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Contract Management Software
Contract management software is the range of computer programmes, libraries and data used to support contract management, contract lifecycle management, and contractor management on projects. It may be used with project management software. Advantages and key functions Most sophisticated projects involving contractors now use contract management software instead of relying on the manual management of paper contracts. It has become an essential tool for keeping track of multiple activities with cost implications, and can be especially helpful for automating administration, ensuring compliance, monitoring risk, running reports and triggering alerts. In addition to these types of features, contract management software systems provide a centralized repository for employees to quickly access all contracts worldwide in one place. Having contracts stored in multiple locations can delay and interrupt the contracting process. Contract management software is produced by many companies, workin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Management
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees. Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution. It can be summarized as the process of systematically and efficiently managing contract creation, execution, and analysis for the purpose of maximizing financial and operational performance and minimizing risk. Common commercial contracts include purchase orders, sales invoices, utility contracts, letters of engagement for the appointment of consultants and professionals, and construction contracts. Complex contracts are often necessary for construction projects, goods or services that are highly regulated, goods or services with detailed technical specifications, intellectual property (IP) agreements, o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Lifecycle Management
Contract lifecycle management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Implementing CLM can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit organizational liability and increase compliance with legal requirements. Contract Lifecycle Management Stages There are many different phases of each contract – no matter the size or importance of any particular document, they must all go through each stage in order to be completed properly. The stages of the contract lifecycle management process include: #Requests - The start of every contract involves the actual request. This is the phase where involved parties gather all the relevant information and data they need in order to create a contract that works for both sides. The request stage is arguably one of the most important stages of the contract lifecycle and can take some time depending on who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contractor Management
Contractor management is the managing of outsourced work performed for an individual company. Contractor management implements a system that manages contractors' health and safety information, insurance information, training programs and specific documents that pertain to the contractor and the owner client. Most modern contracts require the effective use of contract management software to aid administration between multiple parties. Risk and control Risk increases with the loss of control from outsourcing work. Keeping work in-house gives an Owner Client complete control over the production or services provided including quality, durability, and consistency. Outsourcing the work reduces the amount of control held over these aspects. While contracts and agreements can be set in place to control the end product, the Owner Client cannot have complete assurance that their requirements are being met. With the continuing outsourcing of production, companies struggle to standardize the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management Software
Project management software (PMS) has the capacity to help plan, organize, and manage resource tools and develop resource estimates. Depending on the sophistication of the software, it can manage estimation and planning, scheduling, cost control and budget management, resource allocation, collaboration software, communication, decision-making, quality management, time management and documentation or administration systems. Numerous PC and browser-based project management software and contract management software products and services are available. History Predecessors The first historically relevant year for the development of project management software is 1896, marked by the introduction of the Harmonogram. Polish economist Karol Adamiecki attempted to display task development in a floating chart, and laid the foundation for project management software as it is today. 1912 was the year when Henry Gantt replaced the Harmonogram with the more advanced Gantt chart, a scheduling d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Digital Signature
A digital signature is a mathematical scheme for verifying the authenticity of digital messages or documents. A valid digital signature, where the prerequisites are satisfied, gives a recipient very high confidence that the message was created by a known sender (authenticity), and that the message was not altered in transit (integrity). Digital signatures are a standard element of most cryptographic protocol suites, and are commonly used for software distribution, financial transactions, contract management software, and in other cases where it is important to detect forgery or tampering. Digital signatures are often used to implement electronic signatures, which includes any electronic data that carries the intent of a signature, but not all electronic signatures use digital signatures. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Portfolio Management
