Realize the maximum value of contracts with compliance tracking and integration across enterprise systems. Identify and manage risk throughout the lifecycle with proactive insights on risk and compliance.
Contract Risk Management
Identify and manage risk throughout the contract lifecycle. A configurable risk model helps track risks across different categories, such as financial, contractual, performance and third party. For procurement, use their contracts to examine their sourcing strategy to ensure they are not overly dependent on a single supplier.
On the sell-side, enforce “know your buyer” best practices to stay in compliance with international law. Look up and leverage internal data as well as external data, from sources such as D&B and Thomson Reuters, to determine risk scores, ensure proactive risk monitoring and increase visibility for stakeholders.
Cross-Agreement Relationships Management
Create rule-based relationships between contracts (e.g. MSA-SOWs) to better enable compliance-related activities, such as the enforcement of terms and roll-ups of SLAs and financials. Smart Links provide contextual access to related documents, helping users quickly understand the context around every project and agreement. This holistic view helps to:
- Reveal complex dependencies between contracts to anticipate and address potential bottlenecks
- Track potential liabilities by showing how the performance of one contract will impact other areas of the value chain
- Link buy and sell contracts to better address back-to-back contracting challenges
- Increase visibility across the value chain and drive alignment of terms
Commercial Contract Compliance
Achieve the full potential of negotiated contracts through better enforcement of commercial terms. The Icertis platform captures the terms of products and services, prices, discounts, rebates and incentives in a structured form. Integrate that data with enterprise systems and help enforce terms for better contract performance.
For sourcing, automatically check purchase orders against agreed upon contract language to detect incorrect billings issues. On the sell-side, automatically flow negotiated rebate and incentive information into financial systems for better visibility. Workflows ensure a review process to assess compliance before posting to financial systems for settlement.
Obligation and Commitment Management
Achieve better compliance for contract commitments by identifying, capturing, assigning and tracking the completion of tasks assigned to business owners—even with commitments involving third-party paper and complex commitments. Contract workflows that require input and/or approval from users across regions or business units can instantaneously be executed.
Using seamless Microsoft integration, create obligations from Word in addition to using the web interface. Leverage ICI’s intelligence to model even the most complex business rules, which automatically assign obligations to owners based on the characteristics of the commitment.