A contract is a key element of a business. Every business relationship and activity is defined by a contract. Yet, only few enterprises manage them the right way. With profitability, compliance and risk management high on the corporate agenda, demand for Contract Management automation is gaining significant importance. |
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In recent years, new business models and market dynamics have increased the volume and complexity of corporate contracts. At the same time, stringent financial regulations and monitoring have put the onus on executive management to keep a vigilant eye on the obligations arising out of the contracts undertaken by the enterprise and the ongoing fulfillment of the commitments thereof. |
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An effective Contract Management solution can automate and streamline the creation, storage, management and analysis of contracts. Moreover, it helps you achieve greater business efficiencies, especially plug the revenue leakages that are surreptitiously eating into your profits.
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What happens if an enterprise does not manage its contracts effectively? |
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Revenue loss: |
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Increased maverick buying  Missed sales opportunities and unprofitable deals Adverse impact on your bottom line. |
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Increased risk: |
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Financial and legal risks Huge threat to your business Unforeseen penalties and
fines Revenue loss.
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Longer turnaround time: |
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Long sourcing and sales cycles Poor operational efficiencies. |
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Customer dissatisfaction: |
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Ineffective commitment management Dissatisfaction among your customers. |
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| Benefits of an effective Contract Management system: |
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| Transparency and risk management |
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Greater business control |
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Increase transparency in all business processes and gain shareholders' confidence |
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Proactively mitigate risks, improve compliance and enable seamless Business Continuity Planning |
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| Greater automation across enterprise |
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Greater business efficiency |
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Enable easier adoption of best practices |
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Automate systems and processes, reduce manual intervention |
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Cut down on maverick spend and/ or sales |
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Provide multi-tired secured access to contracts related data across the enterprise |
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Reduce administrative costs |
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| Business Intelligence |
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Greater revenues and margins |
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Unlock the knowledge stored in your contracts and facilitate sharing across departments |
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Enable better negotiation of future contracts by providing visibility into the past |
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Improve rebate/ discount management |
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