The pandemic throttled organizations into a digitalization spree. From being a ‘nice to have’ contract lifecycle management technology, it has soon become a ‘must have’ for organizations. The sudden shift to remote working and breakdown of global supply chains has put businesses on hold due to the inability to source local suppliers and even if sourced, extreme delays in initiating a contract and executing it. According to a report by Aberdeen, organizations spend almost 3.4 weeks for a contract to get approved. With a robust cloud-based contract lifecycle management like iContract, you can reduce this time by 82%.
The below chart shows the contract flow in any organization. With iContract software you can speed up the entire process. A CLM software should not just stop in creating a repository for storing existing contracts and add new contracts, it has to evolve with your organization. iContract powered with AI is not just a contract repository software but provides end-to-end contract lifecycle management with focus on post award contract management and intelligent contract analytics. It is a journey not a destination.
Initiating a contract request with iContract can be done in the iContract request portal as well as through Salesforce and Outlook by leveraging the power of iContract in these portals. You don’t have to switch between two applications and just with a click of a button and filling a few basic details in an easy-to-use intake form anyone can raise a contract request.
Initiating a contract request through iContract
Easy request initiation through Salesforce, Outlook and Zycus’ request portalSalesforce:
With iContract for Salesforce, create and manage your contracts without leaving Salesforce. iContract account is connected to Salesforce organization, enabling users to request, create and manage contracts and other supporting documents without having to navigate between two platforms. With our document generation tool equipped with pre designed templates to suit your organization needs you can easily launch new workflows by merging data to create new contracts and move it instantly into appropriate downstream business process. Not just new workflows, but existing contracts or third-party agreements can be uploaded to start a workflow.Outlook:
The integration of iContract with Outlook enables concerned parties to request a contract from Outlook by filling in a basic intake form. An E-mail notification is sent to the concerned author regarding the new contract request. Enormous amounts of time and efforts of Sales representatives are saved by eliminating the need to enter redundant data into two applications as well as switching between them. All relevant contract records and important Outlook email messages can easily be accessed and kept organized in one place. Not just internal contracts, but external or third-party contracts can also be selected to initiate workflow.iContract Request Portal:
Anyone can fill an intuitive intake form with basic details such as who is the contracting party, what is the contract for and raise a request in the iContract request portal. You can also select an existing contracting party from the dropdown list or add a new contracting party. Users can also use standard internal templates for the selected type/sub-type of contract or an external template if using a third-party contract template. All supporting documents can be uploaded and the complete workflow through which the contract passes is visible and transparent. If needed an Adhoc reviewer can also be added for the contract. Once the request is created an email notification is sent to the concerned author for authoring the contract. The requester can see the request details under the ‘My Requests’ tab as well as search for specific requests submitted based on Request number, Contract number, Contract Title, Type, Sub-type, Contracting Author or Status.
As a pre-requisite for Contract Authoring, on adopting iContract – a clause and template library is populated in accordance with the standard requirements of the organization’s business making it faster and easier to generate contracts saving time and effort of involving legal teams at every step of the contract creation.Template Library:
Based on the business of the organization, contract skeleton templates are created for specific areas and functions that can then be tailor-made to a particular contract. Being legally pre-approved, custom built and automated according to the specific use – these templates are easily accessible by employees and contracts are created instantaneously without help from the in-house legal counsel.
Defined templates based on geographies & categories.Clause Library:
Pre-approved clauses are populated, organized and stored in folders. On request of a contract, the author can easily pull clauses for the type/subtype of the contract from the library and create the contract. With iContract’s version control any master edits made to a clause cascade to all applicable templates and documents making it compliant as per current standards and regulations.
Create new/ update clauses for faster, standardized authoringiContract’s Microsoft Plug in:
iContract’s advanced CLM solution integration with Microsoft Word plugin enables users to create contract documents using pre-approved template and clause libraries without leaving Microsoft Word.
Data is auto populated into contracts that work with a specific pre-set rules from contract requests, submissions and organization records or imported from third-party contracts from Microsoft word enabling us to create fully compliant contracts. Eliminating the need of manual entry of data into the system, the authored electronic contract document is precise and error-free as well as properly sequenced, formatted and styled improving standardization of terms.
Advanced CLM integration with Microsoft word plugin enables to create and manage contracts as per standard business policies and procedures maximizing the value of the deals between contracting parties resulting in secure collaboration, data sharing and boosted productivity across the organization.
WordConnect for quick transition to Word to continue authoringKey benefits of iContract’s WordConnect Plug in:
Versioning: Automatically stores and manages contract document versions from MS word to iContract
Enhanced User Experience: End users experience the same offline editing experience enabling faster adaptability of the portal.
