Capturing the potential value in a third-party contract 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?
Icertis, the leading provider of enterprise contract management in the cloud, solves the hardest contract management problems on the easiest to use platform. Icertis helps enterprises transform their commercial foundation ensuring compliance, improving governance, mitigating risk and enhancing user productivity, thereby improving the bottom line. The Icertis Contract Management (ICM) platform is used by 1+ million users at enterprises like 3M, Abbvie, Cognizant, Daimler, and Microsoft, to manage 3.5+ million contracts in 40+ languages across 90+ countries. For more information, visit www.icertis.com.