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What is Contract Management?
Contract Management can be defined as an effective administration of contracts between a company
and its vendors.
Proper Contract Management locks in the negotiated value of your deals while
reducing Financial and Legal Risk and improving operational performance.
Contract Lifecycle Management (CLM)
Contract Lifecycle Management is the application of technology to standardize, streamline and
automate contract initiation, creation, negotiation, execution through to contract expiration.
With regulatory requirements, cost control & risk management high on executive agendas, many
enterprises turn to Contract Lifecycle Management for enhanced visibility, control and performance in
scope and processes associated with contracts.
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CLM- ‘7 Fundamental Criteria’
1. Creation- whilst many companies work from standard contracts, they do have to be created in the
first place and they often need to be changed as negotiations progress.
2. Negotiation- of the contracts to ensure that the best possible contract is available to both
parties.
3. Adherence- to the contracts and all of its sections and aims.
4. Service Level Agreements- SLA’s and Key Performance Indicators (KPI’s) are set to manage the
day-to-day performance of the vendor.
5. Managing Changes- that may be required as the relationship changes and problems arise.
6. Documenting- any changes that may have been agreed upon.
7. Analyzing- the benefits that accrue or may be available from the contract.
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Contract Lifecycle Management Process
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Benefits of Contract Lifecycle Management
Revenue Leakage
67%
63%
68%
71%
6.80%
24%
18%
18%
17%
1.60%
Review Time
With CLM
Without CLM
Renewable
Contract
Identification
Compliance
Compliance
from Suppliers from Enterprise
to Enterprise
to Suppliers
Source: Aberdeen Group
“Managing contracts is nothing new – what is new is their complexity.
Fortune 1000 companies have [on average] 20,000 to 40,000 contracts.
Companies spend approximately 50 basis points of their revenues to
manage their contracts, which can be reduced 20-50% using contract
management software.
- Jamie Friedman, Global Equity Research
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Figures That Matter !!
*121*9#
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Figures That Matter !!
CLM Capabilities
Compliance Management
Without CLM
With CLM
Enterprise wide…
31% 56%
Contract…
29% 56%
Contract…
Use of templates
Standardized…
Standardized…
Access to Pre-…
44%
59%
45%
59%
35% 63%
43% 67%
49%70%
Source: Aberdeen Group
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Scale of 1 to 5
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Competitive Assessment
The effectiveness of a CLM solution, in the end, is reflected by the level of compliance that the
organizations implementing the solutions, do achieve.
In a survey conducted by the Aberdeen group, the companies implementing a CLM Solution, were
observed to meet their set compliance levels for their sales & procurement contracts in addition to
gaining more visibility into the contract meta-data.
Some common key characteristics shared by organizations implementing the CLM Solutions were:
›
85% -of sales orders and revenue recognition compliant with contracts.
›
86% -of purchasing transactions compliant with contracts.
›
81% -centralized management of enterprise contracts.
›
3.4
-times more visibility into detailed contract data.
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Understanding SharePoint
•
Microsoft SharePoint is the business collaboration platform that can be leveraged for designing
Enterprise and Web applications and for Data Management.
•
Allows individuals in an organization to easily create and manage their own collaborative Web sites
•
Seamlessly integrates with Windows and MS Office
•
Refers to several aspects of Web-based collaborative solutions
•
With Web-like interface, SharePoint can be used to provide intranet portals, document & file
management systems, collaboration, social networks, extranets, websites, enterprise search, and
business intelligence.
•
Based on familiar tools and technologies: Web, Windows, Microsoft Office.
•
Easy Integration with existing Line of Business Systems.
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SharePoint: Capabilities and Benefits
Websites & Portals
• Internet, Intranet & Extranet Sites
• Collaboration
• On Premise, Cloud Based & Hybrid Models
• MS Office, Mobile , Cross Browser Integration
Sites
Business Applications
Social Networking
• Program & Project Management
• Custom Business App. development
• Visual Studio Support
• Data Exposure through Web Services & API’s
Web & Enterprise Content
•
•
•
•
Enterprise Data & Records Management
Web Content Management
Workflow & Routing, Metadata, Taxonomies
Document Imaging and Sharing
BI
Groups
Content
Search
Insights
•Wiki, Blogs, Communities & My Sites
• Profile Management and Sharing
•Tagging, RSS Feeds, Tag Clouds
• Organizational Browsers
Enterprise Search
• Enterprise Scalability, Contextual relevance
• Structured and Unstructured Content Search
• Fast Search within SharePoint, e-mails,
Folders Databases & Line Of Business
(LOB) systems.
