Regardless of the business you are in, vendors play a key role in the success of a business. Hence, building a mutually strong relationship with a vendor will strengthen company’s overall performance in the marketplace. Ignoring will only result in a dysfunctional relationship that will have the potential to negatively impact on business. The time, money and energy put in to nurture a positive relationship cannot be measured directly against company’s bottom line. A well managed vendor relationship will also result in increased customer satisfaction, reduced costs, better quality, and better service from the vendor. When and if problems arise, rest assured that a well managed vendor will be quick to arrest the situation. Hence selecting a right vendor that suits is very important for the success of any business. The selection process begins by selecting the right vendor for the right reasons. It can be very complicated at times and emotional undertaking if the approach is not know or clear in the very beginning. Business needs to analyze their requirement clearly before searching for prospective vendors. By selecting the winning vendor and successfully negotiating a contract is signed.
Primarily, Contract refers to the relationship between two parties, and their specific concerns mutual expectations of inputs and outcomes. In basic sense Contract represents obligations, rights, rewards, etc., that two businesses ‘owed’ in return for work and loyalty. At a deeper level, the concept of Contract Management becomes increasingly complex and significant in management – especially in change management and in large organizations. Unlike many traditional theories of management and behavior, contracts are still quite fluid; they are yet to be fully defined and understood, and are far from widely recognized and used in organizations. The concept is even less well understood in other parts of society where people and organisations connect, despite its significance and potential usefulness. It is a hugely fertile and potentially beneficial area of study.
Contracts are fundamental to all business activities and relationships are fundamental to all contracts. Many businesses don’t have right workforce or at times don’t have the confidence to develop new contracts. Complex supply chains and networks that are a feature of many contracts. Hence learning how to manage inter-dependencies and the needs of multiple stakeholders is time consuming and in most of the cases needs a Subject Matter Expert (SME). Relationships and contracts are core to all commercial as well as not for profit activities. Hence managing them well is a core skill for everyone in all aspects of life.
PACTA is a SaaS for contract management and analysis product designed for SMBs that proactively manages business contracts and commitments, minimizing business risk.
PACTA’s 2-click system automates what is currently a complex and inefficient process, making it fast and easy for business leaders and commercial teams to stay on top of contract commitments in real-time.
The secure cloud storage provides instant access to contract summation and customized reports. The proactive tracking and text message notifications updates the user in real-time of any contract event from expiry dates to legislation changes that impacts their business.
PACTA complements and integrates with other systems that are already in place, such as Salesforce.
Hopefully this initiative will encourage businesses (SME/SMB) to appreciate important principles of Contracts. Allowing businesses to look at a smart solution to save cost, time and money.
Team eXi wishes them success in their journey.
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