top tips for automated contract management

Contract Management in the Cloud Tips and Technology for Efficiently Managing Agreements

© 2013 BidSync Proprietary and Confidential 2

Sean Parry Vice President of Marketing

BidSync

Marlene Bauer Sr. Vice President of Professional Services

Novatus

Presenters


Mission Statement

At BidSync, we strive to help our customers save money and build trust with their constituents by supplying best-of-breed e-procurement solutions, which provide efficiencies, compliance and transparency.


BidSync at a Glance

Proven Value Reliable ROI

1,000+ Customers (and growing!)

97% Customer Retention

99.9% Uptime

Rapid Deployment

700,000+ Vendor

Database

Savings


Customer Highlights

Wiley ISD

PUBLIC SECTOR HEALTHCARE EDUCATION

Denton County Transportation Authority


Integrated, End-to-End Solution


Today’s Agenda

Situation / Needs

Challenges

Top Tips for CLM Success


• Do more with less • Provide information

transparency • Mitigate risk • Ensure compliance and

auditability • Avoid over-spending • Realize the full benefit of

the contract

Situation / Needs


• Poor visibility to contracts

• Maverick contracts • Process deficiencies • Lack of tracking of

performance to contract terms

Challenges


• Deploy an automated Contract Lifecycle Management (CLM) solution

• Cloud-based solutions deploy quickly and are easy to manage (do not require your IT department)

• Top tips to follow…

Solution


TOP TIPS FOR CONTRACT MANAGEMENT SUCCESS

Concepts and Practical Applications


1. Manage your Contract Portfolio and Create Visibility


• Contracts are Assets • The Foundation of Your Relationships with Suppliers • Create Visibility • Manage Contracts Globally as a Portfolio

1. Contract Management & Visibility


Maintain High-Level Visibility to Contracts



Drill Down View into Contract Record



Track the Contract Family (e.g., Master, SOW, Change Orders)



Benefits • Improved decision making • Greater transparency for those who need to know • Productivity • Foundational step for all other goals of CLM

– Risk mitigation – Supplier management – Contract optimization



2. Manage Key Dates Electronically


• Termination dates • Notice dates • Milestone dates • Auto-renewal dates – avoid unwanted renewals • Use automated event alerts and other system tools to

manage dates proactively



Use Alerts to Manage Contract Renewals



Event Alert for Upcoming Milestone Target Date

2. Manage key dates electronically


Manage Upcoming Renewals & Avoid Unwanted Auto-Renewals



Event Alert for Upcoming Milestone Target Date



Benefits • Cost avoidance (unwanted auto-renewals) • Access to info / productivity • Compliance with date-driven obligations • Decision support / ability to plan and forecast renewals /

budget info



3. Standardize and Automate Your Form Contracts


Strategic Value of Standard Forms • Mitigate risk by ensuring you always start with your

desired terms/conditions • Provides strategic advantage in your negotiations

– Makes a statement: we know contracts and we know what we want

– Forces the other party to respond and react • Saves time

3. Standardize and Automate


Optimize Your Standard Forms Make Forms Efficient • Content: Standardize similar

clauses across forms

• Format: Utilize Word functions (styles, auto-numbering)

• Version your documents for change management

• Automate in a CLM system: – Make them intelligent

forms – Reduce the number of

forms and make them easier to manage through automation



Managing your Standard Forms in an automated system ensures the most current version is used with no unauthorized modifications



Merge Fields can be used in your contract form to avoid duplicate data entry



Wizard questions drive inclusion or exclusion of specific terms to the Standard Form



Benefit • Reduce business risk by optimizing process/tools to enable

favorable contract terms



4. Use Workflow Automation to Manage Your Contracting Process


Processes • Define/streamline your contract processes • Communicate your processes clearly and repeatedly • Use automation to drive your processes

4. Workflow Automation


Establish and control work flow to ensure necessary processes are followed



Tracking • Track your actions/negotiations on in-process contracts

for your stakeholders: where is my contract? • Capture process footprints for audit purposes / evidence

of your process and that it is followed



Workflow steps provide visibility to current status of the In-process Contract and establish an audit trail of process



Benefits • Visibility to processes • Audit compliance • Productivity / cycle time (identify the bottlenecks) • Mitigate business/contract risk by ensuring processes

are followed



5. Manage compliance with your CLM system


• Regulations / initiatives – Diversity goals and certifications – HIPAA (Health Insurance Portability and Accountability Act) / privacy of

medical info • Auditors

– Process / separation of duties, financial stewardship • Compliance through contract visibility, process control, workflow tracking,

standard forms, managed dates, etc.

• Rights/Responsibilities – Avoid breach by complying with your responsibilities – Ensure vendor performance

• Avoid Overspend – Track actual spend against contracted amounts

5. Manage Compliance


Manage IT project milestone targets and completion dates, with associated payments



Track Diversity Spend as well as Diversity Status and Certifications



Benefits • Compliance, risk management (cost, reputation, legal,

viability) • Ensure value for expenditure (acceptance-based

milestone payment schedule) • Avoid over-spend



1. Manage Your Contract Portfolio & Create Visibility to

Contracts 2. Manage Key Dates Electronically 3. Standardize and Automate Your Form Contracts 4. Use Workflow Automation to Manage Your Contracting

Process 5. Manage Compliance with Your CLM System

Top Tips for Contract Management Success


Questions


Thank You

MARLENE A. BAUER SVP, PROFESSIONAL SERVICES

BIDSYNC / NOVATUS, INC. [email protected]

+1.503.913.1009

WWW.BIDSYNC.COM WWW.NOVATUSCONTRACTS.COM

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