While some companies still rely on manual processes to manage contracts, others are adopting paperless contracting. This is mostly due to the ever-changing nature of the market. The new-age contract management solutions offer integrated centralized repositories, automated processes, and smart analytics, to gain and sustain a competitive advantage.
Automated contract management systems integrated with central contract repository software can store enterprise-wide contracts. Authorized users can search, retrieve, and view the contracts in a jiffy using an indexed search similar to search engines.
According to a survey conducted by World Commerce & Contracting with Spend Matters, a contract repository is one of the priorities for many industries. BFSI (Banking, Financial Services, and Insurance) tops the list, followed by Information Technology, Aerospace, Manufacturing, Healthcare & Pharma, and Telecom.
Ultria’s Contract Repository Software provides secure and centralized storage. This includes new and existing contracts, clauses, T&Cs, NDAs, and other supporting documents required by teams to ensure compliance.
The software enables user-friendly multiple parameter searches based on contract type, dynamic reporting, and configurable dashboards. The users can also set up alerts based on parameters such as contract expiry, contract utilization, and market price fluctuations.
While the contract repository does all the above, Ultria’s AI persona Orbit upskills the software with its advanced capabilities.
Download our latest eBook on how contract visibility and search is made easy with a centralized contract repository and AI. It thoroughly discusses the following topics in detail:
- Digital transformation of contract management processes with special emphasis on the need for a contract repository.
- Why is a contract repository a must-have for all enterprises?
- What are the essentials of an enterprise contract repository?
- How AI brings contracts from remote history to modern metrics?
- How a contract repository helps in fulfilling various strategic and operational business objectives?