For most organizations the process of creation and management of the contracts is still manual or semi-automatic. Globalization, outsourcing and changing regulatory requirements make this process even slower and complex. Owing to modern automation tools, the companies have the ability to respond to increasing contract volumes. Technology also helps to maintain relationship with business partners, decrease the contracting risks and recognize additional revenue streams.
Sirma Contract Lifecycle Management is an innovative solution supporting the contracting process in the organizations. Based on the real world logic, it gives the companies the ability for optimization and transition to effective automated contract management processes. At the same time it gives the opportunity for rapid response to the dynamic changes of the customer’s needs and the evolving business.
The application is covering all major contract lifecycle elements – request for contract, authoring (contract creation), editing, versioning, changes, approvals, negotiations, amendments, milestone tracking, renewals, termination, classification and archiving.
Process automation and standardization
Sirma Contract Lifecycle Management enables companies to implement the best practices with standard templates, clauses and contracting policy rules that can be applied enterprise wide. Contract administrators and legal officers can:
Request, author and negotiate the rising number of complex contracts;
Maintain a central library of standard clauses, contract templates, policy rules;
Establish a company-wide contracting standards, aligned with company policy, local or international regulations;
Collaborate in real-time between different teams and company structures;
Organize automatic semantic connections between different Real Word objects – contracts, customers, products, services, etc.;
Create contract “dossiers”, complying all supporting and necessary information;
Streamlining of contract management
Advanced Sirma CLM capabilities make it possible to quickly generate standard internal rule-based contracts, align it with customer needs and external regulations, negotiate terms, close it and monitor the execution. Furthermore, contracts can contain risk parts like high values, dependencies, long-term commitments with possible unexpected costs. In order to organize the collaboration during the preparation, negotiation, closing and monitoring process the application delivers the necessary functionalities:
• Dynamic workflows for management of the processes, including revision and approval workflows;
• Individual tasks, group tasks and task sequences;
• Notifications, including pro-active contract milestone monitoring;
• Online customer negotiations and approval;
• In-context discussions and collaboration;
• Print and electronic signature options;
A single view of all enterprise contracts is essential for effective management of contract activities and for the purpose of reporting and analysis. Important part of the contract management is also the real-time information, regarding contract status, preparation and execution stages, contract commitments, and so on:
• Powerful search engine, including detailed search and search in context;
• Reporting and analysis tools;
• Contract execution milestone notifications;
• Audit logs for user actions traceability;
Sirma CLM is based on Service Oriented Architecture and offers the possibility for fast and easy integration with third party legacy systems. The main aim is to protect and add value to the existing company IT architecture.
Why choose Sirma CLM
With the current number of different business software solutions the customers often face serious doubts during the selection process. Sirma CLM is innovative application, representing the connections between different business objects the same way as they exist in the real world. The solution fully matches the customer organizational structure. At the same time its flexibility allows agile respond to the organization growth.