Project portfolio management (PPM) is the centralized management of the processes, methods, and technologies used by project managers and project management offices (PMOs) to analyze and collectively manage current or proposed projects based on numerous key characteristics. The objectives of PPM are to determine the optimal resource mix for delivery and to schedule activities to best achieve an organization’s operational and financial goals, while honouring constraints imposed by customers, strategic objectives, or external real-world factors. Standards for Portfolio Management include Project Management Institute's framework for project portfolio management, Management of Portfolios by Office of Government Commerce and the PfM² Portfolio Management Methodology by the PM² Foundation. Key capabilities PPM provides program and project managers in large, program/project-driven organizations with the capabilities needed to manage the time, resources, skills, and budgets necessary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Spend Analysis
Spend analysis or spend analytics is the process of collecting, cleansing, classifying and analyzing expenditure data with the purpose of decreasing procurement costs, improving efficiency, and monitoring controls and compliance. It can also be leveraged in other areas of business such as inventory management, contract management, complex sourcing, supplier management, budgeting, planning, and product development. Overview Spend analysis is often viewed as part of a larger domain known as spend management which incorporates spend analysis, commodity management, industry spend benchmarking, and strategic sourcing. Companies perform a spend analysis for several reasons. The core business driver for most organizations is profitability. In addition to improving compliance and reducing cycle times, performing detailed spend analysis helps companies find new areas of savings that previously went untapped, and hold on to past areas of savings that they have already negotiated. There ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Key Performance Indicator
A performance indicator or key performance indicator (KPI) is a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most. Often success is simply the repeated, periodic achievement of some levels of operational goal (e.g. zero defects, 10/10 customer satisfaction), and sometimes success is defined in terms of making progress toward strategic goals. Accordingly, choosing the right KPIs relies upon a good understanding of what is important to the organization. What is deemed important often depends on the department measuring the performance – e.g. the KPIs useful to finance will differ from the KPIs assigned to sales. Since there is a need to understand well what is important, various techniques ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract Lifecycle Management
Contract lifecycle management (CLM) is the proactive, methodical management of a contract from initiation through award, compliance and renewal. Implementing CLM can lead to significant improvements in cost savings and efficiency. Understanding and automating CLM can also limit organizational liability and increase compliance with legal requirements. Contract Lifecycle Management Stages There are many different phases of each contract – no matter the size or importance of any particular document, they must all go through each stage in order to be completed properly. The stages of the contract lifecycle management process include: #Requests - The start of every contract involves the actual request. This is the phase where involved parties gather all the relevant information and data they need in order to create a contract that works for both sides. The request stage is arguably one of the most important stages of the contract lifecycle and can take some time depending on who ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Expenditure
Capital expenditure or capital expense (capex or CAPEX) is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. It is considered a capital expenditure when the asset is newly purchased or when money is used towards extending the useful life of an existing asset, such as repairing the roof. Capital expenditures contrast with operating expenses (opex), which are ongoing expenses that are inherent to the operation of the asset. Opex includes items like electricity or cleaning. The difference between opex and capex may not be immediately obvious for some expenses; for instance, repaving the parking lot may be thought of inherent to the operation of a shopping mall. The dividing line for items like these is that the expense is considered capex if the financial benefit of the expenditure extends beyond the current fiscal year. Usage Capital expenditures are the funds used to acquire or upgra ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Project Management
Project management is the process of leading the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time, and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet pre-defined objectives. The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are clearly established, they should influence all decisions made by other people involved in the project – for example, project managers, designers, contractors, and subcontractors. Ill-defined or too tightly prescribed project management objectives are detrimental to decision-maki ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Data Protection Regulation
The General Data Protection Regulation (GDPR) is a European Union regulation on data protection and privacy in the EU and the European Economic Area (EEA). The GDPR is an important component of EU privacy law and of human rights law, in particular Article 8(1) of the Charter of Fundamental Rights of the European Union. It also addresses the transfer of personal data outside the EU and EEA areas. The GDPR's primary aim is to enhance individuals' control and rights over their personal data and to simplify the regulatory environment for international business. Superseding the Data Protection Directive 95/46/EC, the regulation contains provisions and requirements related to the processing of personal data of individuals, formally called "data subjects", who are located in the EEA, and applies to any enterprise—regardless of its location and the data subjects' citizenship or residence—that is processing the personal information of individuals inside the EEA. The GDPR was ado ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
