Solution integrates with e-procurement suite, offers contract managers better visibility, tracking, analysis of agreements
Contract Manager is the latest addition to SciQuest's suite of spend management and procurement automation tools, and the enabler said that it can help companies derive greater value from its solutions.
The module automatically integrates supplier contracts with the user's purchasing experience. A centralized repository makes it easy to store, find and view contracts, SciQuest said, and integration with the enabler's e-procurement tools provides for seamless tracking, reporting and analysis capabilities.
With regard to visibility, end-users can use Contract Manager's searchable, electronic repository for access to the organization's contracts, helping to eliminate inefficient, expensive paper and spreadsheet processes. The potential benefits from using the solution could include better control of contract management costs by using searches for quick desktop access, improved contract compliance rates and better end-users' awareness of contracts.
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IBM DB2 Viper Set to Extend Reach of Contract Management across Enterprise
Approximately 90% of the valuable data in contractual agreements are unstructured, such as service level agreements, revenue sharing models, intellectual property ownership, fees and penalties. Therefore, the ability of XML technology to work with unstructured data is essential in tapping into this hidden reservoir of information, enabling companies to actively manage and maximize customer, supplier and partner relationships.
Donald Feinberg, vice president and distinguished analyst of Gartner's data management and integration group, explained, "Some of XML's greatest value today lies in enabling enterprises to finally look at their business from beyond the limited view provided by transaction systems, which deal only with structured data. With XML databases, they can now directly work with contract language as well, which is largely unstructured data and contains information not found anywhere else. Because managing contracts (as contract management systems) is such a foundational area of business, XML databases therefore will be critical in driving such things as financial performance, corporate reporting, risk management and other enterprise initiatives."
Nextance Inc., the solutions provider setting the standard for contract performance management (CPM), today announced that it is working with IBM (NYSE:IBM) on the next version of DB2, code-named "Viper", which will support both traditional relational as well as native XML data. IBM has also invited Nextance to demonstrate its XML-based technology at IBM's exhibit at XML 2005 Conference & Expo this week, the largest independent XML conference of the year.
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New contract management solution
Hummingbird Ltd., a provider of enterprise content management (ECM) and network connectivity solutions, has announced it is partnering with Perfectus Solutions--a specialist supplier of automated document composition and process management software. The Hummingbird Enterprise Contract Management solution integrates with Perfectus Solutions' multilingual document creation product based on a reusable template-driven approach to construct complex transactions and agreements. The template creation process is fully integrated with and is managed within the Hummingbird Enterprise content repository. This enables enterprises to automate repetitive tasks associated with contract creation, reduces errors, and streamlines approval processes.
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Why portals need content management
Why? Because Portal Products Lack Robust Content Management
A look at the origins of these two categories of products helps to explain why this situation exists. Content management systems emerged in the mid 1990’s as companies scrambled to put up Web sites. These systems allow organizations to collaboratively author, approve, and publish content. They are built around a content repository that separates the presentation from the content itself, while also allowing users to assign and store metadata with the content.
Portal products, on the other hand, were developed to aggregate existing applications and data,
and deliver them in a personalized manner to users based on their roles and preferences, through a Web interface. Early portals did not know anything about the applications and data other than how to provide secure access to them.
The early players in the portal product market where pure-play vendors such as Plumtree and Top Tier. Because a portal product is primarily an aggregation and integration platform, it was a natural Why Portals Need Content Management 6 step for infrastructure vendors like IBM, BEA, and Sun to extend their application server platforms to contain portal product functions.
It has not been nearly as easy for these vendors to add content management capabilities to their portal. IBM has acquired a small vendor to add lightweight content management. BEA has built a very simplistic content creation feature. Sun has no content management capabilities. All of these vendors maintain partnerships with leading Content Management vendors to support the needs of most of their customers.
Contract management news
Nextance Works with IBM on DB2 Viper Database; IBM DB2 Viper Set ...Business Wire (press release) - San Francisco,CA,USA
Andy Kyte, vice president and fellow at Gartner Research, added, "Businesses are starting to understand that contract management is fundamental.
