When suddenly asked for a contract with a particular counter party, Nancy has to search in multiple places through folders, emails, multiple contract repositories to review all the relevant contract documents and pull together the information about the contract.
eContracts provides an extensive search functionality with a centralized repository and cross linking of all contract data and documents to enable Nancy to easily search and retrieve all relevant contract information within a few minutes and send the relevant information to the business stake holder asking for it.
Nancy is not just managing contracts, she is drafting contracts, providing support to a large number of business users with specific contract expertise and is also having to keep track of contract expiration and renewal requirements. She is looking for an easy reminder system along with the ability to easily access her key contracts at a moment’s notice.
eContracts provides contract milestones and alert mechanisms that can be turned on for each type of contract and will help Nancy keep track of the milestones and renewal/expiry dates along with any other types of critical dates around the contract. She will also be able to easily access her contracts through views and widgets on the home page of the system that are updated as new contracts are created or updated.
Nancy is constantly asked different types of questions by email, through phone calls, and in hallway conversations about specific contracts, language, deadlines, issues, and best practices. Most often she does not even have enough information to help the business and has to constantly ask for more information and follow up. It is hard for her to keep track of everything in one place and make sure she gets back to everybody with the right information in the right time.
eContracts allows business users to post all their requests and enquiries through a contract request and information process that helps Nancy prioritize the requests and respond to them. It also encourages business users to fill-out relevant contract data (who is the counter party, what is the type of contract, key information like the address, signatories, etc.) prior to the request so Nancy, if satisfied with the information provided can turn that into a draft contract document with auto-population of relevant meta data. Finally, the status of the request is clearly displayed for the business user at all times.
Nancy, today, has to send a set of documents for review or approval (depending on the type of contract) to different stake holders within the organization and follow up with them on a regular basis. With the number of contracts and people involve it is hard to manage with an email based system
eContracts has an automated workflow system to help Nancy better manage the approval and review process with automatic reminders, alerts and escalation capabilities to make sure that her contracts get the due attention needed in a timely fashion.
As a senior sales executive David is primarily concerned with getting his sales teams efficiency up by implementing smooth processes leading to revenue and quicker turn around on deal closings. His team needs to get approvals for special pricing and discounting quickly, navigate internal controls for special terms, and have the contract language reviewed by legal. He would like to know in real time the stage and status of approvals of the contracts on key deals in the pipeline and who is holding it up?.
eContracts allows each member of David’s sales team to view the progress of contracts, SOWs, RFPs at any time and allows David the visibility on all contracts in progress by simply searching by customer or by sales team. He is able to proactively push the process along if any contract is stuck in the approval process with any of the reviewers or decision makers in the process.
To ensure recurring revenue and to drive contract extensions David and his team has to have the ability to know which contracts are coming up on renewal or expiration months in advance to ensure continued revenue from customers.
eContracts proactively alerts key stakeholders and the account owners involved with an account on the status of a contract coming up for renewal, and/or expiration well in advance of the date so that the sales team can be engaged in the process of renewal of the contract.
Keeping track of customer project execution, meeting of payment obligations by the customer (customer invoices, payments), upcoming deadlines of key deliverables are integral to a healthy management of an account.
eContracts provides summary level details of all of the payment obligations coming up and met by the customer along with notifying key stake holders of an account on deliverable dates so sales involved throughout the management of the account helping keep accounts healthy and in the positive form for the sales teams whose compensation could be tied to revenue recognition goals.
Steve being the Chief Legal Counsel is interested in setting up contracts with standard legal terms and conditions, manage litigation risk with appropriate clauses and protect intellectual property in all the organization’s contracts. Currently, he does not know which contracts have what clauses and if there were any contracts that did not have the appropriate clauses and have to be updated.
eContracts assists legal counsels in setting up contract types and templates with a legal clause library that has required and optional clauses to be added to contract language as necessary and alerts contract managers if a particular clause has not been included in a contract. This allows the contract managers and legal counsels to identify and approve any non-standard contracts and be able to manage the legal risk to the organization proactively.
Steve, the Chief Legal Counsel, needs to be able to manage the workload of the contract and legal team while being diligent. Without a proper system to automate the contract creation process while monitoring the non-standard contracts his contracts team is having to be watchful to make sure that there are no errant contracts by keeping a close tab on the grapevine and people involved in the contract life cycle.
With eContracts, Steve can set up a strong legal foundation with contract clauses and templates and allow some of the common and standardized contracts to be created with self service capabilities (like NDAs, Master Agreements, etc.) while flagging certain specific types of contracts and setup rules for when a contract is a non-standard contract to make sure that they are reviewed and approved appropriately.
Jessica the VP of Finance needs to make sure that the financial risk of the organization is managed with well negotiated procurement spends and a continuous inflow of revenue dictated by sales contracts. She also needs to make sure that the pricing and payment terms of high risk contracts are controlled and within the company’s limitations.
eContracts ensures that all contracts gets the attention they require from Jessica at the right time by tracing obligations, payment terms, discounts and penalties.
Jessica needs to keep a close watch on the company’s financial obligations to prevent penalties and payment delay. The financial reporting required for her to make right financial decisions has to be driven from contracts- since both selling and buying start with a contract.
Renewal and re-negotiation decisions are made much faster and easier by reviewing obligation and contract performance history. Reports and reminders on upcoming obligations from both the company and counterparty ensures predictable invoicing and payments.
Robert wants to find out from his existing contracts database if his upcoming procurement needs are already negotiated and contracted. He quickly needs to make a decision on which of these should undergo new sourcing processes and what can be procured from existing reliable vendors.
A quick search on the contracts repository and or viewing contracts by counterparty gives Robert a short list of contracts to analyze potential renewal and re-negotiation opportunities. Advanced search on contract documents can unearth to additional products or services already negotiated,but long forgotten.
As the Director of Procurement, Robert needs centralized management of vendor documents like W-9 forms, Insurance certificates and regulatory approval certificates to be compliant with procurement practices. He also should be able to keep track of vendor obligations and requires periodic performance feedback from project teams.
eContracts’ counter party management module lets management of vendor documents with milestones to track expiration and renewals. Contracts and obligations can be viewed at a counter party level with the additional ability to track vendor review and feedback documents.
View vendor milestones and obligations.
Track when contracts are coming up for renewal or expiration.
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