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What Is Vendor Contract Management And Why Is It Important?

Obobo

– Contract monitoring and management: This involves reviewing and monitoring the contract to ensure that the vendor is meeting their obligations. – Risk management: VCM helps identify and mitigate risks associated with vendor contracts, such as cybersecurity threats, data breaches, or financial instability.

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What Is Contract Management Lifecycle And Why Is It Important?

Obobo

Implementing an effective Contract Management Lifecycle helps organizations effectively manage risks, achieve better financial outcomes, and ensure that contracts are in compliance with regulatory requirements. There are several reasons why contract management is important.