Business Insight & Analysis
• Reports, Matrices, Dashboards & Scorecards
• BI Reports
• Web Analytics
•Server Based Excel Spreadsheets & Data visualization
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Leveraging ISV components
The Microsoft partner community
•
Microsoft creates platforms such as SharePoint which are utilized by Independent Software Vendors
(ISV’s) to extend functionality on SharePoint’s Platform.
•
Integrators like SRTEKBOX deploy, configure and bring it all together to deliver the right solutions
for our clients.
Value of these relationships
•
The SI has subject matter expertise on these products and their clients business needs.
•
Rapid deployment of solutions.
•
Low risk on tried and true product sets.
•
Single Technology Stack - all based on SharePoint.
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smartContract
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smartContract - Overview
smartContract - an enterprise application – redefines the way enterprises deal with contracts.
Leveraging SharePoint technology, the solution combines a single, scalable, enterprise-wide contract
repository with a flexible workflow engine that supports an organizations unique contract process.
This intuitive - browser based application makes contract management a painless job for the
management, while helping companies avoid risks as well as spot hidden opportunities.
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Why “smart” is Better?
1.
Brings every stage of contract lifecycle management under control of management
2.
Centralization and standardization of development, administration and supervision of contracts.
3.
Feature rich application which makes contracts management less painful and more meaningful
4.
Easy integration with other enterprise systems such as CRM, ERP, Intranet as well as with authoring
tools like Microsoft Office.
5.
Fast deployment and reliable support.
6.
Built on robust technology.
7.
Trusted by a growing tribe of high performance companies.
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The Process Flow
Indent Submission
Approval/Review
workflow
Workspace
Creation
Collaboration
Task assignment
for Drafting
Team Identification
Approval workflow
Publish to
Repository
Versioning
Communication
Reviews
R
Documents/Notes
Tasks Tracking
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Central Repository
Process Flow : Contract Management
R
Categorization
Role Based Access
Easy Search
Payment Terms
Definition
Auto Payment
Schedules
Payment Tracking
Payment Alerts
Expiry Alerts
Key Event Alerts
Analysis
Reporting
Communication
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Key Features
Smart Creation
Complete monitoring and reporting
•Online submission of indents
•A personalized dashboard
•Collaborative workspace for drafting of contracts
•Out-of-box reports that capture the standard information
•Standardization with library of clauses and templates
•Create custom reports with easy to use reporting tools
•Rule-based contract approval regime
•Auto generated AS-19 analysis for Lease contracts
•Alerts and notification for key lifecycle events and tasks
•Escalation of open tasks
Central Repository
Management of Financial Obligations
•Anytime, anywhere access with the web based repository
•Capture complex payment terms from contract as
•Comprehensive categorization of contracts according
structured, actionable information
user generated as well as standard contract categories
•System generated payment schedules
•Easy to use search facility
•Single source to track all payment related activities
•Compatibility with all major document formats – MS
Word, PDF, image etc.
•Define access levels based on roles and groups for
enhanced security
Strong Technology Backbone
•Built on robust document management framework of
Microsoft SharePoint
•Auto generate documents such as letters, notices etc.
•Reliable and scalable application based on MS SQL Server
using the contract data from the system
•Support for integrated security with active directory
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SharePoint: The backbone
We at SRTEKBOX, have utilized SharePoint as an Application Development Platform to build scalable,
extensible and reliable – multi tiered web applications. With a Business led approach, and a strict focus
on integrating and developing solutions around Microsoft SharePoint environment, SRTEKBOX has
designed and implemented innovative solutions that have helped our customers to improve their
business processes and drive business values.
SRTEKBOX leverages the benefits of SharePoint not only for smartContract, but extends it to other
intuitive products as well which too are built on MS SharePoint Platform:
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About SRTEKBOX
SRTEKBOX is an India based software organization engaged in developing out-of-the-box products that
aim to bring in smartness to the usual way of running business operations. Our customizable products
are tactical applications which address important business needs.
Our range of products, keeping all the unique statutory and regulatory requirements of the Indian
industries, empower companies to respond quickly and decisively to vibrant market conditions thereby
helping them achieve as well as maintain a competitive advantage.
For more information, visit our website: www.srtekbox.com
Registered Office
SR TekBox Pvt Ltd
7A/42, WEA, KAROL BAGH
NEW DELHI. 110005
INDIA
[email protected]
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Copyright © SR TEKBOX Pvt Ltd. All rights reserved
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