Industry Perspective

Top 5 benefits of cloud-based contract management for rail procurement teams

Contracts sit at the heart of engagement between procurement teams and vendors. Yet they don’t only represent tangible agreements between 2 parties, they also present the potential for commercial gain as well as risk. There are payment and other contractual obligations to be met, bids, and proposals to track.

Recent changes in the supply chain due to the COVID-19 pandemic have created brought risk management into the limelight and could lead to a more diverse supply base, deeper and longer-term investment in the success of key suppliers in order to provide more reaction time to disruption. Safeguarding your business from revenue loss is never more critical than now, and that involves making decisions that are good for the business when it comes to managing contracts.

In this Industry Perspective, we take a hard look at the digital opportunities available to produce the sort of agile response to disruptions and mitigation of risks when it comes to procurement (including sourcing and leasing) and contracting. And we outline what we see are 5 leading benefits of cloud-based contract management for rail procurement teams:

  1. Mitigate sourcing risks and negotiate better deals
  2. Analyze procurement events for compliance and risk avoidance
  3. Acquire better deals
  4. Standardize vendor onboarding processes
  5. Accelerate procurement with self-service contracting

Interested in cloud-based contract management?

We’ve brought together our 10-plus years of cloud-based contract management and Azure experience along with our deep domain expertise to help railroads digitally transform their contractual relationships, simplify contract management processes, accelerate commerce, mitigate risk, improve compliance, and exercise complete control of contracting processes. You can explore our rail-customized contract management offering here.

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Opportunities for digitalization in railroad contract management

Date: Tuesday, December 8, 2020 | Time: 10 am PST

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CloudMoyo empowers rail and transportation companies to gain greater insights, unlock efficiencies, and improve agility in operations, revenue and asset management as well as critical areas of safety, crew scheduling and maintenance. Combined with deep rail industry expertise, our cloud-based, AI-driven solutions leverage cutting edge technology to reimagine railroad digitization.

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