The livelihood of any company is recorded in its contracts. Procurement contracts accommodate the sum of goods and services owed to the company. Sales contracts detail commitments to customers and revenue expectations. And internal contracts chronicle agreements within the organization.
Contract management is of critical importance to effective business commerce. Yet many organizations continue to record contracts on paper documents with disconnected offline tools and no process standardization. The result is inefficient, costly, and long contract cycles that make monitoring and managing agreements a challenge. And, perhaps worse, a failure to realize negotiated savings and missed revenue opportunities. But there is a better way.
Why Contract Management
Contract Management helps legal, finance, procurement, and sales operations professionals tasked with driving contract management to manage all types of agreements, including procurement, sales, and internal contracts. With Contract Management, companies can develop best-value agreements by addressing the two major components of the contract lifecycle:
Contract Management from contract request, contract authoring, workflows to address the contracting process, negotiation and approval, and contract execution via electronic signatures
Commitment Management including all ongoing compliance and performance management through task-driven reminders and search and reporting capabilities as well as contract renewal activities With Contract Management, companies can connect directly with customers when creating, negotiating, executing, and managing the ongoing administration of contracts. And this means greater efficiency, lower administrative costs, and improved relationships that result in higher value agreements.
A unique Software-as-a-Service (SaaS) solution, Contract Management delivers market leading technology in a fully hosted environment with data security standards that exceed those of any enterprise company.
With Contract Management, companies can be up and running faster with fewer resources—enjoying faster time to value and lower total cost of ownership.