The Spend Matters 50 Providers to Know/Watch lists recognize both the best-in-class providers and exciting innovators in the procurement and supply chain space.
Spend Matters' recognition of Icertis, the leading provider of enterprise contract management software in the cloud, underscores the increased focus procurement organizations are putting on contract management.
Sourcing and procurement departments play a strategic role in controlling spend and managing supplier and contractual risks in their organizations. In today's business climate, they must think creatively to increase savings and draw insights from suppliers in an increasingly complex supply chain. Strategic sourcing processes that improve compliance, reduce risk and strengthen supplier collaboration result in increased sourcing performance and savings. And of all the processes associated with a procurement-supplier relationship, none are more foundational than contracts, dictating every dollar in and out of an organization.
Modern Contract Management Software Improves Sourcing Outcomes
Contract management software responds to these challenges by streamlining the source-to-contract process. Contract management solutions allow all supplier contracts to be housed in a central repository, increasing visibility and minimizing risk. Organizations can establish an automated sourcing process where buyers can get key insights on suppliers before they engage with them—for example, by assessing non-compliance or business risks based on already executed contracts.
Once the suppliers are engaged, buyers can negotiate terms that are already approved by the legal team, accelerating negotiations, dramatically increasing compliance and reducing risk. Suppliers can participate in reviews and respond to requests and negotiations in real-time through a secure collaboration portal, reducing the overall process cycle time.
Icertis Innovates for Sourcing
The Icertis Contract Management (ICM) platform is designed to make it easier for procurement professionals to negotiate better deals and ensure supplier compliance.
In addition to the recognition from Spend Matters, Icertis has also been named one of Gartner's "Cool Vendors in Procurement and Sourcing Technology" and has helped numerous Fortune 500 companies and multinational enterprises increase commercial compliance, enhance productivity and improve contractual governance—thus strengthening supplier accountability and increasing the bottom line.
Powerful-yet-simple tools help manage requests, speed RFx processes, and monitor compliance – all through an intuitive dashboard that procurement teams can adjust to fit their individual roles or working styles.
The workflows and approvals in the Icertis platform are fully configurable, allowing authorized users to quickly and easily adjust policies and processes without requiring custom software development or additional resources. And a secure, permissions-based collaboration portal simplifies negotiations and speeds time to contract. All of this leads to improved efficiency and productivity, freeing your team to spend less time on paperwork and more time thinking strategically.
Spend Matters' recognition of Icertis demonstrates the huge benefit these features carry for procurement organizations. Want to learn more about how Icertis is helping companies corral spend with faster, safer processes? Contact us today.