Home > Blog > Why All Enterprises Need to Invest in a Contract Management Solution
Contract Intelligence Blog
Jan 07, 2018
Why All Enterprises Need to Invest in a Contract Management Solution
The most important part of managing contracts at Fortune 500 companies is not what you know about them—it’s what you don’t know that can cost you.
The risk is real. Without an enterprise approach to contract lifecycle management, your organization runs the risk of taking a hit to the bottom line due to lost time, money or potentially, damaged reputation.
The good news is that solutions exist to help you avoid these risks. Here at Icertis, our team members speak to key decision makers at Fortune 100 companies who experience the same contracting challenges you do. Like you, they are eager to mitigate the risks associated with their contracts. They ask the same thing: how can your contract management system help and how will it make a difference in the way we do business?
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage.” – Jack Welch
Visible, Searchable, and Secure: a Better Way to Manage Enterprise Contracts
There is a better way. Contract Management technology makes it possible to automate and streamline all aspects of the contract life cycle to increase visibility, compliance and contracting velocity, while reducing risk.
This powerful, cloud-based platform is a game-changer for your organization. A contract management system allows your entire portfolio of contracts to be visible, searchable, and secure. From contract creation, to tracking and compliance, you’ll have an accurate, real-time picture of your organization’s contracting risks and opportunities. These insights save precious time and resources, and help cash flow management become a lot less complicated.
While this technology is not new, the need for a contract management solution is at a tipping point. More companies are realizing that contract accountability and transparency are necessary to meet regulatory and compliance standards. Organizations that have already embraced other cloud-based products understand the benefits of a seamless data environment, and see contract management as the logical next step in becoming a fully digital organization.
In short, forward-thinking companies are realizing that contract management as an enterprise initiative is no longer a “nice-to-have”—it’s now a “must-have.”
The Trends You Can’t Ignore
A recent Gartner study confirms that the challenges facing enterprises—higher velocity of business, employee self-service, governance, risk and compliance requirements, merger and acquisition, digitization, increasing complexities in procurement, diverse sales and licensing models—are driving the demand for smart, agile contract management solutions.
It isn’t possible to accommodate the growing demands of our increasingly digital, “need it now” world without a comprehensive, holistic approach to contracts. “Business as usual” is not an option, because in business, it’s always better to be ahead of the curve.
Get Ahead of the Risk/Reward Curve with ICM
Rome wasn’t built in a day, and neither are enterprise technology initiatives. As we tell our customers, “Start right, and scale right.” But the key idea is to start.
We designed the Icertis Contract Management (ICM) platform to introduce complete transparency and visibility into your entire contracting process. ICM increases your business velocity while reducing contractual risk and unlocking the full financial value of your contracts. And you’ll be up and running in no time—because our solutions integrate with your on-premises systems in about 10 percent of the time required for other contract management systems, without deep IT involvement.
ICM also adapts to your workflows, for faster adoption and minimal disruption. And regardless of your business size, type, or contract volume, you’ll see immediate benefits across your organization.
ICM is a complete, configurable, scalable platform that offers:
End-to-end contracting automation for all contract types
Risk and compliance management
Business rules automation
Effective clause and template library management
Sourcing and invoicing collaboration portal
Channel and vendor payment compliance
Real-time reporting and analytics
The ICM platform moves your organization beyond a transactional approach with a fully integrated system that provides valuable insights that scale with your business and help realize the full value of your contracts.
Get to know Icertis and why we’re the leading provider of contract management software in the Cloud. Fortune 500 companies choose Icertis for our fully configurable and scalable contract management platform. How can we help you with your contract management needs? Contact us to learn more.
Icertis Is a Leader in Gartner’s First Magic Quadrant for Contract Lifecycle Management
Icertis is proud to be named a Leader in the first ever Gartner Magic Quadrant for Contract Life Cycle Management (CLM) based on its Completeness of Vision and Ability to Execute. Gartner evaluated 12 vendors on 15 criteria and positioned Icertis furthest right for its completeness of vision.