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The automation of contract management is not a simple exercise.
There are many variables that comprise the contract process - documents, terms, approvals, templates, clauses etc - and even more complicated is that these variables are constantly changing.
Selecting a tool that can meet your requirements and making sure that it can evolve with you, at the right economics, is the most important aspect of a tool selection.
Apttus is a high profile, Silicon Valley Company who has "disrupted" the contract automation marketplace. Apttus model is innovative and resulting in rapid growth for the company.
The software is provisioned off a platform that is the most advanced on demand platform available today, currently used by 650,000 users and 32,000 companies, globally.
There is unmatched performance, scalability, functionality and speed of deployment. The result - Apttus is the fastest growing contract management software provider today.
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Apttus provides on demand contract management software - no hardware to purchase, software to install or any large upfront investment to make. A simple, monthly fee, for full enterprise class capability. You can be in compliance in weeks.
• One button access and request from anywhere
• Simple form to start a process
• User-friendly wizard for automatic creation
• Rules based creation allows for self-creation of contracts
• Centrally managed standard templates and clauses
• Complete process control; tracking and audit trail
• Perform the entire negotiation in Word
• Version control
• One central electronic repository for documents, tasks, process tracking
• Full search and electronic reporting with drill down capability
• Automatic management of dates, milestones, events, renewals and actions
• Dashboards for any process, contracts or obligation data
• Sharing of data with other systems to ensure transactions
1. Huge unfound ROI
You invest a huge amount of time negotiating your contracts. Do you really know if you are achieving your terms?
Typical Contract Process Situations in most Companies
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Buy
• POs created without a contract
• Overpaying
• Not tracking or achieving volume discounts
• Paying "off contract"
• Not invoking penalties
• Non competitive negotiations
• Creating two contracts with the same vendor
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Sell
• Not getting what your entitled to
• Not collecting the rights amounts
• SLA and Payment Penalties
• Lost revenue
• Missed renewal opportunities
• Extended order to cash cycles
• Reporting violations |
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Benefits of Automation
Complete tracking of every financial term.
• Ensure every price or collection is accurate
• Full visibility into achievement of terms
• Visibility into pricing, performance and profit analysis
• Alerting to any deviations from contracted financial terms achievement
• Full integration into financial systems to ensure the right transaction is taking place in your financial system
2. Contract Risk and Compliance fully Managed
Managing risk is your first priority. There are many risks in the contract management process. Most organizations cannot asses their risk because they are not even aware of how incomplete their contract management function processes are. Today, the implications arising from this are not good.
Typical Situations
• Can't find agreements
• Don't know if the correct, least risky templates are being used
• Don't know if trading relationships are being formed, off contract
• Difficult to identify and track risky contracts
• Don't know if you are managing your obligations
Benefits of Automation
Complete visibility into contract process, terms, approvals and lifecycle
• Audit trails
• Rules based approvals
• Standard templates and clauses
• Risk tracking
• Central repository
3. Gain Process and Fiscal Control
Having the right controls in place is a necessary requirement today, especially if you need to comply with SOX 404 audits. Trying to define and mandate controls across an entirely manual process is virtually impossible to achieve or monitor. You need to know that all your contract processes are in control.
Typical Situations
• Don't always follow standard process
• Don't always involve the right people through your chart of authority
• Don't always use the right templates
• Can't demonstrate that the process is in place and always being adhered to
• Don't know if contracts are being created outside the process
• No single dashboard visibility across the entire process
• Demonstrating a documented process that is being followed by everyone is impossible
Benefits of Automation
Complete process, document and transaction control
• Every relationship is on contract
• Full tracking of everything - milestones, dates, events, documents and transactions
• Full audit trails and process management, rules based
• Complete SOX requirements fulfillment |
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