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