Automotive

The automotive industry is facing various challenges due to fluctuating market conditions, supply chain management issues, stringent regulatory compliance requirements, and so on. The advent of new industrial trends such as autonomous cars and shared ownership further necessitate an efficient system that helps design a better risk and compliance management framework and streamlines 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:

  • Create, store, and manage all contracts within a centralized and secure repository.
  • Track data comprehensively to ensure all compliance documents such as those for ISO/TS 16949 are valid at all times.
  • Perform better risk management and / or jeopardy tracking caused due to evolving business models and assistive technologies acquired through suppliers.
  • Track milestones and ensure enforcement of penalty clauses, e.g., civil and criminal penalties for the BAAs in case of violation of HIPAA, False Claims, etc.
  • Author all-inclusive contracts by leveraging preapproved 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.
  • Establish standardized workflows with multiple reviewers and approvers, as required.
  • Generate reports to increase transparency.

These benefits are just the tip of the iceberg.
To learn more about how Ultria CLM can help your organization, you can engage with us,