Contract Management Cost Optimization Services

The Vendor is required to provide contract management cost optimization services to perform market research to identify opportunities to consolidate or restructure, eliminate underutilized or redundant contracts, and assess cost optimization across all it contracts.
- Requirement:
1. Contract inventory and classification
•    Classify contracts by type (e.g., staff augmentation, software, saas, maintenance, interagency)
•    Identify key attributes (term, value, vendor, renewal dates, funding source)
2. Contract lifecycle management (CLM) support
•    Document contract lifecycle processes (initiation, execution, monitoring, renewal, closeout)
•    Identify gaps in current lifecycle management practices
•    Recommend standardized workflows and controls
3. Data standardization and governance
•    Assess current contract tracking tools and data quality
•    Define standard data fields and naming conventions
•    Develop data governance practices for maintaining contract records
4. Requirements development for tracking solution
•    Gather and document business and technical requirements for a contract tracking solution
•    Develop user stories, workflows, and reporting requirements
•    Support solution selection or enhancement (if applicable)
5. Reporting and compliance
•    Define reporting requirements for internal leadership and oversight entities
•    Support development of dashboards or reports (e.g., expirations, spend tracking, vendor usage)
•    Ensure alignment with state compliance and audit expectations
6. Stakeholder engagement
•    Align cross-functional requirements and processes
•    Provide regular updates and recommendations.