Teresa Rausch, - Procurement Director - Mecklenburg County | LinkedIn.
The Stages of Contract Management This may involve: co-ordinating communication between the current and new supplier; providing information; planning. The normal working period of the contract. This may involve solving any issues that may arise e.g. supply problems.
To recap, procurement is the process of acquiring the supplies you need to run your business operations. On the other hand, supply chain management encompasses how those supplies are transformed into finished products and delivered to the end-users.
Procurement management focuses on securing favorable terms and contracts while contract management ensures the delivery of promised value throughout the contract's lifecycle.
Procurement is a one-time event, a focused effort to find the best solution. Contract management, on the other hand, is a marathon, requiring continuous monitoring and management. The structure of these functions can also differ.
Contract management concerns the 'contract execution' and 'contract termination & evaluation' phases (under the slogan: 'you can only manage a contract if it exists'). Supplier management on the other hand involves the entire contract lifecycle, from determination of needs to contract termination.
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Patrick FESQUET - Director of Procurement - NATO Support and Procurement Agency (NSPA) | LinkedIn.
Ing to Business Dictionary, the Chief Procurement Officer, or CPO, is “An executive level employee whose responsibilities include sourcing, supply management, and procurement for the company. Generally, the CPO reports directly to the chief executive officer CEO of a company.”