General Manager
Telegraph.co.uk - United Kingdom
Graduate or post-graduate senior manager with a proven track record of successful contract management and project delivery preferably within PFI.
contract management is king 17.11.05
Content management news
Open source startup takes on content management market
NewsForge - USA
The UK-based Alfresco kicked off the Open Source Business Conference by unveiling the first production release of its open source content management software.
Australian State of Queensland Extends Investment in Hummingbird ...
PR Newswire (press release) - New York,NY,USA
1 /PRNewswire-FirstCall/ - Hummingbird Ltd. (NASDAQ: HUMC, TSX: HUM), a leading global provider of integrated enterprise content management (ECM) and network.
Meeting the Legal Challenge: A Platform for Compliance
Sarbanes-Oxley Compliance Journal - Fairfield,NJ,USA
Indeed, solutions based on Enterprise Content Management (ECM) platforms are helping many of the world's leading companies streamline and accelerate their.
The Ultimate One-to-One Tool
Catalog Success - Philadelphia,PA,USA
That was talked about as a technology or something that a technology provider would sell just like a feature--whether that's content management systems.
OutStart Releases Evolution LCMS 2006
TMCnet - USA
Solutions for learning and knowledge-sharing, today announced the release of OutStart Evolution LCMS 2006, a premier learning content management and assembly.
Our daily news on contract management
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Our daily news on contract management
Ketera Contract Management Solution Gains Momentum with Spike in ...
Business Wire (press release) - San Francisco,CA,USA
... Ketera, the leading provider of On Demand Spend Management solutions,
today
announced that customer adoption of its on demand Contract Management
solution
is ...
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Zunesis Selects MaintenanceNet for Maintenance Contract Management ...
Supply & Demand Chain Executive - Gilbert,AZ,USA
By Editorial Staff. Carlsbad, Calif. -- October 19, 2005 -- MaintenanceNet
Inc., a provider of maintenance contract management services, is partnering
with ...
Delivering SOX Compliance and Shareholder Value
Sarbanes-Oxley Compliance Journal - Fairfield,NJ,USA
One way executives can enhance compliance and help to offset its costs
while
increasing organizational efficiency is through effective contract
management.
...
From IT to inspiration - how to become a strategic leader
VNUNet.com - Haarlem,Netherlands
... 'Hiring organisations will increasingly demand serious evidence of
negotiation and contract management skills for these sorts of jobs, thanks
to
the rise in ...
David Bolton Counsel and Executive Leadership Team
Sarbanes-Oxley Compliance Journal - Fairfield,NJ,USA
... Inc. He joined Procuri in March 2005 following Procuri's purchase of
Contract Management Solutions, Inc. (CMSI). Mr. Bolton has ...
Our daily news on contract management
Custom Alert for: contract management
eWork Updates Contract Workforce Management Solution
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... This updated functionality eliminates the need for rigid client and
supplier differentiations and supports flexible contract management across
the
supply chain ...
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Profiles in Supply Chain Enablement: A software company automates its
contract
managementprocesses to reduce quote-to-cash cycle time. ...
Sarbox necessitating ECM software, but beware of `best practices'
WTN News - Madison,WI,USA
... look at what needs to be done in order to be compliant with SEC issues,
an
area that has come under the spotlight is enterprise contract management
(ECM).
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Custom Alert for: web hosting
CSC wins Defense Department Web hosting work
Washington Technology - Washington,DC,USA
won a $42.3 million contract to provide Web hosting and applications
support
services to the Defense Technical Information Center, the company announced
today. ...
CSC Provides Web Hosting for DoD Sites
Web Host Industry Review - USA
... 27, 2005 -- (WEB HOST INDUSTRY REVIEW) -- Computer Sciences Corporation
(csc.com) announced on Tuesday that it would provide Web hosting and
application ...
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Web Hosting Company, Dotster, Finalist for 'Company of the Year'
Cheap Web Hosting Directory - South Pasadena,CA,USA
Vancouver, Washington - (Cheap Web Hosting Directory) - September 27, 2005
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Vancouver-based domain registration and web hosting company, Dotster, is a
...
