Contract Management Challenges for Transportation Companies
Modern passenger and freight transportation companies compete in a heavily regulated business environment and rely on complex partner and customer programs to ensure quality service and loyalty. They also manage complex supply chains to procure the goods and equipment necessary to fulfill their mandate. And contracts underpin this entire industry.
In working with some of the world’s largest transportation companies, Icertis has identified a number of common contracting challenges:
- Fragmented contract management practices make compliance with government regulations difficult, especially in scenarios where multiple jurisdictions may come to bear
- Public-private partnership scenarios carry increased scrutiny into business operations and corporate governance
- Manual workflows and data entry make management of complex interlining agreements, loyalty programs and other ongoing commercial agreements time-consuming and error-prone
- Purchasing and maintaining equipment like airplanes, locomotives and ocean-liners require complex supply chains, with purchase terms captured across thousands of contracts
- A lack of integration between contracts and other systems hinders enforcement of terms that are contingent on market forces—such as the price of fuel
- Legacy contracts dating back decades can be impossible to locate in case of a legal dispute
If left unaddressed, these challenges have the potential to lead to dissatisfied customers, costly non-compliance, and higher procurements costs.
Icertis Solutions for Transportation
Icertis has implemented Contract Lifecycle Management (CLM) solutions for some of the world’s largest transportation companies, leveraging the ICM platform combined with our powerful suite of applications.
While the ICM solution is ultimately configured for each customer, our CLM for transportation capabilities include:
- Enterprise-wide contract management that gives companies centralized control over what clauses go into contracts across the world, ensuring compliance and providing deep visibility into active contract language in case of regulatory changes
- Streamlined processes for managing partner and loyalty program contracts, which greatly reduces administrative overhead and eliminates need for double entry of data
- Deep integrations with ERP, CRM, POS and other systems to allow for data to both “push” and “pull” into the contract management platform, automating enforcement of contract terms tied to commercial and market conditions
- Rich sourcing functionality to enable companies to manage the entire source-to-contract process from the ICM platform, helping them get the best price and contract terms during negotiations and track warranties and other guarantees over the lifetime of the procured goods and material
- Deep search functionality and AI-assisted digitization of legacy contracts to enable companies to quickly search across thousands of documents so that no contract goes unfound
Icertis’ transportation 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.
Interested in digital transformation across your company? Icertis partner CloudMoyo’s Rail Transportation Management (CRTM) suite empowers railroads to digitalize their core operations, revenue functions, and asset and crew management processes. Powered by a sophisticated optimization engine, intelligent algorithms, advanced analytics and AI/ML, CRTM offers enterprise-wide operational visibility to streamline operations, reduce costs, and drive efficiency as railroads look to accelerate digital transformation within their companies.
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