Scanmarket’s Contract Management helps procurement professionals improve contract cycle times, compliance and ability to negotiate agreements by implementing one shared contract repository and providing transparency through collaborative approval workflows, ultimately reducing company exposure to legal risk and ensure adherence to company procedures. Our Customer Success Team ensures full implementation and has a continual focus on how you can increase usage of the software - throughout your different digitalization maturity stages.Book a Demo
Efficient contract lifecycle management starts with control and visibility, providing a shared contract repository, automating and easing workflows, tracking changes, facilitating digital signatures, and keeping all stakeholders informed. Find out more about Scanmarket's Contract Management in the video here:
Contracts are potentially the most important assets in your organization to help document commitments, maximize opportunities, minimize risk and achieve compliance. This has become even more apparent with the global Covid-19 pandemic, where a lot of organizations had to make major and fast changes to their daily operations – many of which were contractually bound. Despite the critical business implication of contract management, a recent survey by Ramboll, a Danish Consultancy firm, highlighted that 2 of 3 participants believe their organization needs to implement Contract Management Software. However, only 1 of 3 state they are planning to acquire and implement Contract Management Software. Hence Contract Management professionals are beginning to see the need for contract management but achieving senior leadership support and budget to purchase a contract management software solution is still no easy feat (Contract Management Software Report 2020, Ramboll).
Benefits of Contract Lifecycle Management
Reduce manual work through contract authoring and redliningAutomation of especially the contract authoring and redlining process, in particular the signing process, provides efficiencies and saves time where normally the contract author would manually be sending copies of the document between internal and external counter-parts. In addition, pre-approved clauses and templates provides a structured way to easily adapt contracts to specific needs.
Improve compliance through controlContract management software provides control of contracts, data and documentation and uses eSignatures to speed up processes and provide full audit visibility of the document.
Shared repository and automated notificationsHaving a shared database of contracts and being able to quickly locate any contract is a first step to managing contracts and planning your sourcing pipeline. In addition, utilizing automated notifications ensures that no contract expiry takes place without your knowledge – enabling you to become proactive in your management of contract renewals. Scanmarket Contract Management provides you with: • Template libraries with standard documents for fast contract authoring • Flexible clause libraries with pre-approved clauses for standardizing contract language • Collaborative approval workflows for transparent and fast contract editing, negotiation, and completion in line with process requirements and type of contract through a standardized and automated approval workflow
Improved visibility and control of all company contracts and commitments.
Authoring & Redlining
Use pre-approved clauses/templates to manage new and renegotiated contracts
Ensure relevant employees access to contract history – anytime, anywhere
Notify contract owner of contracts that need attention or renewal
Full control of contract versions and full audit trail of changes
Single online repository for all contracts
Consolidate all your contracts and create a single source of truth in your company with a single, enterprise-wide repository. The Contract Management Platform allows setup of all contract types and associated metadata within a single repository, giving easy access to all contracts, documents, and data.
The contract repository can be customized with a personalized view and pre-configured search and filter settings. The personalized view helps you quickly find what you are looking for and only see the information relevant to you.
The Contract Management repository provides quick and easy access to contract data. You can search across multiple criteria including contract status, contract managers, start/expiry dates, custom metadata fields, keywords, etc. and the platform even lets you search the full text of computer-generated documents such as PDF's or Word files.
Run reports and export to Excel in seconds to take all contract data offline if needed.
Define your own contract metadata templates to ensure you only capture relevant data for each specific contract. The platform automatically keeps track of updates and changes to datafields providing full version control with powerful visual side-by-side comparison of versions.
Drive standardization across the company to reduce risk with authoring based on pre-approved templates. The platform provides contract clause management with an easy-to-use clause library that helps managing fallbacks and dependents requiring mandatory language and keeping history of different clause versions.
New or updated clauses have to go through a mandatory approval process before becoming available for contract creation. The platform tracks all clause usage in templates and agreements to provide deeper insights.
Accelerate contract creation with templates with pre-defined document formatting, contract clauses, custom text, metadata tags, and other data such as exhibits and appendixes.
Significantly improve negotiation governance with redlining and version management. Every step in the redlining process is saved as a new version providing full visibility and traceability. Document redlining is managed with high user experience in focus using deep Microsoft Office integration.
Approval workflows can be defined per contact template ensure that only relevant people are asked to review and/or approve a new or updated contract.
Out-of-the-box integration with DocuSign for electronic signature ensures quick and secure contract execution. The integration makes the signature process more efficient based on user-defined workflows - it allows you to see in real-time where a document is in the signature process, while seamlessly updating the document and other data on the platform after completed execution.
The platform provides an easy overview of contract ownership. This is key when you hire new contract managers or reorganize the organization. New contracts are easily assigned to the relevant contract manager and existing contracts can be mass-updated to reflect a change in ownership.
Make sure you never forget about a contract that needs your attention. The platform allows for proactive notifications to be sent for contract dates such as termination, expiry or other milestones. Configurable notifications let you specify the recipients, format and content of each relevant notification delivered via email.
The platform provides automated audit logs on all contracts providing full history of any updates to fields, signatures, approvals, etc. The detailed audit log is available for instant searching and filtering as needed.