Web Hosting Partner and Referral Programs Launch
TheHostingNews.com - Milwaukie,OR,USA
has announced that Concentric, its small and medium sized business web
hosting
brand, has added two new referral categories, Affiliates and Commissioned
Agents ...
XO Communications Announces Enhancements to Concentric Web Hosting ...
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... About Concentric Concentric, an XO Communications service, offers
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$42 Million Web Hosting contract Goes to CSC
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... California - (The Hosting News) - September 27, 2005 - Computer
Sciences
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applications ...
Last Digital is offering FREE E-mail Hosting
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contract management
Escenic - Primary Danish newspaper group contracts Escenic Content ...
Vereinigte Wirtschaftsdienste - Germany
... About Escenic (www.escenic.com) With an uncompromising commitment
to quality, Escenic is the content management company of choice for
over 300 sites worldwide. ...
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Curing Document Management Complexity
CIO Today - Woodland Hills,CA,USA
... plans. With this scaling and interoperability, Xerox fields a very
competitive ECM (enterprise content management) system. Xythos ...
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BBB Systems Unveils Dynamic Portal Content Management System 2.0 ...
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18, 2005--Businesses needing a fully dynamic user-friendly Web Content
Management System finally have a choice that very few software
developers offer: Portal ...
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What's brewing in the ECM space
Computerworld Singapore - Singapore
The former co-founder of Documentum is applying lessons learned in the
commercial ECM (enterprise content management) space to open source
software. ...
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Things Every IT Major Should Know, Part 2
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Compliance requirements spur ECM adoption
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Vignette to Present at Gartner Symposium ITxpo 2005
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... vice president of market strategy, will make a presentation at the
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Today's contract management
Google Alert for: contract management EVSC seeking public input
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... community involvement, facility use and management, asset and risk management, financial management, purchasing and contract management, food service, safety ...
Daily contract management
Contract management software from CQ Systems
CQ Systems Ltd. provides robust, powerful, scalable and safe contract management and accounting solutions for the installment credit, motor finance and asset finance markets. The modules of contract management software provide an end-to-end contractual solution -- from underwriting, contract administration and accounting through to asset disposal and re-marketing. Today CQ has more than 55 banking, independent and captive finance house clients in the UK, Europe, Africa and Asia.
CQ Systems' clients include:
-- Bank of Ireland (Business Finance)
-- Bank of Scotland Equipment Finance
-- Broadcastle PLC
-- Capital One Services
-- DaimlerChrysler Services
-- Investec Asset Finance
-- Kenya Commercial Bank
-- ORIX Leasing Singapore Ltd
-- Scania Finance GB
-- Singer & Friedlander Insurance Premium Finance
www.cqsystems.com .
The Business Challenges That Contract Management Solve
The digitization of contract management business promises immense benefits to companies. It has also given rise to an
threat to overwhelm and stifle corporate productivity concerning contract management. Some studies conclude that
simply locating and accessing the proper contract information can occupy more than 50% of a knowledge
worker's time.
Many if not all mid- to large-sized businesses will implement some sort of business-to-employee
contract management portal in the next decade. Businesses implement B2E portals for a few primary reasons:
• To reduce time and effort spent searching for contract management data, and the duplication of effort that
results when information cannot be found.
• To leverage existing assets by providing a secure sign-in point for accessing the multiple
applications and contract management sources they are authorized to use.
• To reduce cost by enabling employees to engage in self-service .
A well-conceived enterprise contract management portal can deliver immense productivity gains and a
significant return on investment. The challenge for businesses today is to ensure that contract management
projects facilitate the flow of information without introducing burdensome new procedures and
administrative costs.
Contract management software Kryptiq adopted by health plans
Three large health plans announced today that they are in the process of implementing Guardian(TM) Contract Management Software, a modular end-to-end contract management solution designed specifically for healthcare payers to manage their provider contracts. Northwest Permanente P.C., Centene Corporation and Providence Health Plans will all use Guardian to automate their provider contracting processes, which until now have been primarily paper based. With Contract Management Software Guardian, these payers will now have the ability to create and manage standard and non-standard contracts; to securely exchange contract information within and outside their organizations; to provide staff visibility into contract data; and to integrate contracting processes with existing information systems such as CRM and claims administration.
