Maximise contract management processes with a flexible, fully configured, user friendly solution
Companies are realising that it does not make sense spending valuable time selecting suppliers and negotiating contracts just to let them sit idly on shelves, in cupboards or on personal hard drives.
Without effective contract management organisations lose out on time, money and resources. Recent research indicated that organisations using contract management software can reduce annual contract management spend by up to 50%.
Selenity Framework will simplify and automate currently manual administrative processes, effectively reducing the time and resources required, whilst highlighting savings opportunities and tracking risks and obligations.
There are many ways Selenity Framework can help organisations to maximise effective contract management.
Contract milestones and renewals
Selenity Framework ensures that there is sufficient time given to review, re-negotiate or cancel contracts in an effort to reduce costs and lowering the typical cycle time for each contract review and negotiation. Benefits include:
a) Email notifications of contract milestones such as contract review and cancellation dates
b) Categorise notes to store information such as contract review and legal correspondence
c) Add attachments to notes such as emails and internal documents
d) Store contract change history and audit log
Schedules and variations
Selenity Framework will allow you to create and manage changes to contracts either through contract variations or additional schedules. Contracts can also be linked for impact analysis and reporting.
Risk and compliance
Using Selenity Framework, information relating to contract risks can be stored so companies can identify and control factors and potential threats that may have an impact on contract delivery. Framework’s reporting also supports compliance with regulatory requirements which demand transparency and better controls of financial reporting processes.
Performance and value
Selenity Framework helps you to realise value for money from your contracts through tracking the costs, benefits and savings derived. In addition, contract performance information can be stored, helping companies understand how to continuously improve internal controls and maximise contract performance.
Selenity Framework allows you to assign specific tasks against a contract, supplier, product/service or invoice to enhance the strategic process in managing contracts. Each task can be assigned to a specific user or group, with automatic email notifications to alert users when a task is due, overdue or has been completed by another team member