Contract Lifecycle Management

Sourcing strategies today focus on leveraging best-of-breed capabilities and the innovative expertise of specialized, niche providers. Moreover, businesses’ intent on maintaining flexibility and avoiding lock-in are negotiating smaller deals with shorter terms.

In this environment, many enterprises struggle to gain visibility into their contract lifecycle management processes. Challenges include tracking contract breaches, avoiding duplication and divergence from negotiated terms, and anticipating and preparing for renewals. Inconsistent tools and practices further complicate oversight.

Tim Tech’s Contract Lifecycle Management service takes a multi-pronged approach to address these pain points. A central repository provides visibility into contract hierarchies. Automated customized reports and notifications enable a proactive approach to renewals and enhance negotiation leverage. And, standardized templates and process automation improve contract risk management, compliance and governance.