Managing the complexity of third-party contracts is an on-going challenge – especially for a global enterprise. Can your contract management system manage a third-party contract as well as the ones native to your organization? A recent study by PwC highlights the impact of not capturing the full value of third-party contracts.
“The impact of value leakage on a third-party contract can be from 5% to 15% of the contract’s value.”
Building trust and transparency: A holistic approach to third party contracts, October 2016, PwC
How well does your contract management system manage third-party contracts? The answers to these ten questions are a good place to start.
Can your current contract management system –
- Enable users to author a new contract on third-party paper?
- Allow third-party contracts to be imported into a contract repository – by a user, not just by an administrator?
- Support third-party paper on both Microsoft Word and Adobe PDF formats?
- Identify the language in third-party paper?
- Track redlines in third-party paper?
- Perform language deviation analysis for agreements created on third-party paper?
- Enable standard users to create third-party, paper-based agreements?
- Offer a web portal to facilitate collaboration with third-parties?
- Compare clauses in third-party contracts to the ones in your own clause library?
- Identify deviations in third-party agreements?
As the leading enterprise contract management platform in the cloud, Icertis has helped more than 1,000,000 users manage over $400 billion dollars of contract value. Though our customers come from different industries, many of them share similar problems relating to third-party contracts. Icertis is proud to have been part of the solution, helping them to manage third-party contracts with the easiest to use contract management platform.