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By - Link Seller
Before popping to dissecting the topic, we need to ask ourselves what is the essence of contract management in the supply chain? The answer is contract management is vital to improving supply chain performance, and it is a requirement for procurement firms. If handled correctly, the contract management process provides opportunities to increase your firm's value and minimize pitfalls.
Procurement professional neglect to manage contracts properly, instead they focus on other business operations. However, they forget that contracts are the heart component in supply chain organizations.
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If you are searching for a way to increase the benefits of your procurement agreements, look no further than contract management software. The sooner you implement the right contract management software such as ContraSafe the sooner you can ensure your supply will always be there for your clients on time. Besides, if you want to enjoy free demo, ensure that you follow this link https://www.contractsafe.com/ to book your personal demo!
Below are some of the tips to put in action to increase supply chain:
Establish Contract Templates
Contract templates can save your team big time. A contract template is an empty standard form filled in with information and used as a contract. Template library makes it easier to stick to lawful protocols and make most of the deal to ensure that you do not miss any serious information. Templates also reduce the costs and time used in the contracting process.
A contract management software that stores standard contract templates is an ultimate necessity in the modern business world. Additionally, you can pull up a previous template you used in a similar one and change the data to equate to the contract, saving you the time for reworking a new contract.
Another essential tip is establishing one central position for storing contracts and ensure they are digitally accessible. It's essential that your documents are well organized, which will be hectic and messy when the files are arranged manually on a filing desk. Therefore, a contract management platform for procurement will make it easy to access files anytime and anywhere. This saves on the time and effort required to find, review and monitor contracts.
A homogenous procedure in the supply chain ensures that all necessary departments are working with a standard version of a contract, making the workflow standardized. There is a need for the people working on the supply to have a common goal and understanding.
Working at understanding the dynamics involved in contract supply Image credit: istockphoto
Companies which rely on manual management are prone to missing out on critical dates and dragging behind schedule. Therefore, there is a need to implement contract management software that has the capability to set automatic notifications for deadlines and critical dates. It's important for all employees and suppliers to adhere to timelines so as to meet the supply chain goals.
Risks are unavoidable in that you will have to work with another company which you ought to find out about their operations. However, being well prepared for those risks can save a company big time. To be able to prevent any disagreements, always point out all the possible risks in a supply chain contract. Then have an agreement on how they can be dealt with. Mitigating these risks should be your number one priority.
Research and Screen Vendors
Checking and being aware of a supplier's past whereabouts and performance is very important. It's so easy to search hard before getting into terms with a supplier as it will ensure a smooth supply chain. Before making any contact with any party, you should check online information about the one you are about to make deals with.
Also read: A Guide To Vehicle Service Contracts
A thorough screening process will prove fatal in avoiding disturbance down the supply line. Also, you will get to predict future performance and risks you are about to encounter getting deals with a new supplier.
Having agreements or contracts with boosted performance heights increases your organization's profits and boosts your productivity levels. By implementing contract management software, you can automate the process of performance, allowing you to point out the weak areas.
Importance of contract management in supply chain
Cuts the cost
Contracts offer better visibility and aids firms in controlling their financial transactions. This helps organizations save on their expenditures for a lifetime plan. Contracts aids in minimizing business expenses and maximizing business profits. Additionally, contract management helps to reduce legal fees and cut off unplanned renewals of unwanted services.
Evaluation of suppliers
Suppliers are monitored so as to see their performance which can have a positive or a negative impact in evaluating the supplier risk. The contract management will ensure the suppliers abides by the contract protocols.
Contract management improves business functionality by identifying risks and making sure business goals and objectives are met. Also, it makes it easier to examine data, produce accurate reports. When business functions are smooth, your organization's productivity shoots up, giving you an advantage over your competitors.
(Disclaimer: This article is sponsored and contains some commercial links)
Keywords: Contract, Supply, Transactions, Tips and Tricks
If the US loses Chinese companies, Wall Street will gradually alienate itself from the world's most prosperous market and the US will no longer be the true global financial centre, Chinese state media claimed.
Didi Chuxing, the Chinese ride-hailing giant, announced on Friday that the company is starting the work of delisting from the New York Stock Exchange (NYSE) and initiating preparations for listing in Hong Kong.