The Next Stage for Contract Management
The Next Stage for Contract Management
Maybe it's a little too far "out there" for most users, but for my money, one of the most interesting and promising developments ahead in contract management software is the rise of XML. The technology brings granular control, reusability and searchability to content; thus, it's moving beyond technical documents into uses such as financial reporting (think XBRL), regulated content of enterprise contract management software (think pharma) and database publishing (think Lexis Nexis and Elsevier).
Okay, so 30 or even 35 percent of informal, ad hoc communications will continue to be dominated by largely unstructured documents. But this is precisely the type of contracts that has, until recent years, gone unmanaged. And now this collaborative contract management software has become the target for low-cost, mainstream management tools such as Microsoft SharePoint, IBM Workplace and Oracle Files and Collaboration Suite. Basic library services — check-in/check-out and version control — are now built into or bundled with leading databases, so you don't need more firepower if all you're after is managing Office documents and e-mail messages.
Meanwhile, the several electronic contract management software (ECMS) vendors that have thrived off of imaging are now promoting business process management (BPM), e-forms and "intelligent document" platforms that are essentially turning structured forms that are currently imaged from paper into electronic transactions. Behind the scenes, of course, is XML metadata, so IBM and others have been beefing up their XML mapping capabilities.
While the vendor community still hypes ECMS, it's clear from our own research, as well as that of AIIM and others, that customers are still selectively deploying contract management applications. They're also integrating what they've already deployed rather than ripping and replacing legacy systems and consolidating on a single platform. Integration, too, depends on XML, so users would do well to think about the structure of their content — or lack thereof — and how they might dramatically reduce the time and cost of developing content with more granular management capabilities.
What is Contract Management, Really?
A. Web-based publishing. Contracts and other forms of information can be disseminated by authorized individuals. Page templates, wizards, and other software aids help inexperienced contract authors to produce higher-quality output. Data useful on intranet, extranet, and ecommerce Internet sites, for example, can automatically be re-purposed and co-ordinated for the multiple destinations.
B. Format management. Data (from contract management software) can automatically be converted into formats suitable for Web publishing or archiving such as HTML or PDF. Legacy electronic documents, or even scanned paper documents, can be unified into a few common formats that are more easily shared with third parties.
C. Revision control. Files / contracts can be updated to a newer version or restored to a previous version. Changes to files can be traced to individuals for security purposes.
D. Indexing, search, and retrieval. For contract management software data to be valuable, it must be relevant to the task (type of contract) at hand and accessible in a timely fashion. Contracts can be parsed for keywords, headings, graphics, and other elements; mechanisms for processing search requests become critical.
More generally, effective contract management software systems support an organization's business processes for acquiring, filtering, organizing, and controlling access to information. Because no two organizations use identical business processes, contract management systems in practice can be compared to snowflakes -- no two such systems will look or behave exactly alike!
Numerous factors determine the degree of difficulty an organization will face in deploying or improving their contract management software. An organization's size (number of employees) and geographic dispersion (particulary across national or cultural boundaries) can give a first-order estimate. Another factor to consider is the diversity in forms of electronic data held within the organization. Besides plain text contracts, critical data can also exist in alternate forms such as graphics, audio/video, etc. that can prove much more difficult to manage. Finally, some organizations may historically have relied on an "oral tradition" of predominately verbal, undocumented communications, leaving little data readily available to collect.
In the final analysis, contract management is only a means to a end. One can easily become enamored with the idea of total information sharing among all of an organization's employees and forget that this is probably not a worthwhile goal. The process of information sharing becomes valuable only when the "right data" is communicated to the "right people" at the "right time." Your contract management software will probably be effective only to the extent it contributes to this goal.
