The automotive industry is facing various challenges due to fluctuating market demand, supply chain management issues, stringent environmental and safety regulations, shifting focus from established to emerging markets and so on. The advent of new industrial trends such as autonomous cars and shared ownership further necessitate efficient contract management for automotive organizations - one that helps design a better risk and compliance management framework and better customer service models by streamlining all contracting processes.
Ultria CLM — Enterprise Contract Management Software — enables automotive organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
- Draft, store, and access all contracts from within a centralized and digital repository.
- Track contractual data comprehensively to ensure all quality compliance documents applicable to automotive industry (such as those for ISO/TS 16949) are valid at all times.
- Navigate through rising pollution, fuel costs and other demands across regions and governments through stringent contract compliance management.
- Perform better risk management and / or jeopardy tracking caused due to evolving business models and assistive technologies acquired through suppliers.
- Author all-inclusive contracts by leveraging pre-approved clause & template libraries to address challenges posed by industrial trends such as autonomous cars.
- Establish standardized workflows with multiple reviewers and approvers, as required.
- Track milestones, ensure enforcement of penalty clauses, and identify opportunities for vendor consolidation.
- Maintain an audit trail for all the changes made to a contract.
- Automate approvals via dynamic workflows so that multiple scenarios and hierarchies, along with out-of-office approvals can be enabled.
- Slice and dice key contract performance metrics and access reports for greater end-result visibility.