The universal language of any business are its contracts. The success of any organization depends on its ability to build trust and collaborative relationships across its global stakeholders by executing their contracts on time. Streamlining the contracting process and extracting greater value from its error free and faster execution is a priority for any in-house general counsel from a global business perspective.
An inefficient contract management can lead to 9% value erosion of the contract according to a study by KPMG. It says 76% of organizations wants to prioritize digitization of their contract process. But will just that help them? What is it that an in-house general counsel looks for in adopting a contract management software?
Their focus is on 3 pillars for efficient contract management,
- Running business as usual without any discrepancies.
- Identifying the risks involved and creating a mitigation strategy.
- Regular Audit and meeting compliance requirements.
Is your Contract Lifecycle Management Software enabling business to run as usual?
Today’s markets are dynamic and organizations are working in a hybrid model. Contracts happen across the globe and building a consensus across these multiple stakeholders is the need of the hour for the smooth transition and execution of contracts. With Ultria’s CLM, different teams like the procurement, sales, legal and finance are at sync with the latest versions of the contracts offering a clear line of sight of the various contracts at various stages in their lifecycle.
A centralized repository, user-defined access, standardized as well as customized contracting templates that can match multi-lingual contract languages making them compliant across borders, version control and tracking are some features through which administrative errors are eliminated saving time and enabling focus on main aspects of the business. With alerts and remainders, contracts that need contract renewals or contracts at the brink of expiry are brought to notice upfront thereby reducing any value leakage.
The AI powered Ultria CLM makes stakeholders more transparent and more accountable towards their contractual obligations. It provides meta-data search and review of clauses over the period of the contract enabling contract tracking of stakeholders not meeting their contractual obligations, identifying potential issues and opportunities to mitigate them.
Are contract risks identified and mitigated on time?
Contracts contain a wealth of information not just for the execution of the contracts but also for the risks that it may impose. With an inefficient contract risk management solution, you could be working with an unreliable vendor or your legal team may not be aware of certain indemnity clauses that can prove fatal to the health of the organization. Without a searchable repository, it is easy to overlook such key information. Ultria’s CLM powered with AI can identify these risks early on and red flag them and bring it to notice of the concerned stakeholders.
The AI can be trained to assess contract language when adding new contracts while periodically screening old contracts for sensitive data that need to be brought to alert. Volumes of contract of different formats can be converted into searchable documents using OCR. AI powered Ultria CLM can map real-time trends in key metadata elements like effective dates, average contract terms, payment terms, liabilities etc and can notify stakeholders to act on. Any sub-optimal terms, missing clauses and deviations between standard and third-party contract are highlighted to identify risks and create mitigation strategies.
Are your contracts audited regularly and in line with contract compliance requirements?
Regular audits are a must for any system. Without a proper internal audit system, obligations may not be fulfilled on time and contract terms and conditions may not be adhered to. Uncovering hidden costs and identifying contracts that require review can put you in a strong position when it comes to contract negotiations at the time of renewals. But with contracts spread across the globe, consolidating this data is a daunting task. Ultria’s CLM powered with AI stores all your contracts in a central contract repository and its free text and metadata search can pull up information that need action as well as maintain an audit trail of who did what and when.
With new markets emerging every day and businesses expanding across the globe, organisations are faced with the problem of meeting different compliance requirements across borders necessitates the need for a contract compliance software. Non adherence of regulatory, commercial and clause compliance can cost companies more than meeting contract compliance requirements. AI powered Ultria’s Orbit can simplify these compliance complexities.
It identifies compliance gaps and clause deviation from defined standards and highlights them to concerned departments to take necessary action. Existing contracts are modified accordingly and concerned stakeholders are updated. It ensures all mandatary and new regulatory compliances are covered and clauses are tracked for meeting international, environmental, state and federal regulations. It links smart clauses with external triggers giving complete control over compliance changes preventing organisations from operational contingencies and ensuring maximum compliance.
Choose a cloud-based contract management CLM software that evolves with your organisation. At Ultria, we partner with our customers and make them win by enabling them to conduct business as usual in a robust way without any discrepancies. Ultria CLM powered with AI can be trained to evolve with the organisation’s requirements and provide a clear line of sight of contracts that are more transparent and parties that are more accountable. Our easy to use yet powerful cloud-based solution with an intuitive interface which is user defined, simple and clean requiring little or no training optimizes every part of your contracting process. It boosts efficiency, and improves productivity by conveniently allowing all parties of a contract to easily access, amend, track and sign off at each stage of the process. Request for a free demo today.