply chain and customers data, and that there is a lack of promoting efficiency and potential cost savings.

This article shines a light on how some organisations are still unable to find an efficient process to handle all the overwhelming data that surround contracts management.

We understand that the contracts management process is often archived in one depository place, as a result creating a wall between departments. By not having a centralised platform which secures all contract information it creates a problem of communication and understanding as departments are not shown the handling of a contract through its life cycle.

We have been providing contract management systems since 2010 to organisations both in the public and private sector. In our time of creating more efficient and effective processes around contract tracking, we have developed additional functionality that powers our clients to gain the control and compliance they need to ensure a smooth running business.

Developed through working closely with the procurement team at National University of Ireland, Galway, we have created an integrated OJEU compliant Tender Contract Tracking tool which delivers full compliance in the tendering process.

The OJEU Tender Tracker manages the tender life-cycle; displayed on your own dashboard with a clear view on overall progress, of each stage, from: Initiation, Requirements and Advertisement, to Evaluation, Contract Award, Implementation and Close Off.

Providing the university’s procurement department with updates on tenders, so they can remain compliant for their next audit, the team can also upload relevant documents to each stage and keep track on performance and labour hours with an automated tender metric system.

The additional functionality of tender metrics is providing a detailed set of reporting which they can then feedback to other officials in a clear and easy to read report.

By developing our contracts management system with our clients we have helped them overcome wider problems and created adaptable solutions. Meeting their requirements has ultimately helped procurement, purchasing, materials managers and buyers do their job quicker and stop them from becoming overwhelmed with day to day data management and reporting.

Do you know where your contracts are and how they are managed? Are your current contract tracking processes slowing down your work day?

It’s important to understand how your contracts are being managed, and that you have all the data in that process. Investing time to review and address the improvements that can be made to save you time and money will consequently provide an improved work flow and successful future.