Contracts are at the core of how organizations transact business with each other. Despite the gravity and importance, contracts are often managed in physical file cabinets or spreadsheets with a few key terms and dates noted for their traceability. This could lead to a host of problems from contracts misfiled to loss of knowledge about contracts when the person in charge leaves the organization. These could lead to costly, unintended renewals. The complexity grows manifold in case an organization needs to deal with thousands of contracts, which is a common aspect with government agencies.
In wake of contract management complexity and the risks that manual processes pose, organizations are eagerly implementing contract management systems. Apparently replacing primitive methods that incur delayed responses, human errors, inefficient search techniques and hectic tasks of managing mountainous amounts of records, new-age technology systems automate contract management processes right from drafting through expiration and every other operation in between.
Accompanying the increase in demand, a host of contract management systems have entered the market. Hundreds of contract management solutions now exist on the market; all trying to offer unique services that distinguish them from the masses while ensuring every need of contract manager is met.
To help enterprises select the best vendors that are at the forefront of offering promising solutions, Government CIO Outlook presents the “Top 10 Government Contracting Technology Solution Providers-2017.”
A distinguished panel comprising of CEOs, CIOs and analysts, along with the Government CIO Outlook’s editorial board reviewed and shortlisted the top companies at the forefront of alleviating contract management challenges for enterprises.