Your procurement team needs better contract management. What’s the best application to get them there?

Many organizations handle tendering up to award manually. After execution, contract is entered into an SAP/ERP system. Subsequent steps in P2P process are automated. Although handling manually contracts is easy, it has disadvantages: ? Huge Paperwork ? Multiple Revisions ? Tracking Issues ? Errors ? Time consuming Hence a Contract Management Application (CMA) is best to solve the above issues. The main functions of a CMA are: ? Creation ? Collaboration ? Management ? Storage & Retrieval There are many CMA softwares available in market, from simple to complex & some are fully customizable. Companies need to identify the requirements first. Companies also need to look at cost, security, scalability etc before selecting a CMA software.

Many of us are used to managing contracts the old-fashioned way: manually. While it is inexpensive, it certainly is a lot more time consuming and prone to misses and errors. Digitalisation of contract management ensures that: - your time & intelligence is put to appropriate use. - there are no misses, errors or failures. - you are better prepared than ever before.

Embora o mercado já conte com softwares de gerencimento contratual muitos úteis e com diversas fun??es, a inteligência artificial e IA Generativa devem impulsionar uma evolu??o nas ofertas. Fun??es hoje essenciais como o controle a processos de due diligence, negocia??o e revis?o contratual, envio automático de alertas e emails e compatibilidade com outros sofwares de CRM passar?o a ser básicas, e ser?o complementadas por chatbots internos para facilitar processos de busca, proposi??o diversificada de cláusulas contratuais por IA, compara??o inteligente de vers?es, entre outras novidades.

Selecting the best contract management application for a procurement team hinges on aligning features with organizational needs. Look for applications that offer end-to-end management capabilities, from drafting to renewal, and those that can easily integrate with existing procurement and ERP systems. AI functionality for contract analytics, automated alerts for key milestones, and robust reporting tools are also essential. Effective implementation requires thorough training and a phased rollout to ensure adoption and minimize disruption. The Oracle EBS Suite is also a good tool to use in combination with others.

Implementing a robust contract management solution like "ContractSafe" or "Icertis" can significantly enhance your procurement team's efficiency. These platforms offer centralized repositories, automated alerts, and advanced search functionalities for streamlined contract management. With features like version control and compliance tracking, they ensure contracts are easily accessible, up-to-date, and in compliance. Consider solutions that align with your team's specific needs and integrate seamlessly with other procurement tools for a comprehensive and efficient contract management process.

Contract Management Application (CMA) can be beneficial in all the 3 phases of Contracts Lifecycle namely: ? Pre-Bid ? Pre-Award ? Post-Award The following repetitive & routine tasks can be standardized with CMA: ? Preparation of pre-tender documentation ? Finalization of Invitation to Tender (ITT) document using standard templates ? Multiple revisions/edits by all stakeholders ? Approval of ITT documents ? Legal terms & conditions using standard templates ? Review & acceptance of legal exceptions ? Contract Creation ? Contract Approval ? Contract Execution ? Contract Sharing ? Contract Administration ? Bank Guarantees & Insurance follow-up ? Contract Cap value monitoring ? Contract Renewals

In my experience, using a CMA makes it easy to capture and extract perfomance data. One can easily track which milestones have been completed and did they meet the set and agreed quality factor for them to be accepted. It helps manage projects better thats what i can say.

Some of the pain points that I have seen point to a need for a contract management application: - consistently slow cycle times to author and sign contracts. - low performance in revenue recognition for sell side deals - loss of revenue on deals - a lot of friction between teams just to author, approve contracts - considerable friction during ngoetiations - no central location for vendor agreements or customer agreements - low vendor performance - tons of custom reporting on obligations - lack of visibility on services procured - Inability to scale operations - Low customer satisfaction

Honestly, what’s provided above, are most of the benefits of a contract management application. As a former PMEL calibration technician, repeatability was the key to getting the job done if you can’t repeat the process, or if you can’t repeat, the reading that was obtained, you have no assurance of what you’re doing as being accurate. Having a contract management application, can increase the repeatability of your contract process therefore creating repeatability and assurance that what you’re doing is accurate while reducing the amount of time needed to start from scratch.

