Redwood City, CA – January 4, 2013 – Dynamic Contract Authoring and Management in a single online repository
Enterprise Contract Management faces a number of challenges. Contracts may exist in inconsistent formats, across different locations, on disparate systems or any combination of the above. Authoring, versioning and redlining often involves email attachments being sent back and forth between the stakeholders.
Best-of-breed contract management solutions offer the following key features:
|Online Contract clause library to facilitate the authoring of new contracts.|
|Collaborative authoring, versioning and redlining, both online and off-line, between the contracting parties (including the vendor).|
|Seamless integration with the Sourcing process, whereby winning bids can be converted into new contracts with a single click (including items, pricing, etc.).|
|Seamless integration with the online catalog functionality whereby the items in the new contract are automatically uploaded into the catalog so buyers can generate requisitions and PO’s.|
Ivalua’s Contract Management solution
The Ivalua Buyer Contract Management module was designed to specifically address these challenges, to incorporate all the Best-of-Breed features and to present them in a world-leading User Interface. It provides a clear and structured framework that brings together all contracts in a single repository. It also manages the entire lifecycle of a contract, from the drafting, versioning and collaborative authoring to the creation of amendments and exhibits. Because contracts are a key component of Spend Management, they interact with other Ivalua Buyer modules such as the supplier database, product catalogs, or the e-sourcing process.
In addition, users can configure their own system notifications based on key milestones of the contract. This allows for the proactive reviewing of contracts that are near their termination/renewal date. Finally, contract reporting gives the management a full visibility on existing contracts as well as real time analytics by purchasing category, buyer, supplier and organizational entity.
Deploying a world-class Contract Management solution like Ivalua’s generates a number of tangible benefits almost immediately:
|Single Source of Truth: team members across the enterprise have access to all the relevant contract documents in a single repository and following a common structure.|
|Significant time savings in the contract authoring process, allowing rapid creation of multi-party contracts and managing the authoring process with electronic workflows across the organization.|
|Automated incorporation of awarded bids from sourcing projects into new contracts.|
|Real-time visibility into contract compliance with analytics linking contracts and purchasing activity.|
|Proactive management of expiration and renegotiation / renewal processes|
Contract Management made easy!
At Ivalua, everything we do is focused on creating easy-to-use tools that enable our customers to simplify complex tasks. The Ivalua Contract Management solution is a perfect example of that paradigm. We have taken a complex and sometimes cumbersome task, with many moving parts and substantial potential legal and financial impact and we made it easier, faster and more transparent to the stakeholders.