The retail industry has evolved rapidly, facing competitive pressures and changes in shopping habits. To remain competitive, companies need full visibility of supplier relationships and sales performance.
Contracts play a crucial role in managing these relationships and optimizing operations. Failing to address these challanges can result in inefficient sales programs and losses in the purchasing budget.
In the retail industry, purchase contracts are numerous and fundamental to the business. Both direct and indirect procurement contracts lack the necessary visibility to facilitate agile and informed negotiations that ensure optimal profit margins.
Collaboration with third parties to ensure compliance with their contractual commitments, such as reporting and initiating claims, is not agile, resulting in a slow response to market demands.
In the retail sector, supplier management is closely related to contracts. The connection between supplier management and contract management systems will provide key traceability for the business.
Provides a comprehensive view of all contracts and their status in the lifecycle, enabling better tracking and control of contractual obligations with suppliers.
Facilitates collaboration and negotiation with suppliers by centralizing all contractual information and streamlining the contract review and approval process.
Complete traceability of all contractual interactions, from negotiation to signing and change management, ensuring transparency and accountability at every stage of the process.
