Does your contract management system help or hinder procurement?
As your contract management capabilities grow, you’ll experience dramatic improvements in the speed and efficiency of the procurement process. Answer these 10 questions to determine your current stage.
Basic
CURRENT CAPABILITIES
Contracts are created using spreadsheets or word documents, and stored in one or more simple repositories across the enterprise.
COMMON ISSUES
Contract management is a 100% manual process. Lacking standardization or any kind of meaningful controls, the system wastes time, money and resources, while exposing the enterprise to unnecessary risk.
UPGRADE TO INTERMEDIATE TO
Add search and other functionalities to benefit from improved efficiency.
Intermediate
CURRENT CAPABILITIES
Ability to identify duplicates, conflicts, obligations and rights with reports that are tied to transaction systems.
COMMON ISSUES
Although some controls are in place, the contract management process isn’t fully automated across all the steps, from authoring to optimization.
UPGRADE TO AUTOMATED TO
Add automation features to improve usability and realize significant productivity gains.
Automated
CURRENT CAPABILITIES
Simple workflow controls provide an ability to author contracts in compliance with legal standards and corporate guidelines.
COMMON ISSUES
Limited integration restricts the visibility into the process, making it difficult to identify areas for improvement.
UPGRADE TO INTEGRATED TO
Add detailed analytics to gain insights into every aspect of contract performance, make informed decisions and identify areas for improvement.
Integrated
CURRENT CAPABILITIES
More complete and effective compliance controls with contractual benefits and commitments.
COMMON ISSUES
Though the functionality is robust, the contract management system doesn’t scale across the entire global enterprise.
UPGRADE TO OPTIMIZED TO
Add the ability to adapt to changing business conditions, and receive the maximum business value from every contractual relationship.
Optimized
IT LOOKS LIKE YOU’RE ALREADY AN ICERTIS CUSTOMER!
- You have full visibility and control over the entire process, from authoring and renewals to administration and optimization.
- You have full integration into supply chain and revenue management systems, with the ability to make changes easily.
- You can manage any type of contract, anywhere in the world, from one platform.
Icertis is a Leader, scoring 5 out of 5 for Product Strategy in Forrester Wave report.
- The report evaluated vendors in three contract scenarios; sell-side, buy-side and all contracts, and Icertis was the only vendor to receive a 5.0 in the product strategy criteria across all three scenarios.
- “Customers consistently gave Icertis high ratings for its configurability, workflow management, and integration with Microsoft Azure” wrote Forrester in the report.
- Icertis also received a 5.0 rating based on customer references for usability, ease of implementation, and ongoing customer services and support.
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