As our solutions developed, Swingtide recognized the importance of managing your third-party relationships. Understanding your current state helps you run your current business while developing a strategic approach to your future.
The foundation of managing your third-party relationships is timely and accurate information. Contract lifecycle management (CLM) is often a difficult subject for businesses to fully consider, and even more difficult to make informed, proactive decisions on. Regardless of size or industry, businesses frequently undervalue their contract management processes and policies and assume their current systems are adequate until faced with a major issue (i.e. failed audit, a dispute with a critical vendor, or a significant expense from an unexpected contract autorenewal).
Swingtide CLM partnered with Conga to help them with implementation services. Swingtide provides a holistic approach to contract lifecycle management, encompassing policies, processes, and tools, along with transition support, training, communication, and continuous improvement practices. While each of these components can improve a business’s CLM state, they must all be considered together for an organization to reap the full benefits of contract lifecycle management. A successful CLM implementation standardizes processes across the organization, mitigates risk, increases visibility into contractual obligations, and reduces unnecessary expenses from redundant or inactive contracts.
Our current focus on healthcare comes from expertise in the industry over the last ten years where we have assisted healthcare providers in everything from the development of vendor lifecycle management functions, competitively sourcing critical solutions, negotiating over 30,000 healthcare contracts with more than 8,000 suppliers, resolving simple and complex disputes, and managing critical suppliers. Our team of sourcing, contracting, technology, and supply chain experts will bring proven methodologies to all tasks. Our experience in healthcare allows our clients to learn from the experience of others while developing the right solution for their organization.