If you have been awarded a contract the procurement officer will then want to work with you to ensure that the contract works as well as possible. This is Contract Management.
You may also hear the term "Supplier Management". Supplier Management refers to activities with a supplier across a range of contracts with the same procurement officer - such activities tend to be more strategic in nature. As a result it is difficult for a Procurement Officer to perform Supplier Management if Contract Management processes and procedures are not in place.
Some benefits of Contract Management may include:
- no contract surprises or escalating costs;
- more efficient processes;
- easier change management;
- consistent processes.
The following sub-stations will further details some key stages of Contract Management.