Benefits of Automated Post-Award Contract Management

Thanks for being part of our blog series on post-award contract management!

While part-1 of this blog series established the significance of managing contracts post-signing, part-2 focused on the challenges to effective post-award contract management. Today’s blog post will discuss how automation helps address all those challenges successfully.

 

Benefits of automated post-award contract management include:

 

  • Effective obligation management: CLM’s integration with external databases and systems such as CRM, ERP, and CPQ tools enables milestone tracking to facilitate tracking and enforcement of entitlements, penalty clauses, and more.
  • Regulatory compliance management: Clause-level identification and tracking of all environmental, Health & Safety, as well as other compliance-related requirements. Also verifying that required attached documents are both present and valid.
  • Opportunity identification: Post-award compliance dramatically improves the identification of cross-sell, up-sell, and savings opportunities.
  • Performance measurement: CLM establishes parameters of measurement by linking contracts and Key Performance Indicators to evaluate contract performance.
  • Efficient expiry and renewal management: Configurable alerts and reminders ensure efficient management of contract expiries and renewals.

 

These benefits of post-award contract management are realizable today, provided the correct CLM is in place.

For more information on contract management or Ultria, please reach out to us at info@ultria.com.

 

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Author Stuti Mehrotra

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