Contract Lifecycle Management Software For Energy and Oil & Gas Industries

 

Why contract management is critical for successful Energy and Oil & Gas enterprises

The cost of compliance for the oil and energy industry significantly impacts the bottom line. This includes Environment, Health and Safety (EHS), and Environmental Protection Agency (EPA) regulations.

For Health, Safety and Environment (HSE) alone, global Exploration and Production (E&P) companies’ expenditure is estimated to increase by 60% between 2011 to 2030. This is mostly due to increased regulatory scrutiny.

Non-compliance has disastrous consequences with fines worth millions of dollars. For energy or oil & gas firm, time and costs are key factors contributing to growth. Hence, forward-thinking risk and compliance officers in this industry are thinking about revamping or upgrading existing contract management processes.

Manage Contracts in a Whole New Way
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CLM challenges faced by Energy and Oil & Gas enterprises

Oil and Energy sector companies need to manage and turn around large numbers of high-value supplier and vendor contracts. Regulatory scrutiny is increasing in EPA & EHS compliance standards and other regulations. Thus, this sector is facing challenges in trying to stay fully compliant while signing contracts in a timely and effective manner. Any missed clause or a slip in compliance has huge monetary consequences in form of large fines and penalties.

This has created a need for smart and effective contract management solutions. Some of their important functionalities include automated compliance and contractual obligations tracking, advanced analytics, and real-time contract visibility.

Find out how iContract can help Energy and Oil & Gas enterprises

iContract – Enterprise Contract Management Software for Oil and Energy enables organizations to streamline all contracting processes. It also reduces risks and designs a better compliance management framework:

  • Gain increased visibility into contract terms and conditions to keep up the compliance with environment and safety obligations, thus, minimizing risks
  • Manage global price variation, workforce payments, and project wise deliverables across locations
  • Track contract information comprehensively to ensure all supporting documents are valid
  • Leverage pre-approved clause and template libraries to create error-free contracts with public authorities and project partners
  • Establish standardized workflows with multiple reviewers and approvers, as required
  • Integrate contract management for your oil and energy firm with ERP systems. This will create an analytics-driven ecosystem to improve transparency and accountability
  • Maintain audit trail for all the changes and versions related to each of the contracts
  • Access and manage contracts within a central, secure, and searchable cloud-based repository

Jumpstart Your Contracting Journey

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4 Pillars of Contract Compliance

Find out how to create a strong foundation for boosting enterprise-wide contract compliance

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Designing a Robust Contracting Process
Discover how to design an efficient and future-proof contracting process for your enterprise
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5 Steps to Realizing Value from Contract Management
Minimize risks, improve efficiency and maximize value with effective Contract Lifecycle Management
 

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