Are You Getting the Full Value From Your Contract Management System?
Answer 10 Questions to Determine Your Current Stage
1. Does your contract management system automatically track version history for purposes of an audit?
2. Are all stakeholders satisfied with the cross-department collaboration in contract authoring and negotiation?
3. Can you accurately measure contract turnaround time, and identify areas to improve velocity and bottlenecks?
4. Do all stakeholders know the location of any given contract?
5. Does your system exchange data with the ERP, financial, CRM, CPQ or other systems involved in the contract management lifecycle?
6. Can you easily modify your contract management process to accommodate new workflows and clause templates?
7. Do all stakeholders have a holistic view of the interdependencies between contracts?
8. Can you perform deviation analysis on third-party paper?
9. Does your contract management process support variations in language, workflow, rules and templates based on regional needs?
10. Does your contract management system allow you to edit, approve, and execute all contracts, either buy-side or sell-side, across all phases of the process?
How Many Yesses Do You Have?
Find how what it means below
0-1 Basic
Current Capabilities Contracts are created using spreadsheets or Word documents, and stored in one or more simple repositories across the enterprise
Common Issues Contract management is a 100% manual process. Lacking standardization or any kind of meaningful controls, the system wastes time, money and resources, while exposing the enterprise tounnecessary risk
Upgrade to Intermediate to Add search and other functionalities to benefit from improved efficiencies.
2-3 Intermediate
Current Capabilities Ability to identify duplicates, conflicts, obligations and rights with reports that are tied to transaction systems.
Common Issues Although some controls are in place, the contract management process isn’t fully automated across all steps from authoring to optimization.
Upgrade to Intermediate to Add search and other functionalities to benefit from improved efficiencies.
4-6 Automated
Current Capabilities Simple workflow controls provide an ability to author contracts in compliance with legal standards and corporate guidelines.
Common Issues Limited integration restricts visibility into the process, making it difficult to identify areas for improvement.
Upgrade to Intermediate to Add detailed analytics to gain insights into every aspect of contract performance, make informed decisions and identify areas for improvement.
7-9 Integrated
Current Capabilities More complete and effective compliance controls with contractual benefits and commitments.
Common Issues Though the functionality is robust, the contract management system doesn’t scale across the entire global enterprise.
Upgrade to Intermediate to Add the ability to adapt to changing business conditions, and receive the maximum business value from every contractual relationship.
10-12 Optimized
It looks like you’re already an Icertis customer! You have full visibility and control over the entire process, from authoring and renewals to administration and optimization.
You have full integration into supply chain and revenue management systems, with the ability to make changes easily.
You can manage any type of contract, anywhere in the world, from one platform