Contract Management for Food & Beverage

Contract Lifecycle Management Software for Food & Beverage Industries

The Food & Beverage (F&B) industry faces various regulatory challenges such as ensuring adherence to the ever-increasing compliance requirements for Food and Drug Administration (FDA), United States Department of Agriculture (USDA), & Environmental Protection Agency (EPA). The growing e-commerce sector has attributed to the rise of new distribution channels and F&B companies are always under pressure to minimize the risk of supply chain disruptions and customer dissatisfaction.

The risks of pesticides, cancer causing chemicals in food products, genetically modified organisms (GMO) and large scale food wastage are far too serious. In such a scenario, the food and beverage industry comes under additional scrutiny from various authorities in every market they operate. Here, a contract management solution for food and beverages vertical comes in handy to help the risk officers and compliance officers ensure organization wide efficiency at every step, without letting the policies become a bottleneck in business operations.

Contract Management Challenges in Food & Beverage

The rapid growth in food & beverage segment has given a rise to a new set of challenges and regulations that the companies must cater to. This segment has seen an increase in stringency of regulations like Food and Drug Administration (FDA) United States Department of Agriculture (USDA), and the Environmental Protection Agency (EPA). Moreover, the rise of new distribution platforms and e-commerce has increased the pressure on these companies to minimize risk of supply chain disruptions, overcome additional scrutiny and maintain positive customer relationships.

This has amplified the need for contract management for the food and beverage sector like never before, in order to remain compliant, ensure growth, and remain competitive in the ever-evolving market.

CLM Solutions for Food & Beverage Industries

Ultria CLM — Enterprise Contract Management Software for Food and Beverage industry enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:

  • Measure and manage all contractual data comprehensively to ensure all compliance documents such as those for FDA and Federal Food, Drug, and Cosmetic Act (FALCPA) are valid
  • Leverage pre-approved clause and template libraries to reduce cycle-time and create error-free contracts with distribution channels, suppliers, and marketing agencies associated with your food and beverage organization
  • Gain increased visibility into contractual obligations and milestones to ensure responsible ingredient sourcing and abide by the packaging and delivery schedule
  • Create and e-sign supplier and vendor contracts “hands-free”
  • Centralize all contracts within a searchable and secure contract management repository
  • Maintain an audit trail for all the changes made to a contract throughout the redlining phase
  • Create and trigger automated, contextual workflows with multiple reviewers and approvers, as required
  • Utilize contractual reporting and analytics to increase visibility and facilitate proactive decision making

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Automatic creation of navigatable indexes and matching of agreement numbers helps us review agreements and link related agreements quickly and accurately

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Extracting key data elements, and recommending linkages help streamline the legacy processing.

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