Contract Management, Agreement Specificity and Smart Contract

Contract management is a process designed to ensure that both parties to a contract meet their obligations and the intended outcome of the contract. It also involves building a good working relationship between the buyer and supplier, continuing through the life of a contract.
Agreement specificity is the clarity in the terms, conditions, obligations, rules and regulations that govern a particular contractual agreement whiles smart contract is a set of promises, including protocols within which the parties perform.


Strategic Sourcing

Strategic sourcing is a holistic approach to developing channels of supply that considers all activities within the procurement cycle to secure the best possible total cost, rather than just the lowest purchase price for those goods. There is a need for a systematic and fact‐based approach for optimizing an organization's supply base and improving the overall value proposition. Procurement practitioners source for goods and services in a strategic manner to ensure optimum goods procurement at the right total cost of owner ship.


To Agree or to contract, The Big Question

Contract management is the process of systematically and efficiently managing contract creation, execution and analysis for maximising operational and financial performance and
minimising risk.

It also involves building a good working relationship between the buyer and supplier throughout the life of the contract. Effective contract management does not only include developing agreements but also involves a series of actions that guide parties to the contract from inception stage through to the final stage. (pre-contract, actual and post-contract activities)