Fahmi Rizwansyah says:
Contract Management Software allows organizations to effectively manage the various types of contracts they engage in, including: buy side, sell side, and non monetary.
In general, the benefits of implementing Contract Management Software are seen in the reduction in time and effort and improvements in the contracting process. Specific areas that see improvement are:
* Improved information related to contracts and the activities governed by those contracts - better information and more of it.
* Streamlined processes that result in reduced operating expenses.
* Maximum realization of revenue and/or cost savings potential by maximizing the benefits of each contract through event management and performance and compliance monitoring.
* Maximum involvement of stakeholders through an online, paperless contracting process.
* Improved relationships with all stakeholders including staff, customers and suppliers.
* Strategic sourcing benefits - maximize buying power through better managed contracts.
* Business Intelligence through proper analysis of information about contracts and contracted activities.
* ensure visibility is available across all contracts to the authorized people,
* notify stakeholders of impending trigger points ensuring that contract management is pro-active, not re-active,
* validate payments, deliverables, commitments and compliance terms that are established in the actual contract, and
* ensure compliance to negotiated terms and conditions including rates, discounts, and rebates.
It delivers extensive benefit in each of these areas out of the box, but when coupled with business process improvement that is aimed at maximizing the functionality of the contract management process, organizations further improve their strategic benefits significantly.
Contract management software suppliers include: Accruent, Advanced Software Concepts, ARM Group, Blueridge Software, Capterra, CMSI, CobbleStone Systems, Covigna, Determine, diCarta, Ecteon, Exari, FieldCentrix, I-many, Ketera, Omniware, Open Windows Contracts, Procure, Salesforce.com, SAP and UpsideSoft.
General Features
* End-to-end Contract Management Solution
* Extremely flexible with user defined business rules and customized workflow
* Ability to manage various types of contracts
* Corporate repository of clauses, templates, and management indicator
* Completely Web-based
* Ensures contract and RFx (i.e. RFP, RFI, RFQ, etc.) visibility, monitoring, & reporting for all stakeholders
* Personal 'Dashboard'
* User-role-based functional view and navigation control
Advanced Workflow Management
* Template-based (static), business rules-based (dynamic) and organizational hierarchy-based workflow determination capabilities are supported
* Workflow determination and management can be applied in most modules of the system
Procurement Management
* Template-based RFx creation
* Dynamic workflow to manage RFx creation
* Structured RFx management
* Vendor access and participation
Request Processing
* Highly configurable, ‘wizard-like’ interface to capture user requests for:
o new RFXs and associated procurement activities
o new contracts,
o change orders,
o supplements,
o renewals, and
o terminations.
Contract Creation
* Template-based contract creation
* Dynamic workflow to manage contract creation
* Related documents can be scanned and attached
* Online negotiation
* Contract calculations
* PDF support
* Rich text editor
Contract Management
* Notification and alerts for required tasks and events
* Performance monitoring
* Compliance monitoring
* Renewal, amendments and change management
Financial & Budget Monitoring and Management
* Manage contract commitments
* Automate payments
* Manage holdbacks
* Integration with UpsideBilling
Integration with Other Systems
* Interface with any ERP/Financial system
* Fills in the gap between ERP and CRM systems
* Integrates other systems used in business processes
Management Information
* Business Intelligence Support
* Management Reporting
* Ad Hoc Reporting
Reports can also be provided in Crystal Web format and includes the data dictionary so that external reporting using Crystal Reports can be performed.
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