top tips for automated contract management
TRANSCRIPT
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
© 2013 BidSync Proprietary and Confidential 4
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.
© 2013 BidSync Proprietary and Confidential 5
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
© 2013 BidSync Proprietary and Confidential 6
Customer Highlights
Wiley ISD
PUBLIC SECTOR HEALTHCARE EDUCATION
Denton County Transportation Authority
© 2013 BidSync Proprietary and Confidential 7
Integrated, End-to-End Solution
© 2013 BidSync Proprietary and Confidential 8
Today’s Agenda
Situation / Needs
Challenges
Top Tips for CLM Success
© 2013 BidSync Proprietary and Confidential 9
• 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
© 2013 BidSync Proprietary and Confidential 10
• Poor visibility to contracts
• Maverick contracts • Process deficiencies • Lack of tracking of
performance to contract terms
Challenges
© 2013 BidSync Proprietary and Confidential 11
• 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
© 2013 BidSync Proprietary and Confidential 12
TOP TIPS FOR CONTRACT MANAGEMENT SUCCESS
Concepts and Practical Applications
© 2013 BidSync Proprietary and Confidential 13
1. Manage your Contract Portfolio and Create Visibility
© 2013 BidSync Proprietary and Confidential 14
• Contracts are Assets • The Foundation of Your Relationships with Suppliers • Create Visibility • Manage Contracts Globally as a Portfolio
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential 15
Maintain High-Level Visibility to Contracts
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential 16
Drill Down View into Contract Record
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential 17
Track the Contract Family (e.g., Master, SOW, Change Orders)
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential 18
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
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential 19
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 20
• Termination dates • Notice dates • Milestone dates • Auto-renewal dates – avoid unwanted renewals • Use automated event alerts and other system tools to
manage dates proactively
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 21
Use Alerts to Manage Contract Renewals
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 22
Event Alert for Upcoming Milestone Target Date
2. Manage key dates electronically
© 2013 BidSync Proprietary and Confidential 23
Manage Upcoming Renewals & Avoid Unwanted Auto-Renewals
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 24
Event Alert for Upcoming Milestone Target Date
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 25
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
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential 26
3. Standardize and Automate Your Form Contracts
© 2013 BidSync Proprietary and Confidential 27
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
© 2013 BidSync Proprietary and Confidential 28
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
3. Standardize and Automate
© 2013 BidSync Proprietary and Confidential 29
Managing your Standard Forms in an automated system ensures the most current version is used with no unauthorized modifications
3. Standardize and Automate
© 2013 BidSync Proprietary and Confidential 30
Merge Fields can be used in your contract form to avoid duplicate data entry
3. Standardize and Automate
© 2013 BidSync Proprietary and Confidential 31
Wizard questions drive inclusion or exclusion of specific terms to the Standard Form
3. Standardize and Automate
© 2013 BidSync Proprietary and Confidential 32
Benefit • Reduce business risk by optimizing process/tools to enable
favorable contract terms
3. Standardize and Automate
© 2013 BidSync Proprietary and Confidential 33
4. Use Workflow Automation to Manage Your Contracting Process
© 2013 BidSync Proprietary and Confidential 34
Processes • Define/streamline your contract processes • Communicate your processes clearly and repeatedly • Use automation to drive your processes
4. Workflow Automation
© 2013 BidSync Proprietary and Confidential 35
Establish and control work flow to ensure necessary processes are followed
4. Workflow Automation
© 2013 BidSync Proprietary and Confidential 36
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
4. Workflow Automation
© 2013 BidSync Proprietary and Confidential 37
Workflow steps provide visibility to current status of the In-process Contract and establish an audit trail of process
4. Workflow Automation
© 2013 BidSync Proprietary and Confidential 38
Benefits • Visibility to processes • Audit compliance • Productivity / cycle time (identify the bottlenecks) • Mitigate business/contract risk by ensuring processes
are followed
4. Workflow Automation
© 2013 BidSync Proprietary and Confidential 39
5. Manage compliance with your CLM system
© 2013 BidSync Proprietary and Confidential 40
• 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
© 2013 BidSync Proprietary and Confidential 41
Manage IT project milestone targets and completion dates, with associated payments
5. Manage Compliance
© 2013 BidSync Proprietary and Confidential 42
Track Diversity Spend as well as Diversity Status and Certifications
5. Manage Compliance
© 2013 BidSync Proprietary and Confidential 43
Benefits • Compliance, risk management (cost, reputation, legal,
viability) • Ensure value for expenditure (acceptance-based
milestone payment schedule) • Avoid over-spend
5. Manage Compliance
© 2013 BidSync Proprietary and Confidential 44
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
© 2013 BidSync Proprietary and Confidential 45
Questions
© 2013 BidSync Proprietary and Confidential 46
Thank You
MARLENE A. BAUER SVP, PROFESSIONAL SERVICES
BIDSYNC / NOVATUS, INC. [email protected]
+1.503.913.1009
WWW.BIDSYNC.COM WWW.NOVATUSCONTRACTS.COM