For achieving success in contract management, an organization not only should employ qualified and experienced contract professionals but also adapt itself to use innovative technologies and latest available knowledge in the field. Nothing is useful until the top management realizes the importance of professional contact management as essential for the survival of the organization amidst tough competition. The industry is constantly furnished with technological advances and result full software packages, the management should utilize relevant technology to employ at the right time for best of advantage thereby achieving contract management success in the organization’s benefit in many areas, viz;
- Competitive advantage in the field of its business over competitors,
- Achieving success in business with substantial gains in customer development,
- Increasing financial earnings,
- Stakeholder satisfaction including supplier goodwill,
- Avoiding disputes leading to waste of resources and stakeholder dissatisfaction,
Increasing customer base due to enhanced service quality and customer service.
Contract Closure. After the scope of the contract is completed, the contract is closed after completion of any obligations, disputes resolved and final payment is issued.