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One day before Didi made the statement, the US Securities and Exchange Commission (SEC) issued a mandate requiring foreign companies listed in the US to provide audits for inspection. Otherwise, they could be delisted from NYSE and Nasdaq in three years.
"The new SEC regulation clearly targets Chinese companies listed in the US. Analysts believe that it could lead to more than 200 companies being kicked off US exchanges," Global Times reported.
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Didi is the first Chinese company, which announced that it would delist from the NYSE after the SEC issued its new regulation. The company got listed in the US in June without the approval of Chinese regulatory authorities, sparking concerns that the information of hundreds of millions of Chinese users would be leaked to endanger China's national security. More than 20 apps linked to the company were subsequently removed from mobile stores. The SEC's new regulation has compressed Didi's space for financing in the US from the other direction, the report said.
It will become more difficult for Chinese digital technology and application companies to get listed in the US in the future.Unsplash
There have already been voices in the US demanding most of the "China concept stocks" be removed from the US. Scrutiny of "China concept stocks" is expected to get stricter. The US provides various excuses such as "financial security" and "national security" for such scrutiny, the report said.
It will become more difficult for Chinese digital technology and application companies to get listed in the US in the future. This will cause losses to both sides. But the tendency shows that China has greater initiative to adjust and adapt to new conditions, the report said.
Global Times said Chinese companies have other alternatives, and if they go back to China, they will greatly enhance the attractiveness of the mainland and Hong Kong capital markets, creating the possibility of gradually changing the global financial landscape. (IANS/SP)
(Keywords : Wall street, China, stocks, companies, businesses, losses, regulations, prosperous, technology, authorities, delisting.)
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Sommet Education, one of the worlds leading hospitality and culinary education players, recently joined hands with the countrys premium hospitality institute, Indian School of Hospitality (ISH).
With this Sommet Education now own a 51 per cent stake in the ISH, a significant addition to the former's expansive global network. The strategic partnership allows Sommet Education to establish two of its prestigious institutions in India: Ecole Ducasse, a worldwide education reference in culinary and pastry arts, and Les Roches, one of the world's leading hospitality business schools. With this academic alliance, Ecole Ducasse will now have its first campus in India at ISH, and Les Roches will launch its undergraduate and postgraduate hospitality management programmes in the country.
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Sommet Education's belief in the Indian market and its potential to grow exponentially made the country the focal point of its development plans. As per the recent data, the Indian hospitality industry has shown a 122.9 per cent growth in RevPAR in Q3 2021 as compared to Q2 2021. The sector bounced back strongly with the relaxations in regulations over travel restrictions post the second wave of the pandemic.
During the recent meeting between Benoit-Etienne Domenget, CEO, Sommet Education and Dilip Puri, Founder & CEO, Indian School of Hospitality, both the leaders shared their future development plans for India. Two are exploring opportunities to launch a second campus, most likely to be located in Mumbai, Bengaluru, or Hyderabad. The duo also plans to set up a network of Ecole Ducasse studios in select cities across India, including New Delhi, Mumbai, and Bengaluru. These studios institutes will cater to the needs of not only hospitality aspirants but also professionals, enthusiasts, and career changers for upskilling and acquiring new skills in line with changing dynamics of the industry. Besides setting Ecole Ducasse studios in India, the expansion of the current ISH Gurugram campus is also underway. The new campus will feature an additional 25,000 sq. ft of classrooms, training kitchens, and student experience areas. This expansion will comfortably stretch the current capacity of the campus to over 500 students.
Speaking about the entering Indian market, Sommet Education CEO, Benoit-Etienne Domenget, said: "India is one of the fastest-growing countries in the world, with hospitality and tourism contributing to a large share of economic growth and employment. As a dynamic young economy, India is the perfect development platform for international education brands to invest in and expand. We are happy to partner with ISH through which enables us to provide Indian students, within the country, with globally renowned standards of hospitality, culinary and management education.
"Together, we will be able to address the industry's need for specialised talent and expertise in a better and more organised manner. Hospitality management and culinary arts aspirants in India and neighbouring countries will now be able to benefit from our combined expertise and explore international career opportunities."
