PROACTIS, a global Spend Control and eProcurement solution provider, today announced the launch of a new and extended user functionality to the latest version of its contract management software. This release simplifies the handling of a broad range of contract management processes, including; contract information management, contract event and renewal monitoring, contract analysis and reporting, and contract interfacing to/from purchasing.
PROACTIS Contract Management is designed to address the key concerns of procurement managers, in particular; to maintain visibility of supplier contracts and contract details, keep up with contract dates and events, and maximise awareness and usage of contracts across the organisation, and to do all that without excessive administrative time and expense.
New features in the latest version of Contract Management include an enhanced user interface, improved management of supplier governance, risk and compliance, and new procurement capabilities to track obligations and drive improved collaboration and productivity. Customers stand to realise numerous benefits from this release, among them:
- Enhanced compliance and security structure - This version ensures that the procurement team has full control over who has visibility of contract details. Extensive role security makes it easy to find contracts by category and other criteria in purchasing whilst ensuring that information held within each contract is available to the relevant stakeholders at the appropriate permission level (hidden/read only/editable)
- Improved task management - Monitoring and managing the many details of the organisation's supplier contracts is essential to spend control. Advanced functionality has been introduced to schedule and perform events such as milestone reviews, performance and compliance reviews to facilitate the prevention of unwanted contract renewals.
- Access to a new and enhanced user interface - This allows users to configure the system to meet their specific informational needs quickly and easily by grouping key information and activities together into tab groups. PROACTIS has been designed to have a user friendly interface thereby ensuring high utilisation and freeing up time to perform business critical activities.
- Effective communication and collaboration - Suppliers can now have controlled access to their contracts via the PROACTIS Supplier Portal and create dialogue messages with the buyer about a particular contract. Suppliers can review their contracts online as well as maintain standard information about themselves, state what goods and services they sell in a clear normalised format, post invoices and access published details of their account.
- Extending the reach of spend data - A dynamic link to Purchase-to-Pay (P2P) allows any committed spend to be automatically exposed to the contract so procurement and finance teams can manage contract spend versus actual in real time. In addition, Contract Management data can be exported using a standard P2P adapter connection to expose data to the P2P system that the organisation deems appropriate i.e. item data, order data, payment data.
- Enhanced supplier performance monitoring - Complaints and defects allow the monitoring of supply and performance issues against each contract. This can be useful when deciding whether to extend the contract term, or award a new contract and provides visibility of the due-diligence process and transparency of decisions.
"PROACTIS has a proven track record in helping procurement departments increase the proportion of spend "under management" and "on-contract" by providing improved visibility and control of contracts throughout the contract life-cycle, and ensuring that the organisation consistently utilises them when buying goods and services" said Simon Dadswell, Marketing Director of PROACTIS. "With this latest release, PROACTIS Contract Management provides a central electronic repository for all types of supplier contracts, with links to purchasing systems that make them fully visible to buyers. It automatically collects purchase and delivery activity for analysis of supplier performance and buyer commitments. And it continually monitors contract dates and other criteria, alerting the appropriate people when review or actions are needed.
The latest release of Contract Management builds on the advances made with PROACTIS Source-to-Contract portfolio - "a strategic procurement platform that provides complete visibility and control over spend, contracts, and supplier accreditation, management and risk mitigation processes". The portfolio includes industry-recognised supplier management, sourcing, contract management and catalogue management software solutions and is successfully used by mid-to-large size organisations across the globe.
To request a demo of PROACTIS Spend Control and eProcurement solutions, including Contract Management, call +44 (0)1937 545 070.