Every procurement management process involves several elements, including requirements determination, supplier research, value analysis, raising a purchase request, reviewal phase, conversion to purchase order, contract administration, monitoring/evaluation of received order, three-way matching, payment fulfilment. 

Contract management is an integral part of any procurement cycle. After all, it’s contracts that define your relationships with vendors, suppliers, outside service providers, and other purchasing and sourcing entities. Indeed, it is important that contract management for procurement and purchasing departments is an efficient and well-managed process.