Thanks for being part of our blog series on contract obligation management. The first blog in this series, Contract Obligation Management-1, talked about the importance of managing contractual obligations. Contract Obligation Management-2 focused on the reasons due to which managing obligations is challenging for large enterprises. Today’s blog post will address how a Contract Lifecycle Management (CLM) solution effectively tackles those challenges.
Modern-day CLM solutions offer various capabilities which help enterprises in Contract Obligations Management:
– A centralized repository ensures that all contracts and supporting documents are easily accessible. Free text and metadata-based search makes it easy to search for any contract and view its obligation data.
– Every clause that has a contract obligation statement is captured; the painstaking manual process of identifying obligations page-after-page in a contract is done away with.
Integration with external databases
– Integration with external databases and systems such as CRM, ERP, CPQ, and BI tools provides a holistic view of contract performance and its impact on business. Two-way data exchange ensures the availability of real-time data and the elimination of manual data entry.
Automated utilization tracking
– The ability to automatically track contract utilization and compliance ensure contract value generation and risk mitigation. It also helps identify cross-sell and up-sell opportunities.
Contract milestone tracking
– Important milestones of delivery, payment, and more can be easily tracked. Penalty clauses can also be identified and enforced easily.
User-defined reports and dashboards
– More incisive BI can be generated with customizable reports and dashboards. These reports can also be exported to a format of your choice.
Configurable alerts and reminders
– Configurable alerts and reminders about upcoming or achieved contract milestones increase visibility into contracts.
Secure logins with access controls –
All contracting functions within the enterprise are provided individual logins with file and folder-level restrictions in place so that the right people access the right contracts and manage the contractual obligations they are accountable for. This removes the obscurity around ownership.
Third-party self-service request portals –
Third-party self-service request portals allow specific users from the other contracting party (with whom you have the contract) to track obligations using the contract management solution interface. This ensures both the contracting parties have access to advanced CLM capabilities to manage contract obligations easily.
Deploying the right CLM solution ensures contract obligations are easily managed which in turn, helps you realize full value out of your CLM initiatives. For more information on obligation management, reach out to us at email@example.com. We would be happy to address your queries.
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