{"id":471,"date":"2013-02-19T12:22:46","date_gmt":"2013-02-19T12:22:46","guid":{"rendered":"https:\/\/stagingwww.zycus.com\/5-steps-to-manage-contracts-efficiently-step-5"},"modified":"2023-10-19T16:27:29","modified_gmt":"2023-10-19T16:27:29","slug":"5-steps-to-manage-contracts-efficiently-step-5","status":"publish","type":"post","link":"https:\/\/dev.zycus.com\/freshz\/blog\/procurement-technology\/5-steps-to-manage-contracts-efficiently-step-5","title":{"rendered":"5 Steps to Manage Contracts Efficiently \u2013Step 5"},"content":{"rendered":"

Till now<\/a> we discussed how the contract life cycle management<\/a> process can be made efficient by leveraging technology to automate contract creation, encourage collaboration during contract authoring and negotiation, create contract repositories to store all the contracts and manage metrics to track contracts. This brings us to the last step in the series.<\/p>\n

Step 5 in managing contracts efficiently is –\u00a0AUDIT CONTRACTS<\/strong><\/p>\n

As the supply chain goes global the need to manage risk becomes imperative and the process to audit contracts complex. Auditing contracts regularly helps to identify if the quality\/quantity of the goods is as negotiated, the delivery terms are adhered to or not and compliance with any other terms & conditions were met. It also improves visibility into the areas like;<\/p>\n