Secure Contract Value and Prevent Leakage
Centralised obligations & risk management enable proactive risk mitigation by monitoring risk and compliance-related obligations (operational, legal or regulatory requirement) during the entire contract lifecycle, thus ensuring compliance with the organisation’s objectives and approval protocols. This includes performance reporting against contracted milestones and deliverables, monitoring of payments and penalties linked to obligation fulfilment, and policy and regulatory requirements, thus, plugging value leakage.
Increase Efficiencies and Savings
Integrated automation and reporting of the ‘Procure to Pay’ & ‘Source to Pay’ processes eliminates the need for manual intervention, thus, reducing human error. Catalogue/rate card integration increases transparency, while reporting and analytics, and automated contract renewal notifications to avoid penalties late renewal or extension, maximise uptime and ensure business continuity.
Centralised repository eases access to data, boosts relevance and accuracy by enabling benchmarking and provides insights based on executed contracts, while drafting and negotiating new ones.
Proactive Service Level Management
Proactive buyer-supplier collaboration and management via Partner Scorecard help manage partner performance objectively and acts as documentation for any future dispute management. Tracking performance against contractually obligated outcomes ensures adherence to SLAs and governance.