1. Contract Management

Contract management means managing the details and deliverables in a provider-customer relationship, such as terms and conditions, contract negotiations and renegotiations, handling deliverables and ensuring that invoices are correct and properly paid. A key to contract management, Weinstein said, is that an organization ensures a central location for these agreements.

Vendor management, he added, is intended to ensure that once the ink is on the paper, the supplier is solving the problem you assigned it to solve.