Remove Cost Control Remove Out-Tasking Remove Regulations Remove Risk Management
article thumbnail

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.

article thumbnail

What Is Contract Management Lifecycle And Why Is It Important?

Obobo

In each stage of the contract management lifecycle, there are numerous tasks, controls, and best practices that organizations need to follow for effective management of their contracts. There are several reasons why contract management is important.