CIGNEX Contract Lifecycle Management
Written contracts play an increasingly important part in the regulation of modern business relationships and transactions. This is especially true for corporations and governments using outsourcing and partnering to find more efficient ways to do business. And with a growing focus on regulatory compliance, the number and complexity of written contracts is rising steadily. Many large enterprises can find themselves managing hundreds, thousands, and sometimes tens of thousands of contracts. These include buy-side contracts with suppliers, sell-side contracts with customers, and various other contracts with business partners, investors, employees, etc. Responsibility for these contracts can be shared between line managers, contracts professionals, lawyers (internal and external) and administrative staff. As the number of people involved in the process increase, and the volume of contracts continues to grow, managing of these contracts, following up on expirations, renewals, payments and delivery become harder CIGNEX Contract Lifecycle Management solution enables people in various departments within the corporation to work on contracts following Contracting Process, ensuring Contract Compliance and adherence to corporate guidelines on contract management and approval authority. It provides a centralized contract repository for companies to manage the complete lifecycle of the contracts, including Creation, Negotiation, Execution, Administration, and Analysis of Contracts. Use the legacy migration tool to quickly migrate and import all your existing already executed legacy agreements. Draft Contracts from pre-approved templates, reducing risk and increasing performance. Import other party language for drafting contracts and use them as the contracting document. Best Practices workflows on Filing and Drafting of contracts ensure compliance with review and approval policies, track negotiation timings, frequently negotiated terms. Track key contract terms with the help of term searches, full text search of contracts, and email alerts of critical dates, milestones, expirations, payments, etc. Dripple alerts for expirations provide early, advanced warning on upcoming expirations to take effective action on expiring contracts and provide opportunities to renegotiate contracts. Monitor effective spending, performance of contracts, improve contracting process, identifying performing vendors and suppliers, resource optimization be Contract analysis. Use custom search and report capabilities to quickly find and identify key contracts, large volume contracts.
Central Contract Repository, full text searchable; Ability to File Legacy contracts, tag metadata and fully searchable attachments; Ability to draft new contracts, based on approved language (template) and work with other party language (import); Email alerts on critical dates, expirations, etc; Identifies opportunities to renegotiate annual service contracts and prevents payments on expired contracts; Tracks terms of all contracts; Monitor contract compliance, Enforce Corporate policies on review and approval authority; Best Practices based workflow for Drafting and Filing Contracts; Search and Report on Contractual data, monitor progress in pipeline; Integrate with existing Master Data Sources
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