Transport & Logistics Industry Overview
Transport and logistics industry is on the cusp of a massive technological disruption. It has seen immense growth in the last decade due to the adoption of e-commerce, globalization and increased disposable income. Increased customer expectations, rise of automation, and sophisticated technologies have made it a necessity for companies to adopt digitization in order to survive the ever-evolving market forces.
Contract Management Challenges faced by the T&L industry
With the expansion of the T&L industry, transacting in high volumes of high-value buy-side and sell-side contracts has become the new norm. In handling these contracts companies face a lot of contract management challenges like:
Lack of simple, streamlined, automated process to track and analyze contracts and their performances
No centralized storage and searchability of legacy contracts
No integration between various organizational ERP, CRM systems
Extensive contracts drafting on third-party papers
Exposure to compliance risks due to fast changing regulations; state, environmental, federal and international obligations
Dealing in volatile pricing like fuel prices that are known to fluctuate on a daily basis
Delays in review and negotiations due to lack of visibility and accountability
Ultria CLM for the Transport and Logistics industry
Ultria’s Artificial Intelligence powered CLM – Enterprise 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
Management of sell rates, benchmark rates, and negotiated carrier rates across locations
Artificial intelligence powered contract management to ensure all supporting documents/clauses required for regulatory compliance are valid
Smart clause library to ensure inclusion of all updated clauses and state and federal obligations like C-TPAT, Federal Commission Maritime Ruling, ocean regulatory programs, emission standards etc.
Legal-approved template library to facilitate error-free self-service drafting of contracts with customers and distribution partners
Meta-data and clause extraction 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
Auto-tracking of document versions and drafts across the contract negotiation and authoring phases
- Analytics-driven post-award contract management for increased visibility, accountability and risk and commercials management
These benefits are just the tip of the iceberg.
To learn more about how Ultria Contract LifeCycle Management for Logistics and Supply Chain can help your organization, you can engage with us.