Benefits of Automated Post-Award Contract Management
14th November 2017
by Stuti Mehrotra
Thanks for being part of our blog series on post-award contract management!
While another blog in this blog series established the core challenges of Post Award Contract Management, this one focuses on the challenges to effective post-award contract management. Today’s blog post will discuss how automation helps address all those challenges successfully.
Benefits of automated post-award contract management include:
1. Effective obligation management:
When contract lifecycle management is integrated with external databases and systems such as CRM, ERP, and CPQ tools, you enable milestone tracking to facilitate tracking and enforcement of entitlements, penalty clauses, and more.
2. Regulatory compliance management:
Clause-level identification and tracking of all environmental, Health & Safety, as well as other compliance-related requirements become extremely streamlined with a post-award contract management solution. Also verifying that required attached documents are both present and valid is simplified to a great extent.
3. Opportunity identification:
Post-award contract compliance dramatically improves the identification of cross-sell, up-sell, and savings opportunities.
4. Performance measurement:
Post-award contract management automation establishes parameters of measurement by linking contracts and Key Performance Indicators to evaluate contract performance.
5. Efficient expiry and renewal management:
Configurable alerts and reminders ensure efficient management of contract expiries and renewals.
These benefits of post-award contract management are realizable today, provided the correct CLM is in place.
For more information on contract management or Ultria, please reach out to us at email@example.com.