What are contract management and contract administration, and how do these two processes impact your procurement efforts?Dealing with contracts is hard and it’s much harder if you don’t know the difference between contract management and contract administration.Research shows that poor and ineffective contract management is costing enterprises up to 9% of revenue annually. This is why it is imperative to know what each of these processes means so you can extract maximum value from your contracts. This blog outlines the major differences between each of the terms, what each process is about, and how contract management software can be employed to improve operations.