The time Contract Experience’s supplier contract management was first launched, a lot of businesses who were looking for the suitable software for their organization raised the question, why? How was this software any different than Procurement Contracts, availing functionality that had been in the industry for a decade. Let us show you what Supplier Contract Management is and what can it bring to your organization’s table.
Supplier Contract Management enables you to weave authored contracts, leveraging pre-defined contract building blocks that yourself have created and saved in a document library. This authored contract is the document that is completed and signed off, digitally if you want, by the supplier. The authored document can be connected to transactional contract, produced with procurement contracts, through the usage of bind variables. This enables you to fill your authored contract with information from the transaction contract, i.e. prices, item ID’s, vendor, quantities, etc. Supplier Contract Management is united with Microsoft Word allowing you to weave your authored contract as a Word document.
Supplier Contract Management grants your contract administrator many perks, such as:
- – Compliance monitoring and analysis functionality ensure suppliers comply with contract agreements
- – Contract Alert workflow functionality notifies buyers when spend thresholds have been reached
- – Document wizards, which act as a guide to the contract administrator, facilitate the creation of documents based on responses to questions.
The answers to those questions can be used as input to the contract and can also affect the clauses included in the contract
- – External collaboration enables specified supplier personnel to review and update contract documents
- – Legacy clauses and sections can be imported into Supplier Contract Management and incorporated in new contracts
- – Supplier Contract Management integrates seamlessly with PeopleSoft Purchasing, eProcurement, and Strategic Sourcing
- – Supplier contracts can be syndicated to third-party transactional systems.
These are just some of the perks granted by Supplier Contract Management.
There is no question that this software can make your contract administrators more efficient and effective, by minimizing the risk connected with nonstandard contracts, through the usage of pre-approved contract configurations that leverage organizational logic enabling you to modify the contract makeup based on the sourcing situation. Through the use of verification and agreements steps, your contract administrators can trace supplier compliance and be informed through electronic notifications of supplier non-compliance, decreasing the risk of service and material deficiencies.