Financial Controls


Involves managing the organizations debt, cash flow and receivables/payables.

Contract Lifecycle Management means different thing to different users some think it’s the automation of the request process to eliminate bottlenecks for legal and sales, others think of it as the negotiation, redline and versioning process and many think it’s the post live execution of active contracts; managing financial terms, delivery of product or service, managing obligations and more. The fact is its all of the above. The true definition includes any process that contributes, creates or utilizes contract data, is part of contract lifecycle management.

By Nathan Phillips

 

Levels of Control Mechanism


Strategic management provides overall direction to the enterprise. Strategy formulation requires examining where the company is now, determining where it wants to go, and then determining how to get there. This involves crafting vision statements, mission statements, overall corporate objectives.

Tactical management involves the future vision of the business and tactics involve the actual steps needed to achieve that vision. Tactics are the practical steps needed to implement the strategy.

Operational control serves to regulate the day-to-day output relative to schedules, specifications, and costs.

By Nathan Phillips