Redwood Shores, Calif.--Oracle Corp. announced Wednesday that it will greatly expand its Oracle Contracts product line, geared to help purchasing departments manage their annual supplier contracts more efficiently. Meanwhile, I-many Inc., Portland, Maine, already an established vendor in the supplier relationship management industry, announced that has under management $55 billion worth of contracts in the life sciences industry alone. The dueling announcements underscore the interest generated in SRM. Financial firm Goldman Sachs estimates that companies using SRM software will save between 20% and 50% of contract administration costs. Juliette Sultan, VP-CRM product strategy for Oracle, said digital asset contract management, contracts for sales relationships, service and one-off products and analysis tools for measuring the value of supplier relationships are all being expanded with the latest Oracle Contracts release. Beyond the $55 billion in life-sciences industry contracts, I-many said it is on track to process $8.5 billion in supplier rebates through its I-many contract management platform. That's a 30% increase from 1999, I-many said.