Smart Contract Initiation

Contract initiation

Accelerate speed to market with self-service contract initiation that has templating safeguards set by legal. A seamless experience that is integrated with your existing line-of-business applications enables no-touch contracting to help with the contract management process.

Flexible organizational modeling enables the configuration of agreement relationships (parent-child and peer-to-peer with rules support), dynamic workflows, multi-org architecture for global matrix organizations, and well-designed contract management software that incorporates tools for contract initiation.

Self-Service Contracting

Achieve faster time to revenue, improve cycle times and significantly reduce legal operating expenses by empowering business users to create contracts in self-service mode. With the ICI platform, administrators can help set up clauses, templates, and business rules that govern the contract creation process by users. Once business rules and clause and template libraries are established, business users can safely and easily initiate their own contracts and contract management actions, reducing administrative overhead and accelerating the contracting process. An easy, intuitive user interface encourages easy usability and productivity by any front-line user.

No-Touch Auto Initiation

Enable no-touch contract creation within line-of-business systems like CRM, sourcing, and procurement. The Icertis contract-creation API can connect to sell-side and buy-side processes to take input and auto-build contracts based on defined business rules.

Business users have a better experience because they can work with contracts from within their familiar application environments.

Bulk Contract Creation

Save time and improve productivity by enabling contracting teams to mass upload contracts, with the help of an advanced Microsoft Excel Add-In or API. The utility is ideal for the intake of contracts involving offline transactions, along with their supporting documents. For example, sourcing teams can upload pricing sheets from potential vendors, which then flow into contracts to both reduce the time to build sourcing contracts and ensure those contracts correctly reflect prices proposed during the RFx round.

Sales teams can easily bundle all the contracts needed to finalize a sale, including MSAs, SOWs, Pos, etc. In addition, the API also pushes contracts to different enterprise systems such as ERP and eProcurement for initiating POs or service orders in bulk.

Intuitive Request Wizard

Improve contract negotiation and ensure a structured flow of information between business and legal with intuitive request forms. Legal can easily set up forms to extract the required information from users when requesting a contract, customized so that legal is not requesting information from users that they don’t have access to.

These intelligent, easy-to-use forms ensure that the correct data and documents are captured, and then guide requests through a workflow and review process that automatically identifies the right expert or group to work on each contract. Both business users and legal are saved time thanks to the ease of use, and risk is reduced thanks to standardized workflows.

Conclusion

Smart contract initiation is essential for the success of an organization's contract management process. With the right contract management system in place, contract managers can achieve greater efficiency, visibility, and higher value for their organizations.

Icertis Contract Intelligence (ICI) helps enterprises extract greater value through all stages of their legal agreements, improving bottom-line metrics and delivering measurable business value. To learn more, schedule a demo of Icertis Contract Intelligence today.

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