With the Icertis Contract Management (ICM) platform, leading energy companies and utilities are adopting enterprise contract management software to optimize business operations, streamline collaboration, and improve compliance.
Contract Management Challenges for Energy Companies and Utilities
Today’s energy companies are globally dispersed and rely on a diverse array of vendors and distributors to compete in a highly regulated marketplace. At their core, these business relationships are governed by contracts.
In working with some of the world’s largest energy companies, Icertis has identified a number of common contracting challenges:
- A lack of visibility into complex contract operations impedes efforts to optimize performance of infrastructure asset management and sourcing, drive energy savings and control costs
- Client-provider relationships are governed by strict but complex master agreements, raising risk of missed obligations
- Legacy systems and operational inefficiencies slow deals and cause leakage
- Fragmented processes and lack of integration between contract management systems and other enterprise systems cause terms negotiated during sales cycle to not be included in final contract
Ultimately, we find that energy companies and utilities face a broad set of contract challenges that span infrastructure and sourcing, risk/obligation management and collaboration with multiple stakeholders. If left unaddressed, these challenges can put energy providers at a competitive disadvantage, expose companies to serious regulatory compliance risks and lead to dissatisfied customers.
Icertis Solutions for Energy Companies and Utilities
Icertis has implemented enterprise contract management solutions for some of the world’s largest energy companies, leveraging the Icertis Contract Management (ICM) platform combined with our powerful suite of applications.
While the ICM solution is ultimately configured for each customer, our implementations for energy companies typically include:
- Role-based data access that allows only those with the right permissions to see sensitive contract information
- Deep tracking and reporting on contract performance to drive savings and compliance
- Full obligation tracking to ensure contract entitlements are realized (and vice-versa)
- Robust APIs to allow integration into enterprise processes
- A collaboration portal to drive seamless communication and workflow with vendors, customers and other contract partners
Icertis’ energy and utility solutions offer unmatched benefits across the entire enterprise. We handle all contract types, have integration adapters for other enterprise systems, and can ensure that companies continue to maximize the value of their contracts long after each one is signed.
Learn More from the Industry Experts
Featured Solutions for Managing Energy and Utility Contracts
Within the ICM product portfolio, these solutions enable energy and utility companies to drive even more value from their contracts.
Gain complete visibility into sourcing events, with analysis of bids and proposals.
Extend access to
ICM for more effective collaboration.
Significantly reduce risks by improving visibility into, and compliance with, all obligations.