Contract Management for Transport & Logistics

Contract Management System for Transport & Logistics Industries

Transport and logistics industry is at the cusp of massive technological disruption. The industry has seen immense growth in the last decade due to the adoption of e-commerce, globalization, and increased disposable income. Increased customer expectations, the rise of automation, and sophisticated technologies have made it necessary for companies to adopt digitization to survive the ever-evolving market forces.

    Contract Management Challenges in Transport & Logistics

    Transport and Logistics sector largely depends on the traditional, manual contract management process. Abiding by fast-changing global and regional regulations such as C-TPAT, Federal Commission Maritime Ruling, ocean regulatory programs, etc., require real-time visibility into contract agreements, advanced obligations, and compliance tracking and analytical tools to avoid any non-compliance.

    Volatile fuel prices that change almost daily and a large volume of 3rd party contracts are challenges that the rudimentary contract management system cannot cope with. Advanced, intuitive AI-powered successful contract management solution ensures all these challenges are met, provide insights into vendor and partner performance, and provide a competitive edge over other key players.

    Contract lifecycle management solutions for Transport & Logistics

    Ultria’s Artificial Intelligence-powered Contract Management Software for transport & logistics enables organizations to streamline and integrate all contracting processes, reduce risks, and design a better compliance management framework:

    • Centralized, cloud-based contract repository with advanced search options
    • Increased visibility into Service Level Agreements (SLAs) to keep up with the strict packaging and delivery schedule by the contract administrator at al stages of the contract
    • Management of sell rates, benchmark rates, negotiated carrier rates, and other business processes across locations
    • Artificial intelligence-powered contract management to ensure all supporting documents/clauses required for regulatory compliance are valid.
    • Smart clause library to ensure all updated contract terms and state and federal obligations like C-TPAT, Federal Commission Maritime Ruling, ocean regulatory programs, emission standards, etc.
    • Dedicated template library approved by legal teams to facilitate error-free self-service drafting of contracts with customers and distribution partners
    • Meta-data and clause extraction of contract data for easy and error-proof drafting on third party paper
    • Standardized workflows with multiple reviewers and approvers, with auto-alerts and triggers for faster approvals, renewal dates and addressing contractual obligations
    • Auto-tracking of document versions and drafts across the contract negotiation and authoring phases
    • Analytics-driven post-award effective contract management for increased visibility, accountability, and risk and commercials management
    contract management software for automotive industry

    Other Useful Resources

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    February 17, 2022

    Contract Management Best Practices to Unlock Savings

    Did you know,  Companies in utilities, aerospace, defense, and food manufacturing have 90% or more of their annual revenues represented in contracts? (Source: Mckinsey)  Organizations lose 9.2% of their annual…
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    January 24, 2022

    Top Predictions and Considerations for Contracts and CLM in 2022

    As we move into the new year, the turbulent Covid-19 conditions of the past two years have made us realize that volatility will be the most dominant trend when predicting the future. This has made organizations that stood on the precipice of digitalization for…
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    January 20, 2022

    US-Based Transportation Giant Company Success Story

    Giant builds a massive centralized repository of 1,741 contracts using ultria’s AI-powered CLM About Company : Publicly traded, American motor carrier holding company based in Phoenix, Arizona. Is the result…
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    January 20, 2022

    Global Relocation Management Company Success Story

    Salesforce-CLM Integration Helps Global Relocation Management Firm Do Away With Manual Contracting Processes About Company : Global relocation management company that helps leading corporations around the world to relocate their…

    Orbit AI goes past the easy stuff and actually reads the content of paragraphs to find hidden issues.

    Director Procurement - F500 Logistics Company

    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

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