When a global organization devotes that many resources to managing sell-side contracts, it indicates a clear need for a more efficient process. To unlock the full value in your sell-side contracts, your contract management platform should provide you with the following capabilities.
Templates and Clauses Library
It’s challenging to draft a contract from scratch. With a database of approved clauses at your fingertips, creating a contract that adheres to corporate standards is easy and accurate. An intelligent rules engine can assemble the contract from these templates, as well as orchestrate the approval process – without sacrificing contract velocity.
Renewing an expired contract requires renegotiation and redrafting. If you know when each contract will expire, you can get a jump on the renewal process. If negotiations are necessary, they are often easier to work through when you do not have the contract expiration date knocking on your door.
Managing compliance across global sales teams and geographies is challenging. Achieving the full potential of negotiated contracts requires better enforcement of commercial terms. The Icertis platform captures the commercial terms of products and services, prices, discounts, rebates and incentives in a structured form, integrates that data with enterprise systems and helps enforce terms. Workflows allow supporting legal teams to identify and manage risk throughout the contract lifecycle with proactive insights on compliance.
Risk management begins at the contract creation phase, long before the agreement is signed. Manually tracking commitments, expiries, deviations and other obligations can take an enormous number of resources. The Icertis Contract Management (ICM) platform has user-configurable risk assessment models to address this issue.
Small errors or oversights in the early stages of a contract’s lifecycle can have profound effects downstream. A configurable risk model helps track risks across different categories, such as financial, contractual, performance and third party. External data from sources such as D&B and Thomson Reuters help determine risk scores, ensure proactive risk monitoring and increase visibility for stakeholders.
And by exchanging data with your existing CRM, pricing and CPQ systems, you’ll be able to have a comprehensive view of all the risks associated with a contract.
Icertis Remains a Leader in the Q1 2021 Forrester Wave
Icertis has again been recognized as a Leader in the Forrester Wave: Contract Lifecycle Management For All Contracts Q1 2021 report. This is the second consecutive Wave report to recognize Icertis as a Leader. Read the report and learn more about the impact of CLM and why Icertis has been named a Leader.