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Assignment 2.1 - Reflection Paper Contract Management

Contract management refers to the administration of all interactions between parties to a contract from award through completion or termination. It enables both parties to fulfill their obligations under the contract. As businesses have grown, managing increasing volumes of legal documents has become difficult, requiring reliable automated contract management systems. SAP S/4 HANA provides such a system, allowing users to track contract status, consumption, validity and flag issues in real-time. It also facilitates tasks like contract renewal. The dynamic nature of SAP S/4 HANA's contract management functionality and insights it provides are exciting for the author to learn about and apply to future work.

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Rosemarie Cruz
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233 views

Assignment 2.1 - Reflection Paper Contract Management

Contract management refers to the administration of all interactions between parties to a contract from award through completion or termination. It enables both parties to fulfill their obligations under the contract. As businesses have grown, managing increasing volumes of legal documents has become difficult, requiring reliable automated contract management systems. SAP S/4 HANA provides such a system, allowing users to track contract status, consumption, validity and flag issues in real-time. It also facilitates tasks like contract renewal. The dynamic nature of SAP S/4 HANA's contract management functionality and insights it provides are exciting for the author to learn about and apply to future work.

Uploaded by

Rosemarie Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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CONTRACT MANAGEMENT

The act of managing contracts for customers, suppliers, or other parties is known as contract
management. According to Thai (2008), contract management is the administration of all interactions
between the client and contractor from the time the contract is awarded until the work is finished and
accepted or the contract is terminated, payment has been made, and the disputes have been resolved. It
enables both contracting parties to carry out their responsibilities to deliver the objectives stipulated by the
contract. As time goes by, lots of businesses emerged in today’s current situation and they faced difficulty
in managing an increasing quantity of legal documents. In that way, businesses need to have a reliable and
automated contract management system.
The term contract management can build a strong business relationship and open the door to
longer-term growth in profitability if managed effectively. Due to that case, SAP S/4 HANA will take into
place which the organizations can utilize to effectively manage their management. This will reduce the
financial risks that companies may face due to a vast level of pressure to cut costs and boost performance
at the organization. In that way, I learned with SAP S/4 HANA source assignment to operational demands
is supported by both automated and manual processes. By using S/4 HANA, users can track contracts in
the contract work list to acquire real-time details on their status, consumption, and validity. The Manage
Purchases Contract app can help users notice significant contract usage and critical state right away.
The SAP S/4 HANA is very dynamic in managing purchase contracts as users can easily search
and filter the contract work list. As well as it has direct access to the supplier and contract object pages.
Users can also see the additional information provided and they can have capabilities for insight-to-action,
such as contract renewal. Because of these functions, I am excited to learn more about SAP S/4 HANA,
especially the knowledge and skills that I can acquire while using the app. From this activity, I will utilize my
gained knowledge in SAP S/4 HANA in the future by applying my acquired knowledge and skills in the field
in which I will work too. As I gained a better understanding of SAP S/4 HANA, I believe that I can work on it
for my future work.

Reference:
Thai, K. (2008). International Handbook of Public Procurement AuerbachPublication Taylor & Francis
Group 6000 Broken Sound Parkway NW, Suite 300 BocaRaton, FL 33487-2742.

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