Une application des gestion des contrats est bénéfique à plusieurs niveau: Premièrement, l’utilisation d’une application de gestion des contrats permet de réduire les co?ts de prestations et favorise une meilleure compréhension des clauses contractuelles par les utilisateurs; Deuxièmement, l’application de gestion des contrats donne une excellente visibilité des informations liées au contrat en temps réel ( tableau de bord, les tendances évolutives du contrat et les alertes) Enfin, il est facile aux gestionnaires de gagner en temps et anticiper sur les risques éventuels déterminer par l’application.

Your procurement team's needs should be the first consideration when selecting a contract management tool. Seek for functions that guarantee compliance, improve cooperation, and streamline processes. Addressing the particular difficulties your team encounters is more important. The selected solution should be viewed as a tool for facilitating cooperation between team members, suppliers, and stakeholders. Your procurement team's contract management skills will be comprehensively enhanced by using solutions like Revnue, which adds advanced features like AI-powered contract intelligence and user-friendly dashboards. Getting your team equipped with the appropriate tool for effective procurement goes beyond simply selecting software.

Truly there is no one-size-fits-all solution. Choose a platform that is easy to use and navigate, ensuring quick adoption by your procurement team. The easier it is to use the platform, the more receptive the team will be; and so the more successful the implementation will be. Also check to ensure that the selected platform can integrate with other tools your team uses, such as procurement software, CRM or ERP systems. And don't forget to consider the total cost of ownership, including licensing fees, implementation costs and ongoing support.

Stellen Sie ein Projektteam aus interessierten und erfahrenen Key-Usern zusammen. Dieses Team bringt einerseits die Expertise ein, alle bestehenden Rahmenbedingungen einflie?en zu lassen, andererseits aber auch den Wunsch zur Optimierung und Automatisierung von Vertragsprozessen, um mehr Arbeitszeit den Vertragsinhalten widmen zu k?nnen. Mit diesem Team werden die Soll-Prozesse definiert und daraus die Anforderungen an die Software abgeleitet. Mit dem Fachbereich zusammen werden die End-2-End Prozesse in den Mittelpunkt gestellt, um Vertragsmanagement als einen Prozessbaustein in der Beschaffung zu sehen und nicht als Insell?sung. Hohe Akzeptanz bei zukünftigen Anwendern wird erreicht, wenn die Software sich in den Prozess einbettet.

Software selected should be compatible with the systems and users and where we organization obtains the best value from the goods or services

S’il est évident que les applications de gestion des contrats sont nécessaires, il faut cependant paramétrer l’application en fonction des besoins et des objectifs contractuels. Il faut impliquer les parties prenantes à la définition des objectifs et des fonctionnalités spécifiques à l’entreprise ou au projet. La phase d’analyse est prépondérante et nécessite la participation de l’ensemble des parties prenantes.

Como amante do EXCEL indico e muito ele para gest?o de contratos, nele é possível criar a planilha ideal para sua gest?o; cadastrando fornecedores/tipos de contratos/prazos/valores (...) e ainda é possível criar sinaliza??es que em muito ajuda a gest?o garantindo maior seguran?a.

How a contract management application is introduced and implemented is critical to its success. Especially for an organization that had hitherto used manual processes; all the stakeholders need to be carried along from the very beginning. They need to buy into the goals: improving efficiency, enhancing compliance, reducing risk and improving collaboration; and feel like they played a part in identifying the pain points/bottlenecks and the solution. The change management strategy should address resistance, ensure a smooth transition and provide ongoing support. Consider implementing the application on a smaller scale as a pilot. This allows for gathering feedback from users and making necessary adjustments before a full-scale rollout.

