Contract Management At-A-Click

Charlotte Sutton
Charlotte Sutton,
Contract Management helps you increase the proportion of spend "under management" and "on-contract" by providing improved visibility and control of contracts throughout the contract life cycle, and by ensuring that the organisation consistently utilizes established contracts when buying goods and services.
With PROACTIS, in just a few "clicks" you have an organiation-wide summary of all vendor contracts at your finger tips:
Click 1: General Overview of Contracts
You can review the full list of contracts in a organization-wide central repository then highlight and drill down into a particular one. This provides rapid access to a general overview of the contract: 
  • Status (e.g. active, suspended, cancelled, or in draft etc.)
  • Title of the contract
  • Contract type (e.g. price list, framework agreement, sub-contracts)
  • Codes to categorize spend
  • Lots (subdivide of contracts)
But importantly, if the contract was formed as part of an eSourcing event then this information will be auto-populated so there is no manual re-keying required.
Click 2: Documents Associated with Contracts
You can hold documents associated with the contract. This includes a soft copy of the contract, a mutual non-disclosure agreement or any other attachment or amendment made during the life cycle of the contract.
Click 3: Access to Contracts
You can manage which people have access to a particular contract including who can view, approve, edit or authorise payments. 
Click 4: Define the Contract Manager
Importantly, you can define and assign the contract manager who will manage the timelines and events associated with each contract. This person will keep a sharp eye on SLA’s, contract and vendor compliance and the contract management system will provide much needed visibility and control.
Click 5: Contract Dates & Events
You can set a number of dates or events associated with each contract; this is critical to Contract Management. These could include contract milestones, review dates, or even auto renewals. If these dates aren't actively managed and the appropriate people notified of required action then your business could be exposed to risk or contracts auto renewing without the chance for your team to renegotiate or cancel contracts.
Click 6: Contract Status
You might want to know; which vendor has won a contract, the status of a contract, which vendors responed to the tender or are associated with the contract and hold associated prices, and so on..
Click 7: Price Lists
You can incorporate and link price list data in the purchase-to-pay cycle/ system as a catalog source, so that data is exposed to requisitioners at point of purchase. This is a great way to improve contract compliance.
Click 8: Categorisation
You will also want to categorize items based on value, perceived risk and relationship you have with the vendor. The system enables you to group contracts by those elements to manage performance and minimize risk.
Click 9: Payments
You can remove administration burden on Accounts Payable by driving regular payments from Contract Management. Regardless of your ERP or Accounts Payable system, contracts that have been created in the system can be exposed to Accounts Payable for automatic matching, approval and straight-through processing ready for payment.
Click 10: Record Notes & Amendments
You may wish to record notes & amendments to contracts.
Click 11: Vendor Rating
Finally, you can conduct other activities such as rating of vendors. Using a straightforward traffic light system you can associate results to vendors and rate them. This could be from information received from the vendor, recipents of vendor services or even a third party audit company.
Contract management in just a few clicks. Simple!
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