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What Is Vendor Contract Management And Why Is It Important?

Obobo

Vendor contract management tracks the performance of all vendors associated with an organization and helps manage their relationships with them better. It centralizes the documentation and records of all vendor contracts in one place, allowing for improved collaboration and compliance.

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What Is Contract Management Lifecycle And Why Is It Important?

Obobo

Improved compliance: A well-managed contract management lifecycle reduces the risk of non-compliance with legal, regulatory, and contractual obligations. Better cost control: With the help of contract management tools, organizations can gain a better understanding of their spending patterns across contracts.