These 10 considerations are a good starting point: 1. Commitment from leadership 2. Contract review 3. Template review 4. Contract process redesign 5. Roles & responsibilities 6. Skills assessment 7. Data management 8. Roadmap and roll out plan 9. Change management 10. Legacy contract migration check out this post on implementation -> https://www.dhirubhai.net/feed/update/urn:li:activity:7150869512949547009/

From my personal experience, the best way to get started is to find what I’m trying to accomplish and then work backwards to where I’m at. Provide accurate tools and training so that the organization can meet the metrics of your defined end state in utilizing this contract management application. Don’t be afraid to change or adjust your in-state of what you’re trying to accomplish. Your organization may find that you are able to do more than what you initially thought or you may have to reduce and do less..

Importantíssimo ao implementar um sistema de gerenciamento, trata-se de fazer a implanta??o de forma cuidadosa, tendo como base a gest?o da mudan?a. Um conceito interessante é a teoria do U que versa sobre o comportamento das pessoas frente a mudan?as trazidas por sistemas e como fazer para mitigar as resistências e acompanhar os impactos nos indivíduos. Treinar, medir avan?os e coletar feedback também faz parte de uma implanta??o de sucesso, pois mudan?as dessa magnitude requer abordagem efetiva para dar certo e ser sustentável.

The process of adopting these technologies is complex, but it is important to focus on the basics. The first step is to understand whether a contract management application is necessary for the company. This is a cost that, for the legal departments' budgets, is usually not negligible and should be carefully considered. After that, the company should outline its current processes and how they should be improved, along with identifying the KPIs and metrics that will assess the success of these processes. Various stakeholders and participants should be aware of the changes to suggest important insights. This way, the company can define what it expects from its new software and which market options meet the requirements.

Automation is great. However, not everyone involved in integrating contracts into management tools or day-to-day administration is adequately educated or experienced. The industry has a huge knowledge gap among the contract practitioners, as evidenced by the rising number of contractual disputes. More recently the COVID-19 crisis created much larger contractual issues. The need for experts to resolve these problems underscores that conventional contract management lacks in understanding and addressing such effects and solutions. Therefore, it's essential for contract management practitioners to receive regular training, and for software tools to be continually updated with features that reflect market dynamics.

In my experience the major part of the client’s team, as well as the contractor’s, doesn’t read the contract and doesn’t know the important T&C’s. Sometimes I am thinking of implementing a kind of testing/checking module to the system to ensure awareness of employees who are directly involved to the contract’s execution.

Consider implementing a robust procurement software like SAP Ariba, Procore, or Oracle Procurement Cloud. These platforms offer comprehensive contract management features, streamline procurement processes, and enhance collaboration. They provide tools for supplier management, procurement automation, and effective contract lifecycle management. Evaluate each based on your specific needs, budget, and integration requirements to determine the best fit for your procurement team's efficiency and contact management needs.

For enhanced contract management within your Procurement team, consider deploying ContractSafe. Renowned for its user-friendly interface, ContractSafe offers robust customization and scalability, aligning seamlessly with your team's unique needs. It prioritizes compliance and security, featuring role-based access controls and encryption. With seamless integration capabilities, it harmonizes effortlessly with existing procurement systems. Automation features streamline workflows, and its reporting tools empower data-driven decision-making. Trusted for its reliability, ContractSafe ensures excellent customer support, making it a comprehensive solution to elevate your Procurement team's contract management efficiency.

Ein Vertragsmanagementprojekt bedeutet einen Change für die Beschaffungsorganisation. Die Anwender müssen von Beginn an gut eingebunden und mitgenommen werden. Es hilft nicht, nur einzelne Features in Software bereitzustellen, sondern es muss ein Gesamtprozess designed und umgesetzt werden. Die bestehenden umliegenden Systeme müssen daher berücksichtigt werden. z.B. Stammdaten, Belege, Rechnungen usw. aus SAP im Vertragsmanagement verwenden, aus Vertr?gen heraus SAP Bestellungen erzeugen, Eingangsrechnungen gegen Vertr?ge monitoren, Vertragsdaten ins Data Warehouse für übergreifendes Reporting bereitstellen.