Contract Management

Contract Management

Streamline the process of creating, managing, and monitoring contracts to save time, reduce effort, and improve contract utilization and compliance to turn negotiated terms into tangible cost savings.

Overview Benefits Features Challenges Implementation Pricing Resources Contact

In strategic sourcing programs, negotiating savings is just the beginning. Ineffective contract compliance and utilization can quickly diminish those savings. Nirmalya’s procurement platform streamlines connections and cooperation between procurement, legal, sales, and other stakeholders throughout the contract life cycle. Our user-friendly and customizable contract management platform ensures efficient supplier management, converting favourable contractual terms into tangible savings. Utilizing the EDMS, you can create, consolidate, and collaborate on contracts in a centralized repository, facilitating contract administration, tracking performance, savings, and compliance.

Author

Enhance efficiency and reduce the need for manual work while also enhancing accuracy and consistency in contract creation.

Collaborate

Foster collaboration through secure, cloud-based platforms that enable instant communication among all stakeholders in the negotiation process.

Optimize

Quickly and precisely detect discrepancies, inconsistencies, and areas for enhancement within contracts using natural language processing and machine learning algorithms.

Unified

Bringing data, technology & expertise together to transform your business and make future-ready.

Connected

Integrating different varieties of data to enhance transparency, insights, and transform digitally to capitalize on data and innovate without boundaries.

Interoperable

Reliable & Resilient – your platform & partner for digital transformation without limits.

Preserve, Protect, and Prosper

Experience a multitude of benefits that awaits

Company-wide contract management capabilities cover the entire process from initial request to ongoing maintenance, monitoring, and performance analysis.
Seamless contract data flow throughout the lifecycle streamlines work processes and enables time-saving innovations like automatic document creation.
Comprehensive contract creation and approval features, including collaborative redlining and digital signatures, expedite the contract authoring process.
Easily create contracts from supplier offers during sourcing events and transfer negotiated prices and terms to online catalogs for simplified, compliant purchases and increased savings.
A single procurement data warehouse with intuitive dashboards provides complete visibility into contract utilization, compliance, supplier performance metrics, and risk status.
Robust free-text and string search functionality allows for efficient and thorough data retrieval.

Prominent attributes to enhance your organization

Leverage the untapped possibilities of your workforce, enhance decision-making based on data, and accomplish consistent and progressive growth.

Collaborative Contract Authoring

Enhance your contract management process with collaborative editing, access control, redlining, check-out/check-in, version control, side-by-side comparison, approval routing, and attorney review processes. By bringing all stakeholders together on a unified platform, seamlessly complete the contract authoring.

Gather input from stakeholders and members, then carefully evaluate and choose which edits to incorporate.
Utilize suppliers to provide their suggested revisions and send back the revised contract for your review prior to finalizing the document.
Maintain detailed records for a comprehensive audit trail, including thorough logging and non-destructive editing.

Source-to-Pay Integration

Generate agreements directly from supplier proposals within any sourcing event. Transfer the agreed upon prices and conditions into electronic product catalogues for seamless, compliant transactions that result in increased cost efficiency.

Consolidate these capabilities within a unified software platform for simplified tracking and reporting, with contracts at the core of the source-to-pay workflow.
Provide insights on contract utilization and pricing levels to assess the extent of contract execution.
Enhance contract utilization and compliance to effectively achieve negotiated savings by utilizing a unified source-to-pay.

Enterprise-Wide Contract Intelligence

Enhance your business operations by utilizing centralized procurement data and user-friendly dashboards to gain complete visibility into contracts. This will demonstrate contract usage and compliance, along with metrics on supplier performance and risk assessment.

Manage contracts efficiently throughout their life cycle with smart and user-friendly contract management software to ensure compliance and maximize utilization.
Regularly monitor, review, and assess contracts for compliance and effectiveness to optimize performance.
Access comprehensive enterprise-wide contract intelligence to identify high-performing contracts, flag those needing attention, and track upcoming renewals across categories and regions.

Intelligent Contract Repository

Enhance your contract management capabilities by utilizing the powerful free-text and string search functionalities of the centralized, web-based contract repository. Easily access any contract-related information you require at your convenience, from any location and device.

Implement a collection of proven contract templates for duplicating current contracts, offering clause libraries and automatically including contract variables.
Facilitate collaboration between buyers and suppliers, ensuring that terms, clauses, and contracts evolve with each new agreement.
Access all relevant activity and data related to your critical contracts with ease.

Compliance Tracking & Reporting

Effortlessly track contract execution and adherence to user-defined attributes to guarantee compliance throughout the entire procurement process. Gain comprehensive insight into contract performance, including usage and conformity, in order to effectively translate agreed upon terms into tangible cost savings.

Monitor purchase orders against the contract to report on discrepancies in price or other factors between the contract and invoice.
Generate a report on delivery turnaround times, comparing contracted times with actual delivery times and analysing supplier performance.
Quickly identify the purchase details, suppliers, and pricing being utilized by your buyers, ensuring contract compliance and utilization.

Alerts and Event Reminders

Enhance contract management by setting up automatic alerts that prompt necessary actions at crucial stages in the contracting process. These alerts will help in efficiently scheduling contract reviews, renewals, or rebids through a customizable workflow, ensuring smooth contract operations.

Receive notifications for contracts requiring periodic review or nearing expiration.
Tailor alerts and reminders to ensure no important details are overlooked.
Specify the types of notifications for each contract, recipients, and message content.

Resolving a wide range of challenges

Audit Tracking and Version Control

Make contract authoring easier by tracking changes and maintaining version control for enhanced organization.

Pre-approved Clause Libraries

Instantly add terms and conditions using pre-approved clause libraries for quick and easy contract creation.

Administration and Approval

Utilize digital signatures to streamline the contract approval process.

Nirmalya has played a pivotal role in establishing a strong base which has facilitated progress in all aspects of our organization. Consolidating all our operations into a single platform has significantly improved our efficiency, productivity, and customer service.

Punam Pandia | CMD, SAMUDYAM

Accelerated Value Realization

Our implementation strategy is designed to ensure that your business operations undergo a swift and seamless transformation, resulting in faster time to value. Our experienced consultants utilize a structured approach that combines extensive industry knowledge with the latest implementation techniques. This enables you to expedite the deployment of our powerful solution and experience a rapid return on investment.

Through our streamlined process, you can optimize productivity and streamline business processes with minimal disruption. We have consolidated the expertise gained from global deployments into a set of leading practices, providing a clear path to success and delivering rapid business value.

With Nirmalya, you can confidently expect to go live within a predictable timeframe through smart, stepped implementations.

How much does it cost?

Nirmalya offers its services to companies of all sizes, including startups, fast-growing businesses, medium-sized enterprises, large corporations, and non-profit organizations. We assist these companies in streamlining their operational capabilities without the need for significant capital and operational expenditures. By eliminating the burden of maintaining an Enterprise Resource Planning system, which typically involves investments in manpower, hardware, and software, we help companies focus on their core activities.

Our collaboration with companies involves an initial setup fee for implementation, followed by an annual license fee based on the modules chosen by the customer for implementation. As businesses expand, customers have the flexibility to incorporate new modules as needed.

Resources

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