Contract Management for Automotive Industry

Contract Lifecycle Management Software for the Automotive Industry

The automotive industry is facing various challenges due to fluctuating market demand and supply chain management issues. Stringent environmental and safety regulations and shifting focus from established to emerging markets are also responsible. The advent of new industrial trends such as autonomous cars and shared ownership further necessitate effective contract management for automotive organizations. They help design a better risk and compliance management framework and better customer service models by streamlining all contract management processes.

Contract Management Challenges in the Automotive sector

The automotive industry is facing various challenges due to fluctuating market demand and supply chain management issues. Stringent environmental and safety regulations, and shifting focus from established to emerging markets are also responsible.

The dawn of new industrial trends such as autonomous cars and shared ownership further necessitate successful contract management systems. They help design a better risk and compliance management framework and better customer service models by streamlining all contract management processes.

Contract Management Solutions for Automotive

Ultria’s Enterprise Contract Management Software enables automotive organizations to streamline all contracting processes. It also helps to reduce risks and design a better compliance management framework:

  • Draft, store, and access all contracts from within a centralized and digital repository
  • Track contract data ensuring all quality compliance documents applicable to automotive industry (like those for ISO/TS 16949) are always valid
  • Navigate through rising pollution, fuel costs and other demands across regions and governments through stringent contract compliance management
  • Perform better risk management and / or jeopardy tracking caused due to evolving business models and assistive technologies acquired through suppliers
  • Author all-inclusive contracts by leveraging pre-approved clause & template libraries. This addresses challenges posed by industrial trends such as autonomous cars.
  • Establish standardized workflows with multiple reviewers and approvers, as required
  • Track milestones, ensure enforcement of penalty clauses, and identify opportunities for vendor consolidation
  • Maintain an audit trail for all the changes made to a contract
  • Automate approvals via dynamic workflows so that multiple scenarios and hierarchies, along with out-of-office approvals can be enabled
  • Slice and dice key contract performance metrics and access reports for greater end-result visibility

Other Useful Resources

EBooks
June 4, 2021

Contract Lifecycle Management 101 Efficient Contracting with Speed and Control

CONTRACT LIFECYCLE MANAGEMENT 101 EFFICIENT CONTRACTING WITH SPEED AND CONTROL A McKinsey Global Survey of business executives found that organizations accelerated the digitization of their customer and supply chain interactions…
Whitepapers
May 17, 2021

Guide to Post-award Contract Compliance – How a CLM Can Keep you in Check

Adhering to laws and government regulations, and monitoring compliance has evolved into a major concern for enterprises in recent years. It’s imperative to stay compliant, and failing to adhere can…
Blog
May 7, 2021

Post-award Contract Compliance – How a CLM Can Keep you in Check

Post-award Contract Compliance – How a CLM Can Keep you in Check Contract compliance can make or break an organization. Businesses cannot afford to overlook it, as the consequences can…
EBooks
May 7, 2021

Case Study: Global Biotechnology Company Leverages Ultria Contract Management

Location – United States Use Cases – Contract Request and Authoring Contract Negotiation and Review Contract Repository Custom Reporting Customer’s legal team, a mix of in-house and outside counsels was…

We use Orbit AI to help evaluate corporate acquisitions; to evaluate revenue contracts and supply chain risks. We find that in addition to the huge number of metadata elements and clause types that Orbit is already trained for, we can easily use our business user inputs to teach Orbit what we feel is critical for our evaluations.

Managing Counsel - F1000 Holding Company

Loading our Heritage contracts is going 4 to 5 times quicker with Ultria Orbit - and just as or even more accurately.

Associate General Counsel - F500 Transportation Broker

Using Orbit to provide "rails" to keep our business users in compliance while also streamlining the agreement review request process gives us both the speed the business unit leaders are asking for as well as the controls that we insist on

Manager Contract Operations - F100 Services Company

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