Manufacturing leaders use contract management

Commerce throughout the ages has centered around the concept of agreements between parties. The contract itself is the center of this as it documents every aspect of these agreements. The ability to effectively manage this agreement process and then to record all of this in a contract is the foundation of why a contract management solution is necessary for organizations. This is especially true for manufacturers who work with incredibly complex agreements that are tied to not only customer and supplier order quantities, but also now are tied to quality of their products and the overall ability to react to customer needs. As manufacturers deal with increasingly complex business negotiations and subsequent agreements, they stand to gain significant advantages from using an enterprise contract management solution to help drive compliance and ultimately profitability.

Contract management often leads to silos

As businesses grow, line-of-sight into agreements and information stored in contracts across the entire business ecosystem is difficult to manage. This often leads to missed opportunities and ultimately lost revenue. It tends to be an extremely manual and time-intensive process to coordinate all the contracts which inherently leads to a single person being the overall gatekeeper for this information.. and as we know, siloed information causes significant challenges within an organization that seeks to optimize and improve its processes. It causes difficulties in communication and forces teams to not work effectively due to not having all the right information in front of them. Additionally, it forces each siloed area to individually manage compliance to these contracts which leads to more and more overhead.. not a good way to support a manufacturer that desires to transform itself into a lean, mean, totally optimized organization that runs as efficiently and effectively as possible.

Business transformation opportunities throughout the contract lifecycle

Implementing a single enterprise wide contract management solution offers significant gains to manufacturers. With advanced technologies that utilize Microsoft's cloud, there is a significant opportunity to save time and money by driving efficiencies for buy-side, sell-side, and corporate contract processes. These successes can then lead to effectively delivering key business insights that make it easier to deliver on each contract managed. By having a consolidated and centralized view of the contracts, manufacturers can then manage risks and have an easier time with compliance across the organization. By not embracing a solution that helps manage contracts at the enterprise level, manufacturers stand to also miss out on significant growth opportunities.

Icertis helps companies transform the contract management process

The Icertis Contract Management for Manufacturing solution has been built specifically to help manufacturers resolve their most difficult contract management issues by allowing contract management to be easy, intelligent, and enterprise-wide. The solution is built on Microsoft Azure, allowing it to be fast to deploy, easy to adopt and intuitive for users. The solution offers users recommendations based specifically on intelligent insights identified throughout the contract lifecycle while also enabling robust compliance management. It makes recommendations on when risk-tracking might be appropriate based on analytics incorporated through each stage in the contract lifecycle. And as a complete contract management solution, it enables visibility across the organization for any contract, anytime, anywhere in the world.

During the contract generation phase, the solution greatly helps by simplifying compliance and siloed contracting efforts by providing an enterprise-wide library of company approved clauses and languages from which buyers and sellers can choose, recommending money-making opportunities, and access to all these capabilities through mobile devices.. greatly speeding up the overall process and helping ensure enhanced revenue attainment.

Next Steps

You can read more about how Icertis Contract Management for Manufacturing helps manufacturers support complex manufacturing contracts, accelerates the overall contracting process, effectively monitors contractual obligations, deviations, and entitlements with compliance analytics, and allows you to adapt quickly to changing business requirements with a platform that is engineered with agility and flexibility in mind. The solution is available on AppSource.

And while you're there, browse the entire AppSource library, which features thousands of business apps, with many more on the way.

Try Icertis Contract Management for Manufacturing today