Obligation Management-3

Thanks for being part of our blog series on obligation management. The first blog in this series, Obligation Management-1, talked about the importance of managing contractual obligations. Obligation Management-2 focused on the reasons due to which managing obligations is challenging for large enterprises. Today’s blog post will address how a CLM solution effectively tackles those challenges.

Modern-day CLM solutions offer various capabilities which help enterprises manage obligations:

  • Central repository – A centralized repository ensures that all contracts and supporting documents are easily accessible. Free text and metadata-based search makes it easy to search for any contract and view its obligation data.
  • Clause-level tracking – Every clause that has an obligation statement is captured; the painstaking manual process of identifying obligations page-after-page in a contract is done away with.
  • Integration with external databases – Integration with external databases and systems such as CRM, ERP, CPQ, and BI tools provides a holistic view of contract performance and its impact on business. Two-way data exchange ensures availability of real-time data and elimination of manual data entry.
  • Automated utilization tracking – The ability to automatically track contract utilization and compliance ensures contract value generation and risk mitigation. It also helps identify cross-sell and up-sell opportunities.
  • Milestone tracking – Important milestones of delivery, payment, and more can be easily tracked. Penalty clauses can also be identified and enforced easily.
  • User-defined reports and dashboards – More incisive BI can be generated with customizable reports and dashboards. These reports can also be exported to a format of your choice.
  • Configurable alerts and reminders – Configurable alerts and reminders about upcoming or achieved milestones increase visibility into contracts.
  • Secure logins with access controls: All contracting functions within the enterprise are provided individual logins with file and folder-level restrictions in place, so that the right people access the right contracts and manage the contractual obligations they are accountable for. This removes the obscurity around ownership.
  • Third-party self-service request portals: Third-party self-service request portals allow specific users from the other contracting party (with whom you have the contract) to track obligations using the CLM interface. This ensures both the contracting parties have access to advanced CLM capabilities to manage obligations easily.

Deploying the right CLM solution ensures obligations are easily managed which in turn, helps you realize full value out of your CLM initiatives. For more information on obligation management, reach out to us at info@ultria.com. We would be happy to address your queries.

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Author Arthur Raguette

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