Contract Management for Manufacturing Sector

Contract Lifecycle Management for Manufacturing

Manufacturing sector has evolved in the last decade with the introduction of new technologies, dynamic supply chains, and shift in regulations. The companies in this sector are finding it challenging to stay competitive and compliant while processing large volumes of contracts, many of which are third party supplier contracts. They need to be agile in order to maintain positive customer and supplier relationships, which are mainly governed by contracts.

Smart contract management solutions can make companies achieve their goals through integrated, automated contracting and informed decision making.

Contract Management Challenges in Manufacturing sector

A boom in the manufacturing sector and introduction of new and stringent regulations means larger volumes of contracts all needing to be accurate, error-free, and compliant. Without smart contract solutions, these companies find it challenging to draft contracts quickly and meet all compliance clauses, regulations, and obligations. Lack of visibility into contracts often leaves companies in the manufacturing sector exposed to missed obligations and payments, as well as delays in renewals.

Furthermore, manual contracting has limited scope for inter-departmental collaboration or system integrations. This leads to delays in contract processing, increases back and forth of contract documents, and can lead to higher procurement costs, discontent vendor and supplier relationships.

CLM Solutions for Manufacturing sector

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

  • Upgrade, automate and integrate your contract management processes, with Ultria’s enterprise contract management software
  • Draft contracts quickly with Ultria’s comprehensive clause library and review and compare third party and supplier contracts with ease
  • Access supplier performance from past contracts, and analyze risks involved in supplier contracts
  • Stay on top of contract performance through metric and milestones tracking and ensure no payments and obligations are missed by the third party
  • Maintain positive customer and supplier relationships through quality products and services, on-time contract delivery
  • Comprehensive reporting and analytics help organizations in the Manufacturing sector manage inventory and pricing effectively through historical data and facilitate informed decision making

Other Useful Resources

EBooks
April 7, 2021

Ultria Contract Management for Legal Operations

“The need for legal departments to operate more efficiently during the pandemic accelerated the trend of corporate legal departments hiring legal operations professionals, according to Thomson Reuters’ 2021 State of…
Blog
March 17, 2021

AI Capabilities to Look for in a Contract Management Software

The contract lifecycle management (CLM) market is growing incredibly as validated by the Forrester Q1 Report 2019. But as the market is expanding, basic contract management technology is becoming outdated.…
EBooks
March 15, 2021

Ultria Contract Management for Procurement Teams

With rapidly growing complexities of the sourcing environment, expectations out of procurement teams are way beyond cost savings. A company’s operational efficiency and financial integrity depend a lot on procurement…
Whitepapers
March 2, 2021

Contract Automation Empowering In-House Legal Teams

Businesses today aim at optimizing performance while controlling costs — which is no easy job in these challenging market conditions. However, there are many ways in which enterprises can meet…

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