Category: Contract Lifecycle Management

Banishing the “Black Hole Mentality” of ReviewAI

Posted on October 29, 2012 by - Business Process Management, Contract Lifecycle Management

Quick: How many contracts are pending review in your department? How many have been approved in the last 30 days? Who is reviewing each pending contract right now and how long does it take for a contract to be approved?

If you can’t easily answer these questions, chances are that you might not have the right tools or practices in place. A lack of transparency can lead to impaired overview and decreased service that can impact revenue. As one general counsel of a Fortune 500 corporation shared, We weren’t tracking assignments properly, and we weren’t being responsive to customers. I felt we had to get rid of the black hole mentality, and one way was to have a better way to track contracts coming in.

Find out how to banish the black hole mentality with this new whitepaper: Streamlining ReviewAI & Approval to Drive Revenue Velocity & Increase Client Satisfaction.

The white paper examines common contract review and approval processes and tools to determine:

  • How tools like email and spreadsheets fall short
  • Why traditional approaches are not sustainable
  • How Apps are reinventing the contract review and approval process
  • Why Apps are the wave of the future

Download the white paper today.

The Sourcing Manager’s Contract Conundrum

Posted on October 22, 2012 by - Business Process Management, Contract Lifecycle Management

file000661441636Sourcing managers know: Contracts are the foundation of business. They spend a majority of their time reviewing, negotiating, shepherding and gaining approval for pieces of paper that will ultimately help their companies drive down costs, create beneficial alliances and reduce risk.

They handle full portfolios of contracts that range from pending to finalized to executed and work with numerous departments within the company to attain final approval – that’s no small numbers of important negotiations to keep tabs on. One mistake can seriously jeopardize progress, costs and projects.

So why would a sourcing manager rely on email or spreadsheets to handle such an important task? Manual processes = more risks.

With the right software, a sourcing manager can gain greater visibility into a contract portfolio which means:

– Enhanced insight into total time for approval

– Iron-clad audit trains to support compliance

– Establishment of a proven process to manage risk

– On-demand status reports of all outstanding contracts

Here’s how one sourcing manager accomplished this.