Managing the Full Lifecycle of a Contract is complex.

Managing it well is critical to success!

Contract Management

- A single window managing end - to- end

Legal

Legal

Regulatory

Regulatory

SLA

SLA

Operations

Operations

QA

QA

SOW

SOW

Finance

Finance

Contract management is managing contracts made among customers, vendors, partners, or employees. While there are several goods and services are being purchased regularly in every other Organization but lack of proper contract vetted legally, financially and by other stakeholders. But, the responsibility mostly lies with Procurement function who are the custodian of contracts. Without a valid contract, Finance cannot release payments to vendors because it is a noncompliant.

Challenegs in Managing Contracts on own by Companies

Long cycle times to make a contract. Effective contracts are expensive to train and retain

Authoring a contract with critical Legal, Regulatory & Financial inputs is a huge task, fragmented and exposed

Tracking of Expiry and Renewal of a contract is cumbersome

Maverick spend increased without valid contracts

Missing savings opportunities associated with contract expiry

No single repository to keep all contracts at one place

Risk quotients increase across legal, market hence noncompliance

1

2

3

4

5

6

7

8

9

Contrat Request

Authoring

Negotiation

Approval

Execution

Obligation Mgmnt

Amendement

Audit & Reporting

Renewal

Risk Reduction

Financial Optimization

  • Proper controls and policies enforced
  • Traceable audit trails and compliance monitoring
  • Operating on the latest terms and conditions
  • Reduced “off-contract” spending
  • Reduced legal fees
  • Eliminated renewals of unwanted services
  • Improved forecasting
  • More efficient contract lifecycle
  • Eliminated manual processes
  • Centralized document repository
  • Access to the right people

Contract Management Steps

Contract Management Benefits

Productivity / Operational Effectiveness