What is contracts management?
Contracts Management is the process of managing all phases in the lifecycle of a contract with the goal of minimizing costs and risks, streamlining operations and improving compliance with policies, procedures, regulations and negotiated terms and conditions. Leveraging advanced functionalities like smart folders, metadata based navigational perspectives and security rules, SEAL for Contracts Management helps you organize, monitor and access all your contracts and associated documents like never before.
SPECIFIC CUSTOMER PAINS AND NEEDS
Challenges:
- Multiple silos of contracts spread and differently managed across many departments in the company;
- Long time for finding a contract and all associated documents (addendums, invoices, reception notes);
- Team collaboration on contract information is difficult, not traceable and requires long meetings;
- Contracts events like invoicing, expiry dates and renewals, are sometime forgotten, generating financial lose and business continuity disruptions;
- Decentralized security of contracts can often conduct to vital information leaks;
- Contracts up to date status is obtained with delay and mistakes;
- Contracts and associated events can be consulted only on premise in custom application, without tools for mobility like BYOD
Business implications:
- Lack of visibility between internal stakeholders;
- Unsupervised spending by buyers;
- Overcharging by suppliers;
- Unwanted/unnecessary automatic renewal of products and services;
- Inability to verify if payments and deliverables are accurate and timely;
- Inability to analyze actual against planned of contracted spending;
- Inability to track accounts payable, which includes inability to enforce discounts and dealing with time-consuming and complex rebate calculations;
- Inability to monitor effectiveness of contract management in terms of cycle time and contract quality (deliverables against plan, profitability, competitiveness);
- Significant losses in time and resources due to inefficient contract authoring, editing, negotiating and monitoring.
Find out below how Contracts Management (powered by SEAL) works and together provide real value for business needs.
Value proposition
- Enforce an enterprise wide contract management governance. Compliance with the internal and external regulations through advanced and easily deployable security mechanisms leveraging existing metadata;
- Reduce the time needed for contract creation and review by using predefined templates and automated workflows;
- Control and visibility over all your contracts. Manage your entire contracts life cycle with full paperless processes, electronic signature (advanced, qualified) and artificial intelligence to cut down the data entry;
- Better and faster business decisions. Actionable insight into contract costs, renewals and revenue leveraging automatic alerts synchronized on all your devices; real time reporting and automatically update of the contract file’s cover page with latest values;
- Best user experience. New Generation user experience to empower your line of business users with a powerful but simple interface, easy to use from day one;
- Freedom of choice regarding deployment. Available as perpetual license both for “On-Premises”, as well as for “On Demand” installations, delivered as a cloud service.All contracts (Sell-side and buy-side) together.
What it looks like
Benefits
- Radically lower administrative and legal costs with managing contracts;
- Reduce risks with a central repository for all contracts across all departments in the company enforcing a global enterprise wide contract management governance;
- Increased efficiency by using pre-validated templates for contracts creation together with electronic signature and workflows for contracts approval;
- Increase revenue by using automated reminders, notifications and alerts to enable accounts receivable/payable personnel within an organization to invoice for all services rendered;
- Collect/avoid penalties and charges where applicable leading to revenue increase;
- Consolidate spending efficiency by improving visibility and communication between stakeholders from internal staff without compromising security;
- Reduce bottlenecks using state of the art automation and notification system throughout the entire contract life cycle;
- Team collaboration on electronic contracts with traceability improves work performance, satisfaction and quality of decisions;
- Increased security of contracts information. Dynamically secure the information by giving access based on each contract characteristics;
- Real time and accurate up to date status of contracts generates support for right business decisions;
- Mobility empowering users to access information when and where is needed generating thus quick and consistent business decision support;
- Minimize the risks when working with paper and avoid losing contracts and associated documents.
