Managing the Contracting Process
VMS Contract Management creates a single view of contracts and items across the entire system. It also gives contract specialists the ability to create contracts and amendments within a project, capture all contract data, documents and notes as well as manage contract announcements.
A hospital system with several processes to capture contracts was battling to keep track of contract progress. There was never a single view as to what contracts would be expiring soon, resulting in missed expiration dates and lost negotiation power. There was also very little clarity as to which items were or weren’t loaded into the materials system, leading to confusion and mismanagement.
As part of the VMS deployment, the SpendVu team received data extracts from contracting systems and created a single searchable repository of contracts and associated items. Contracting specialists then had immediate visibility into upstream research, analysis and sourcing.
Related documents and price file versions are now stored within the contract on VMS. The data team no longer have to manually update the material master, so they have additional time to ensure item descriptions, UNSPSC and GL codes are attached to items. Times for the overall contracting process are tracked and a contracting time baseline for each contract type has now been established.