Contract Management for Professional Services Sector

Contract Management for Professional Services

Professional serives companies work on a large volume of customer-centric and third-party contracts. This makes reviewing them for compliance and necessary clauses a lengthy and tiring process. With constantly evolving regulations and growing customer expectations, organizations in this sector need to be equipped to process contracts quickly and seamlessly while remaining compliant.

Companies need to adopt AI powered, integrated contract management solutions, for elevated and risk-proof contract management experience catering to both customers and third-party vendors and suppliers and to remain competitive in this fast-paced, dynamic environment.

Contract Management Challenges for Professional Services Companies 

Dealing in and reviewing volumes of third-party contracts using rudimentary contract management solutions is one of the biggest challenges the professional services sector faces today. Without integrated solutions, there is a disconnect between CRM platforms and the contract management platform, which hinders intake of customer contracts and slows contract cycle time. Ensuring third party contracts are compliant to internal and external regulations is another challenge that exposes this sector to legal and reputational risks.

An advanced, integrated CLM solution with AI and Natural Language Processing can ensure risk-free third party contracting, faster contract turn-around, and better customer relationships.

CLM Solutions for Professional Services

Ultria CLM – Enterprise Contract Management Software for Professional Services enables organizations to streamline all contracting processes, reduce third-party contracting risks, and design a better compliance and customer management framework:

  • Get real-time visibility into third party and vendor contracts
  • Auto-extract and compare key data, clauses, and obligations with AI powered Natural Language Processing
  • Collaborate and communicate seamlessly within departments and drive contracts faster with integrations between CRM, ERP and CLM systems
  • Track key contract data like upcoming renewals, payments, contract obligations, milestones, etc. using comprehensive, customizable dashboards
  • Increase accountability, and ensure quicker contract turn-around through automated predefined workflows and processes.
  • Leverage smart reporting and analytics tool to analyze risks, increase savings, and make informed decisions

Other Useful Resources

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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…
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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…

Ultria Orbit has reduced the intake time for 3rd Party Paper by more than 60%.

Director Legal Operations - F500 Professinal Services Company

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

Ultria's Orbit AI does a great job of understanding the intent as well as the content of a clause. Then by associating the clause to one of our own, we can group and analyze contracts efficiently.

VP Risk & Compliance, F250 Financial Services Company

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