The on-demand contract management module provides buyers with contract generation capabilities. Buyers can turn eRFPs/RFQs into legal contracts with the awarded supplier(s) or create new contracts picking from over hundreds of pre-defined contract templates and clause libraries available in the software. This module automates the entire workflow including creation of a contract draft, review/approval by internal team members, and review/editing of multiple cycles with supplier(s) while maintaining version control.
Challenges
- Manually manage and track thousands of supplier contracts at any given point of time. Manual processes are time consuming and costly, leading to less than effective management and an increased exposure to risk.
- Contracts have become increasingly complex and detailed with terms and conditions, service level requirements, multi-tiered pricing, and similar critical variables, thereby making the contract generation and approval process more time-consuming and costly.
- Contract Leakage and Compliance with contract terms are key issues faced by every organization.
The APT eContract solution
- Allows clients to upload and store contracts in a centralized repository providing companies with real-time insight into their contractual business relationships.
- Provides users with the ability to search and run reports across a variety of parameters such as expiration date, contract terms, vendor, business unit, price, etc.
- Automated alerts help inform legal, finance, or other corporate users of contractual commitments such as renewal dates and other key action items.
- Provides buyers with contract generation capabilities. Buyers can turn eRFPs/RFQs into legal contracts with the awarded supplier(s) or create new contracts.
The APT eContract solution offers enterprise-wide real-time contract visibility 24x7 allowing for better informed procurement decision making. In addition to efficient contract generation through online process workflow of creation, routing, editing, and approval the software module enables Improved contract compliance and decreased leakage, by tying in the procure to pay process with the contract module.