The mutually benefitting collaboration aims to offer a global standard of education to a larger number of hospitality and culinary arts aspirants in the years to come in India and the neighbouring countries. While ISH has set benchmarks with its cutting-edge pedagogical approach, updated curriculum, learning techniques, faculty base, and state-of-the-art infrastructure, expansion of the campus will lay grounds for more talented students to set foot into the exciting field of hospitality and culinary arts and become future leaders who will steer the industry towards success. New facilities are under construction and will be operational by early 2022.
Commenting over the new partnership and expansion plans, ISH Founder and CEO, Dilip Puri, said: "ISH and Sommet Education joined hands for the two share similar belief system and vision of establishing entrepreneurial and developmental mindset among learners. The higher education landscape in India is rapidly transforming. In order to elevate the same to the global standards, ISH, with the help of its new partner, intends to be the pioneer of this transformation, bringing the best of industry education and opportunities from across the world to our students.
Industry demands for hospitality leaders by bringing two of the world's best brandsUnsplash
"Partnering with Sommet Education will also enable us to strengthen our academic offerings and expand our presence pan India, and in neighbouring countries, as now on we will be part of Sommet's prestigious network of 18 campuses across eight countries. We will also be able to further support industry demands for hospitality leaders by bringing two of the world's best brands in hospitality management and culinary education to India."
The current transition in the hospitality and services sector requires future leaders to be well-prepared to take on global opportunities emerging in India and abroad. This tie-up will help ISH to further expand its portfolio of programs with opportunities for students to study semesters abroad and benefit from various pathways within undergraduate and post-graduate programs throughout the Les Roches network of institutions. Students can access opportunities, including pursuing a part of the select course at Les Roches campuses in Crans-Montana, Switzerland, Marbella, Spain and Shanghai. Together the two hold a common vision of empowering learners with new-age skills to stay ahead in the robust and fast-evolving industry and aim to become the country's largest hospitality and culinary arts education player in the next three years. (IANS/PR)
Keywords: hospitality management, culinary education
'Web 3.0' envisions a decentralised future where users and machines are able to interact with data via asmart, digital contracts' over peer-to-peer networks, without the need for Big Tech.
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According to the report by crypto and digital asset exchange CrossTower in partnership with US-India Strategic Partnership Forum (USISPF), the digital asset economy's value to India's GDP will grow at 43.1 per cent CAGR (compound annual growth rate) -- from $5.1 billion in 2021 to $261.8 billion over an 11-year period, resulting in a $1.1 trillion contribution to India's GDP. Digital asset market capitalisation was nearly $1.5 billion in 2013, and stands at about $3 trillion today.
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According to the report, most of $1.1 trillion in the total economic growth in the next 11 years can come from ancillary digital asset-related businesses that are yet to be invented.
"India is poised for growth to become a $5 trillion economy by 2024-25. Digital assets are expected to have tremendous potential in the next 11 years across countries, due to their rapid adoption. They are expected to help India achieve the $5 trillion economy goal," said Dr Mukesh Aghi, President and CEO of USISPF.
According to the findings, the adoption rate of digital assets (as reflected by accounts opened on centralised cryptocurrency exchanges) is growing nearly twice as fast as that of the Internet.
The report projected that digital identity could contribute $8.2 billion to India's GDP in 2032.Unsplash
It took the Internet approximately 7.5 years to go from around 100 million users to one billion users. "The same growth at cryptocurrency exchanges will take about four years. From digital art to ticket sales, music, collectables, luxury items and gaming, non-fungible tokens (NFTs) could transform the way people interact day-to-day. While still nascent, NFTs are projected to emerge into a market of $1 trillion or more," the report mentioned.
"With the right policies and regulatory framework, India's regulators can bring safety, combined with hope and prosperity to India," said Kapil Rathi, Co-founder and CEO, CrossTower.
The government-related Blockchain projects are estimated to drive close to $0.1 billion of GDP to India in 2021, ramping up to $5.1 billion in 2032. The report projected that digital identity could contribute $8.2 billion to India's GDP in 2032. (IANS/SP)
(Keywords : blockchain, India, GDP, technology, economy, growth, future, machine, data, crypto, asset, US, partnership, NFT, million, billion, dollar.)
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