Contract Management Solutions for the Telecommunication Industry
Contracts reflect the mutual understanding of telecommunications providers their customers, vendors, and other trading partners. Through direct and indirect sales channels, streamlined contract creation and compliance has a direct impact on the productivity of telecom providers. In today's competitive market, pro-active monitoring of terms and conditions against invoices, purchase orders, work orders and other transactions is vital to eliminating revenue leaks and preventing unauthorized transactions. Service level agreements, interconnection agreements, and service relationships need to be effectively managed to promote strong business ties and allow telecom providers to rapidly respond to changes in the market. All through Contract Management Software,
Business Solutions are designed to address the complexities and changes inherent in telecommunications companies - from local and long distance to broadband, cable, wireless, and Internet providers. Contract management software enables telecom companies to create, comply, monetize its business processes resulting in enhanced productivity and hard ROI.
Contract Management and Blog
Running a personal Weblog may be the latest craze sweeping the Internet, however, business IT is beginning to warm to the idea of a simple, organized way of online collaboration.
Director of Sydney-based online project management solution TeamFrame.com Maarten Tentij said blogs are no longer just a personal thing.
How can that relate to contract management software??
"We use notes that can be attached to pieces of work that get reviewed by the project manager," Tentij said. "The blog functionality allows the project manager to view all issues reported by all the project's participants on a daily basis - including contract management issues."
Tentij said blogs can be used for any work that requires a group of people to interact. For example, contract management is possible applications of the technology. As such, he is now looking to start a blog for his sales people to facilitate better discussion among them and ultimately improve selling - improve contract management.
"People tend not to categorize e-mail in a useful way, whereas blogs are categorized by a particular topic," he said. Very similar to ordinary contract management software - or content management solution.
Kasell believes blogs and wikis - Web-based content systems that can be edited by anyone - are fuelling team innovation. But like any emerging technology it will be a challenge to integrate blogs into existing business processes. IBM has about 3000 staff bloggers.
Sun Microsystems is also a blog-friendly company with some 1000 employee blogs, seven of which are local.
"Blogs will be used for sources of information that lead to decisions and links to other information," Wong said. "It's really helpful for communicating with co-workers. "
Contract Management Solutions
Contract management Software and Obligation Management - Improve productivity and contract consistency by automating the contract management lifecycle and ensuring fulfillment of contract obligations such as dates, events, commitments and payments. With I-many Contract Manager Software you can:
-Increase revenue and reduce costs by alerting you to pending contract renewals and expirations
-Reduce time, cost and risk of legal exposure associated with contract inaccuracies and associated penalties
-Ensure adherence to sales and purchase approval processes
-Automate the evaluation of trading partner's adherence to terms and conditions of contractual obligations
-Enable collaborative authoring of terms sheets and proposals with all required internal parties via online workflow and role-based access
-Enforce a best practice approach to contract creation
More reasons to implement Contract Management Software
Recent studies about contract management solutions estimates that 80% of business-to-business transactions are governed by contractual agreements. However, according to research, the majority of enterprises are dissatisfied with their current contract management software. These findings are not surprising. At most companies, contracts have increase both in number and complexity, involving thousands of products and intricate terms and legal clauses that govern a myriad of factors, including price, service level, requirements, warranties, payments, incentives and penalties.
Companies are annually losing billions of dollars because of contract leakage, unredeemed rebates, inefficient processes and suboptimal contract terms. Researchers suggests that the quickest and most effective method for achieving contract optimization is through the use of a contract management solution that can automate the contract management life cycle, provide an active repository for all contracts, integrate with other business systems, and deliver tools for monitoring and analysis of contract management performance.
Unfortunately, researchers suggests that most companies are ill equipped to effectively create, execute, or manage contracts in an optimal manner. In fact, contract management remains a largely fragmented activity at most companies. We can identify four barriers that trip up enterprise on the path to effective contract management:
1. Lack of formalized contract management procedures,
2. Inefficient, labor-intensive processes,
3. Limited visibility into corporate contracts,
4. Ineffective monitoring and management of contract compliance
Another big company automates Contract Management
Teva Pharmaceuticals USA this week announced that it has expanded its use of I-many Inc's software solutions to include the Enterprise Contract Management 4.0 platform and associated applications, known collectively as ContractSphere. This suite will provide Teva with access to integrated contract lifecycle components tailored to life sciences companies.
