Procurement and Contract Governance

Procurement and Contract Governance is the organisation’s processes and practices for acquiring goods and services from third parties, including the management of contracts with suppliers. Project managers need an effective system for vendor selection, contract negotiation, compliance, and performance monitoring to ensure transparency, accountability, and success in project delivery.

Project managers must be able to guarantee the delivery of goods and services at the exact time and place required during project delivery. Delays in starting or completing work can impact upon countless other dependencies within your portfolio. Poor procurement and contract governance leads to misunderstandings which create all manner of delays, legal disputes, and unexpected costs. pmo365‘s Procurement and Contract Governance workflow prevents this scenario by:

• Helping you to create transparent and legally binding agreements for the provision of labour, materials and tasks as part of a detailed project delivery timeline.
• Easy identification of the right contracts to serve each kind of procurement need – with adequate provision for contingencies.
• Thorough documentation of accountability for the delivery of all project tasks.
• Integration with financial tools and other enterprise applications to quickly process approvals, payments, and actions to minimise issues.
• Real-time project updates and notifications to give project managers clear oversight over all project activities and performance.

Good project procurement and contract governance ensures the selection of reliable and capable suppliers. This, in turn, leads to better-quality inputs and services for your project overall. Robust governance in project management requires effective tools to monitor risks and contract compliance. It promotes adherence to agreed standards, creates stakeholder satisfaction, and assists resource planning by controlling costs, preventing scope creep, and avoiding budget overruns.

All these factors deliver reputational value and instil confidence in the organisation’s decision making, which helps the negotiation of favourable terms and conditions in future.

pmo365 is a fully modular system. Each App, Flow, Report or Connector easily plugs into place to build the unique real-time project portfolio management system you require. Our solution centralises the recording of procurement and contract information and provides improved visibility across all project timelines and resourcing agreements. And, because it’s highly customisable, the ability of pmo365 to evolve and change with your needs as you grow is built into the system – not as an afterthought. We provide tailored solutions to manage all project documents and information with the latest, best practice collaborative tools, instantaneous data updates, and integrations of all the software tools you currently use.