Creating, negotiating, managing, and settling contracts is an essential part of any business. Contract management is also a critically underpinning element of sourcing in the supply chain. However, each step is tedious and time-consuming and is prone to standard types of data errors. So, what are Contract Lifecycle Management CLM or simply contract creation tools? This is a system for creating, negotiating, and managing contracts to save time and minimize audit risks.
Companies of all sizes and complexities have seen the benefits of contract management software. For example, Finemark Bank spent five to six hours preparing every contract document manually. After adopting a contract management tool, the bank reduced the manual handling time to only thirty minutes.
In this post, we will evaluate five essential contract creation tools by ProcurePort. In addition, we will look at security, pricing plans, compliance measures, and popular integrations of contract lifecycle management. ProcurePort offers a host of contract creation tools that can help businesses scale in their procurement and sourcing processes.
So, what solutions do ProcurePort offer, and how can these capabilities help enterprises scale?
1. Spend Analysis
ProcurePort has a structured spend analysis model to clean and analyze your business’s spend data. By gaining spend visibility businesses can gain hidden costs. Using ProcurePort state of the art software, it’s possible to identify different areas of spending and determine how spending data can lead to informed business decisions.
2. Reverse Auctions
ProcurePort reverse auction software is delivered as software as a service. This easy-to-use online sourcing software makes it easy to set up online auctions with minimal bidder training. By implementing reverse auction software, you get to save 18% to 40% on addressable spending. ProcurePort offers best-of-class and state-of-the-art software to assist organizations of all sizes in capturing the savings offered by this unique negotiation model. Therefore, if you’re looking for a fine and intuitive solution to your auctions, contact ProcurePort and seize opportunities in reverse auctions.
3. Contract Management
ProcurePort offers cloud-hosted software that provides a secure way to manage your contracts. By managing your contracts you eliminate unforeseen risks emanating from poorly managed documents. ProcurePort’s contract management tool is a simple and secure internet-based solution for creating, managing, and executing all supplier contracts from negotiations through contract performance assessment, contract expiration, and compliance.
Key Features of the Contract Management Software
- 24/7 Access. ProcurePort’s cloud-hosted management solution allows you to maintain a central repository for all your contract data including all the relevant documentation that’s accessible 24/7 anywhere and anytime.
- Alerts and Tracking. ProcurePort hosted cloud solution is a comprehensive tracking and alerting system that ensures that none of your contract’s document expires without notice. You get updated notifications about the status of your contracts throughout the contract lifecycle stages.
- Digital Signing. Optional integration with Sign-now enables digital e-signature capabilities whereby approved versions of your contracts can be signed by both buyers and sellers.
- Business Intelligence. IT has provided improved capabilities in information collections. This data is often used for business decision-making in what is popularly known as business analytics. ProcurePort enables you to analyze all your business intelligence dashboards for a clear view of category, suppliers, and contract values. It allows you to create unlimited contract templates with customized forms to capture relevant contract meta-data.
- Tracking and Comparing Pricing. ProcurePort contract creation tools allow you to track and compare prices among vendors. This gives you a better view of the most critical suppliers, alongside saving you huge costs in procurement processes.
Keeping Track of Vendor Compliance Certifications
If you’re running a mid-size to a large company, compliance is a critical factor in your audit processes. So, to prepare yourself for audit trials, it’s important to deploy a system that enables you to keep track of vendor compliance certificates. ProcurePort’s contract creation tools enable you to take full advantage of the following features and benefits:
- Easy compliance. The software ensures against vendor certification expiry and every compliance certification or documentation is a breeze with ProcurePort’s state-of-the-art document alert system.
- Expiration alerts. Do not allow the expiry of any vendor certificates. The alert system can be used to alert one and multiple personnel of any upcoming expiry dates.
- Better management. Contract management is an essential factor of any procurement planning and management process. Not having visibility into your different areas of procurement and spending can have negative implications on your spend management processes.
- Tracking. A secure cloud-hosted solution can provide all the necessary analytics and visibility to track contract spend as well as track the vital timelines associated with supplier contracts.
ProcurePort offers an easy to deploy hosted solution that can automate all your purchase requisition processes. You can also manage purchase order requests using a tight approval process for an efficient procurement process and save time. Automating your purchase and procurement process allows your staff to focus on what matters. It also impacts the bottom line because you achieve massive cost and resource savings while doing so. Therefore, you can move away from the traditional email and paper-based purchasing process by using cloud-hosted requisition software to manage spending limits and save time.
ProcurePort – A Leading Consultant for Contract Creation Tools
ProcurePort provides an easy-to-use cloud-hosted solution to manage all your organization’s spending from a centralized system. It enables you to create and share purchase orders directly and indirectly. By using ProcurePort’s contract creation tools, you enjoy massive cost and time savings, freeing up your staff to focus on more important issues.
When choosing your next contract management solution or contract lifecycle management software, there are fundamental features to look out for. First, consider machine learning capabilities, a searchable contract repository, and a contract creation wizard. It is advisable to select a CLM solution with favorability ratings and approval workflows, and one that contains inbuilt e-signatures. Whether working on complex contracts or creating simple contracts for routine purposes, always consult the experts to enjoy the best results in contract lifecycle management.
Contact ProcurePort for inquiries on contract creation tools.