CLM: Automated Control of Contract Events and Single Contract Management Interface
Contract Lifecycle Management tools allow you to digitize contract management: from creating a contract to working with it in the archive. It doesn’t exclude paper documentation but gives you many options that paper doesn’t offer: data search, unlimited storage, saving history, and convenient archiving, as well as automated handling of key events.
In Acquirell, each contract is an electronic document, a miniature information system, the starting point for both the strategic part of supplier engagement and tactical contract management. However, nothing prevents you from attaching a scanned copy to each contract — just like pictures of low-quality goods when initiating a violation procedure.
The contract is automatically generated after the sourcing events are completed — contract department employees save time drafting documents and can use the contract archive to create new standard contracts.
Strategic contract management is provided by:
- Analytical tools — you can use the filter system to systematize current contracts easily, find out how many contracts have already been signed, how many are under approval, how many drafts there are, and who the contractor is.
- Contract card attributes — the information on the subject of the contract, the amount, the parties, the term, and the date of fulfillment of obligations is specified in the contract card.
- Links between the contract and POs, the contractor, and the employee who initiated the contract are created automatically — the contract card becomes the starting point for analyzing your interaction with the supplier.
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For Procurement Department Employees |
For Top Managers |
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Contract Lifecycle Management makes it easier to monitor the fulfillment of obligations of the company and contractors, even if you sign dozens of contracts per day. Delivery and payment dates, violations, and additional agreements — if an event in the contract lifecycle route is important, the responsible employee will never miss it. Having been warned of the event, they will be fully prepared to work on contractual tasks.
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Contract Lifecycle Management includes end-to-end analytical tools. You can always:
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Learn more about how Contract Lifecycle Management tools can simplify and speed up contract work using a demo: schedule an introduction to Acquirell Contract Lifecycle Management.
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