One of the cornerstones of successful and risk-managed financial, technical and legal control is efficient contract management.
You need to know what ongoing costs there are and what incremental costs apply when there is a business change. Carefully managed renewal dates and notice periods avoid costly time overruns. Other key data to be monitored are contractual restrictions and benefits.
For larger contracts, ideally, you should be able to map out key milestones and targets for individual contracts/suppliers in order to keep one step ahead.
LOCS can help in two ways:
- by collecting and analysing your contracts and licensing data (and loading that into your chosen repository)
- by providing a secure, ongoing contract review/analysis reporting process.