
What is contract management?
02 January 2025
Contract management is the process of managing contracts throughout their entire life cycle. This means that organisations create, record, monitor and evaluate contracts. By setting up contract management in a structured way, companies can control risks, reduce costs and ensure compliance with laws and regulations.
Contract management goes beyond administration. It is about control, overview and safeguarding agreements made with suppliers, customers and other business partners. A clearly designed contract management process allows organisations to better anticipate obligations, identify deviations faster and take timely action.
In addition, contract management is an indispensable part of supplier management. It lays the foundation for transparent and predictable partnerships and enables better choices to be made with up-to-date insights.