Procurement organizations are under immense cost and regulatory pressures to put Contract Management systems in place to maximize sourcing and vendor management. But a sourcing system without a contract management software and compliance system does not address the most important corporate initiatives, such as Sarbanes-Oxley," said Kirk Krappe, executive vice president for worldwide markets at I-many. "The essential first steps to managing your supplier relationships are to better understand and have full visibility into your contracts through some kind of Contract management Software; be able to ensure regulatory, obligation, and transaction compliance; and then be able to source and make your agreements better.
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Good reasons ti implement Contract Management
There are three major ways to enter into the ideas of contract management software. I'd like to present them to help you understand why contractmanagement is so important:
* Contract management software gives flesh and bones to today's notions of e-business. If e-business is the process of reaching your constituents with the right information and transactions at the right time, then contract management software is the way to make an e-business real and workable.
* Contract management is an antidote to today's information frenzy. Web sites are getting out of control; we are expected to harvest good information from wider and wider contributor bases; and we are expected to make information entirely reusable so that it can be distributed at anytime to anyone. Contract management software can help you organize and direct your contracts to keep it under control.
* Contract management addresses one of the key unanswered questions of the coming Information Age: "How is it possible to give particular value and substance to a 'piece' of information?" Contract management systems create and manage pieces of information and tag them with all the information you might need to figure out what they are worth.
Contract Management Software Awarded
Nextance Inc., the Contract management Software solutions provider setting the standard for advanced contract performance and analytic solutions, today announced that it has achieved the "Certified for SAP Netweaver(TM)" designation for integrating Nextance Enterprise Contract Management, Version 4.3, with the SAP(R) Enterprise Portal 6.0 component of the SAP NetWeaver platform. As a result, customers while using Contract management software can now drive greater supplier results, such as increasing compliance around contracts, performing more detailed analytics and identifying cost-saving opportunities more easily.
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Contract management agreement
Wolters Kluwer Selects diCarta Contract Management software to Manage Intellectual Property Agreements.
diCarta, Inc. provides contract management software that delivers better contracts and more effective contracting processes for the world's largest, most contract-intensive enterprises. With diCarta solutions, organizations are able to reduce procurement spending, improve sales effectiveness, and increase supplier compliance by allowing actual contracts to drive day-to-day operations.
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Contract management and SOA
Contract management will be available also through IBM’s Software as Service offerings. IBM’s directory already includes almost 40 applications available online, including billing and invoicing, workflow, ERP on demand, CRM on demand, content management, and contract management.
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Teva Pharmaceuticals Selects Contract Management Platform
Teva Pharmaceuticals USA said it has signed agreement expanding its use of I-many solutions, including I-many's Enterprise Contract Management (ECMF) 4.0 platform and associated applications, known collectively as ContractSphere.
This solution suite is expected to provide Teva with access to contract lifecycle components designed specifically for Health and Life Sciences companies, including price optimization, accrual forecasting, contract negotiation, contract creation, active compliance management, and Medicaid/State Supplemental Claims adjudication.
Read more
Six tips to succesfull Contract management
Six Tips for Successful Contract Management...
- Maintain contracts in a centralized location - The entire enterprise can
utilize the centralized and searchable system of record to answer any
contract related question
- Implement contract policies and best practices - Contract management
software allows companies to easily establish and maintain contract
policies and force usage of company approved contracts, templates,
clauses, and terms .
- Validate enterprise transactions - Just because your financial system
validates that a payment or receipt has data in all required fields, doesn't
mean that data represents the contractual obligations specific to that
transaction. Contract management software is built specifically to validate
transactions against contracts.
- Automate research and reconciliation of contract disputes - Workflow
based contract management solutions significantly reduce the time, effort
and expense to research and resolve contract related disputes, including
payments, deductions and chargebacks.
- Contract Analysis - In addition to product, customer and segment
profitability analysis, perform contract profitability analysis. Often times,
customers, products or even entire segments are unprofitable because of
contractual inconsistencies or flaws.
- Collaborate on-line with trading partners - Collaboration on contracts over
the Internet expedites contract negotiation cycle times and allows for a
complete history capture of the entire negotiation and all component parts
of the contract.
