Contract Management solution streamlines your company’s entire contract administration process, including contracts with customers, vendors, partners or employees. It can be summarized as the process of efficiently managing contract creation, execution and analysis with the purpose of maximizing financial and operational performance and minimizing the risks.
Contract management demands negotiating the contract terms and conditions and compliance, as well as documenting and agreeing on any changes or amendments that may arise during the implementation or execution stage. The solution follows the entire contract management process, from the establishment of the business case and the confirmation of need, contract administration and relationship management, to the review of contract performance.
An automated contract management process involves 9 lifecycle stages: request, authoring, negotiation, approval, execution, obligations management, amendment, audit and reporting and renewal. The contract management solution allows you to have complete visibility and control over any given contract from its inception to its renewal. For each step in the contract management process, automated solutions prevent blocks and speed up sales phases.
- It automates the contract process inside your company and consolidates all your contract and account related information with only a few mouse clicks
- It reduces the contract management complexity, time and costs by assuring a tighter control over your contracting processes.
- The Contract Management Solution is lined up to your organization’s procedures.
- It helps you achieve tighter fiscal control over your business in order to avoid costly legal proceedings.
- It offers you a quicker access to information by using effective searching tools.
- It provides accurate and instant information about former and existing clients by automatically archive of all contracts ( who signed the contract, signing date, contract period)
- You can set automate notifications and alarms based on specific criteria (e.g. expiration contract date)
- It helps your employees to save time, providing standard clauses and templates.
- It improves internal workflow and communication within a better contract and account visibility.
- It supports a subsequent change, so that the entire contract remains enforceable under new arrangements.
- It reduces costs and it improves financial and operational performance.
- It adds value to each step of the contract's lifecycle.