Cost Control Reduced Costs Regulations Risk Management 
Obobo
MARCH 19, 2023
– 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.
Obobo
MARCH 19, 2023
One of the primary reasons is that it helps businesses mitigate legal and financial risks. Contract management ensures the compliance of contracts with all applicable laws and regulations. Another benefit of contract management is that it helps to minimize conflicts and disputes between parties.
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