According to the Procurement Analytics Market Size, Share & Forecast, the global Procurement analytics market size is expected to reach a value of USD 4.86 billion in 2024 and further attain a value of USD 22.20 billion by 2032 while growing at a CAGR of 20.9%. These figures indicate the pivotal role that Procurement and Contract Management will play in shaping the future of business operations. This demonstrates that Procurement is about buying goods and strategic planning and management, which is critical to facilitating the organization’s growth and remaining competitive.
The Intersection of Procurement and Contract Management
The relationship between Procurement and Contract Management is often considered a dynamic partnership. A procurement professional will play an active role in deciding on the terms to be placed in the contract and negotiating an agreement. The person utilizes his market knowledge and awareness of what a supplier should be capable of in driving key provisions in the contract to favorable terms, which enables him to create value for his organization. Good negotiation skills ensure accountability on the part of suppliers to obtain good value for resources used.
Prerequisites for Successful Integration
For the integration of Procurement and Contract Management to develop its full potential, many prerequisites have to be fulfilled:
Interaction between Procurement and Legal Teams: There has to be a sound partnership between these two departments. The procurement specialist and the legal advisor are bound to collaborate on how to make the contract favorable, yet not against the rule of law.
Understand the Market and Supplier Capabilities: This is about a detailed knowledge base of the available suppliers and market dynamics. This will help the procurement professional make informed decisions and also develop strategic relationships for better contractual outcomes.
Benefits of Combining Procurement and Contract Management
Key benefits of the integration between Procurement and Contract Management course include:
Cost Savings: With streamlined processes contributing to reduced operation costs, there are better pricing agreements with vendors.
Risk Reduction: Proactive Contract Management of contracts reduces the chance of non-compliance and legal action, thus safeguarding organizational interests.
Operational Efficiency: Laying a focused approach strengthens the workflows by reducing delays and facilitating timely decision-making.
UniAthena’s Procurement and Contract Management Course
Enhance your career with the 100% Online PG Diploma Course, designed to provide you with all the key competencies in the field of contract management. This course will equip you with the knowledge to develop legal contracts and build profitable relationships with customers, vendors, and partners.
Complete this Procurement and Contract Management course at your own pace in 6 months and enjoy an exemption of 6 ECTS credits toward the Master of Business Administration program at Guglielmo Marconi University, Italy. Benefiting from personal tutor support, you will be equipped with the skillset needed to excel in this fast-moving field. Furthermore, get yourself a chance to earn a Postgraduate Diploma in Procurement and Contracts Management from Cambridge International Qualifications (CIQ, UK). Enroll now to unlock the opportunities to take your professional journey ahead.
