In today’s complex global business environment, managing contracts and supplier accountability is necessary for improving operational efficiency and realizing value. Most organizations are cognizant of the value a structured governance approach to sourcing contracts can provide and are increasingly looking outside their organization for help. With a wide range of supplier governance tools and services available in the market, it is critical that organizations choose platforms or services that meet their specific requirements.
Companies are examining their sourcing strategies closely to ensure that their supplier relationships are providing them with optimum value. With diverse business requirements, complex global services ecosystems, and geographically distributed third party suppliers, organizations are finding it increasingly difficult to manage complex contracts and enforce supplier accountability. Digital and cloud services have further complicated governance and service management. Collectively these factors can result in firms losing between 30-60% of the desired value from their sourcing engagements.
This paper provides an overview of the offerings available and includes an analysis of both standalone tools as well as integrated services.