LONDON--(BUSINESS WIRE)--SpendEdge, a well-known procurement intelligence solution provider, has announced the completion of their latest contract management study for a generic drugs manufacturing company. The report highlights how companies can reduce costs and build compliance management with the aid of an effective contract management system. It also provides detailed insights on how contract management solutions can help companies to decrease the time spent on contract validation.
With the increasing complexity of contracts, generic drugs manufacturing companies are compelled to have a robust contract management process in place that can offer a 360-degree view of contracts. Not only this, they are required to utilize central repository for all their legal contracts and standardize the contract negotiation process for reducing direct and indirect spend. They also need to build compliance management that can enable them to control maverick spend and mitigate supply chain risks.
According to the procurement experts at SpendEdge, “Companies must improve their contract management process to enhance the visibility of their contracts and related documents and prevent revenue leakages."
The Business Problem: The client is one of the leading generic drugs manufacturing companies in the United States. The commitment to manufacture high-quality generic drugs was the key source for strong growth for the company. With the accelerating growth rate, the client felt the need to establish a contract management system that can address their growing business needs. The need for an effective contract management system compelled the client to leverage the SpendEdge's expertise and implement a new process.
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The Solution Offered: The experts at SpendEdge reviewed the existing contracts of the generic drugs manufacturer and provided comprehensive suite of integrated contract management solutions. The solutions offered increased the contract visibility, reduced costs, and improved the overall performance of the company. Furthermore, the enhanced contract management system significantly increased the generic drugs manufacturing company’s ROI.
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SpendEdge’s contract management solutions helped the client to:
- Increase working capital by over 70%.
- Enhance the efficiency of contract validation process by 50%
- Want to know how improving contract management can increase working capital for your organization? Request a free demo and let our experts guide you.
SpendEdge’s contract management solutions also offered predictive insights on:
- Determining potential chargeback discrepancies.
- Preventing revenue leakages.
- Read the complete article to know more: https://www.spendedge.com/casestudy/contract-management-generic-drugs-sector
About SpendEdge:
SpendEdge shares your passion for driving sourcing and procurement excellence. We are the preferred procurement market intelligence partner for 120+ Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence reports and solutions. Request free proposal to know more, https://www.spendedge.com/request-free-proposal
