You’re losing money because your teams have no way to collaborate over contracts.
Let’s go through an example.
Your information security team runs detailed risk assessments on each supplier and their corresponding data protection agreements (DPAs). They then put together remediation plans. Both exercises are time consuming.
Your procurement team terminates certain suppliers each year. They probably want to negotiate better terms with the ones your organisation is going to keep.
There is no coordination between teams around contractual milestones such as renewals because there is no central contract database that separate teams can access.
Across the same relationships, different teams will care about different contractual terms. Don’t make them work in silos.