Contract Sentinel for Clients
For many businesses, supplier spend approaches 40% of its entire budget, which is not an insignificant amount of money! Modern-day business pressures for cost cutting, efficiency and remote cloud-based use of services place a greater burden on companies to improve the monitoring of their supplier contracts.
Previously, this spend and the stakeholder focus was on getting the contract in place. In many situations these contracts end up in the filing cabinet (only brought out near renewal or when things go wrong), hidden away on a hard drive, or just plain lost.
Contract Lifecycle Management (CLM) is emerging as a way of enabling businesses to better manage supplier spend. Using a cloud-based automated CLM solution, such as Contract Sentinel, offers many benefits with little cost, and provides a much more collaborative and efficient process of managing supplier spend and performance.
The key benefits of Contract Sentinel are:
- Centralised contract repository
- More collaborative and efficient process for contract stakeholders
- Centralised workflows for new contract applications that help prevent ‘Dark IT’ and duplication of services
- Automatically monitor contract key attributes such as review dates, end dates, approaching renewal and exit clauses, contract risk and contract governance
- Quick retrieval of contract or contract terms for review
- Centralised dashboard showing supplier spend, performance and risk
- Centralised place to record contract review of subjective and objective performance
Contract Sentinel can help businesses to manage key aspects of contracts, such as:
- Contract performance
- Cost visibility
- Adherence to governance
- Reduced contract sprawl
- Risk awareness
- Portability options