Procurement processes are vital for private and publci organizations to acquire goods and services efficiently while mitigating risks and ensuring compliance.
Within the procurement process, contract management plays a crucial role in maximizing the value derived from supplier relationships and optimizing contractual agreements.
Contract management ensures that contractual relationships are established, maintained, and optimized to drive value and mitigate risks.
By actively managing contracts, organizations can maximize the benefits derived from supplier relationships, enhance compliance, and promote effective supplier performance. 
We can say that contract managers serve as "guardians" of the procurement process, ensuring that contractual obligations are met, and supplier relationships are nurtured. 
Investing in robust contract management practices enables organizations to optimize their procurement outcomes, enhance operational efficiency, and drive sustainable business success.

Together with Ana Maria Dimand, we have discussed the role of contract management in the procurement process and described possible contract management practices based on the Kraljic portfolio management framework in a recent articles published in the volume of Contrac Management of March 2023. 
Have a look at the full article below if you are interested!