Reduced review and approval cycle time: Negotiations with red lining, track changes, versioning and smart suggestions from iContract workflow enables faster review and approval for further down streaming into the business process.
iContract negotiates contracts with redlining tools showing changes made to a contract by concerned parties. Redlining tools makes it easy to accept changes, reject them as well as track them but also create data security problems as sensitive data may be sent to other parties if internal revision changes were not deleted. To overcome this, iContract allows you to authorize who can make changes to a contract and who can view the entire contract negotiation process. When a party makes changes formatting issues may arise – but version compatibility of iContract enables you to maintain the format. With side-by-side version view of the original and multiple party revisions with colour coding, end users can collaborate and reach a consensus of an agreeable final version.
Once a contract is created, iContract pushes it into an automated and thoughtfully designed approval process that includes every party who needs to review a term, section, field or the entire contract. With user defined access, only the right person approves and revises it in a secure and safe place. The ability to designate conditional approvals based on terms entered, sending it to the next person based on customized terms and pre-set workflow terms and approval from a workflow library eliminates tedious oversight and errors. Highly automated approval workflow with tracking and alerts mediates approval delays with collaborative visibility across users keeping them in line with the current review status of a contract.
No code approval workflows for easy contract creation
iContract’s innovative contract lifecycle management software digitizes all contracts and signed contracts are saved in a centralized contract repository in a cloud-based solution. Legacy and existing contracts can also be uploaded into iContract Repository. With all contracts in one place, it is easy to link related contracts including addenda, amendments, and other related documents. It is also easy to identify active, expired or contracts due for renewal. iContract Repository is equipped with essential features to ease the process of contract lifecycle management.
Centralized contract repository with role-based access controls
Contracts contain a wealth of information. Free-text search like Google search allows users to search contracts from any computer with an internet connection to gain valuable insights into the contracts. iContract’s AI powered meta data search enables to mine crucial insights from contract data and allows for informed decision making and risk management.
Powerful search functionality brings easy access to enterprise-wide contracts
Any CLM software should not stop with just building a contract repository, it should provide intelligent analysis of the contract to derive greater value from it, be informed and create risk mitigation strategies as well as improve efficiency of contract performance. iContract leverages AI and machine learning capabilities enabling organizations to analyze contracts more accurately and effectively to identify contract hotspots. iContract’s Analytics capabilities enable you to gain valuable insights into business performance.
Extracted contract data is converted into actionable insights with intuitive and easy to understand data visualization and role based, customizable dashboards and reports. Essential functions such as cycle times, deviations, risks, statistics (expiry, renewal, pending, etc.), procurement, and general business metrics can be analyzed holistically. Moreover, a variety of metric categories enables configuration of dashboards to drill straight into the critical data without wasting time on wading through the superfluous noise enabling to instantly see the performance of the contract.
Analyze contract performance by tracking contract metrics & milestones
iContract provides effective contract obligation management and appropriate governance tools for greater visibility and control over the contract process. It provides a logical environment to manage contract documents, performance, and milestone data as well as track if contract obligations are adhered to reducing risk and exposure that is typical for complex contracts. It ensures vendors comply with contract terms and conditions, improves relationship with service providers, optimize contract structuring for sustained cost reduction and maximizes contract value by optimising cost and recovering revenue.
With contracts happening across borders, they need to meet not just standard and legal compliance requirements but also international compliance. iContract powered with AI and machine learning makes sure contracts are fully compliant from the start and updates and makes revisions as an when changes are made to regulatory standards.
Set alerts based on contract metrics & milestones for effective obligation and compliance tracking
Merlin Insta Review protects enterprises from revenue leakage and reduces risk exposure by finding areas of risk in your contract portfolio. There may be terms and clauses in your agreements exposing you to risk or there may be many agreements with the words unlimited, auto-renewal or fee increase leading to revenue leakage and increased risk. With AI-based contract analytics, contracts containing those words and risk clauses can be summarized enabling you to be in a stronger position to renegotiate more favorable terms for future renewals or negotiate amendments.
Clauses that expose you to risk like Indemnification, Limitation of Liability, Insurance, Force Majeure clauses can be searched, and such contracts can be compiled enabling an organization to understand what they are committed to and the potential impact it may have if challenges or issues arise making obligations across concerned parties completely visible.
Identify and map contract risk areas clause by clause
Efficiently amend existing contracts and collaborate with all related parties.
Unlock the full value of your contracts today with iContract’s CLM powered with AI and Machine Learning. Let the right people access the right information on your contracts at the right time from anywhere today with user defined customizable and configurable dashboards. iContract doesn’t just create, manage and store your contracts but also connects disparate teams with smart and timely alerts of changes to the contracts and identifies your business risks, reduces costs and maximize revenue. With a 360-degree view of your contracts, it provides a transparent audit trail that identifies critical workflow complications that help to create an effective risk mitigation strategy that does not hamper the performance of the contract. With a specialized implementation and support team that travels with you through the entire journey with our cloud-based iContract solution be assured for a smooth transition into the CLM space. Ask for a free demo today.