Contract Lifecycle Management
Contract Lifecycle Management (CLM) is the process of managing an organization’s contracts, right from initiation to execution, performance, and renewal/expiry.
Contact Lifecycle Management (CLM) software can help organizations with cost savings and efficiency. In addition to that, understanding and automating CLM could reduce an entity’s exposure to risk by minimizing the obligations and enhancing compliance with legal requirements.
Contract Lifecycle Management is undoubtedly a time-consuming process but also a critical activity in every enterprise. Automating major parts of this process could result in loss of important files and data, offer better access, and minimize errors by providing efficient and reliable service to the enterprise.
Each enterprise has its own methods and rules for managing contracts and contract lifecycles, but generally, there are 9 stages of Contract Lifecycle Management.
Quantum Contracts - A Contract Lifecycle Management (CLM) Software
Quantum’s Contract Lifecycle Management is an automated solution that streamlines the contract journey from creation to execution. Its integrated and effective contract management system will maximize contract utilization with an administered view of every contract to all teams and departments in your enterprise, including legal, sales, procurement, and finance.
Quantum’s CLM offers an intuitive yet powerful capability to handle all aspects of the contract lifecycle in a single place.
Why Quantum’s CLM?
–> With a central repository, easily find approved templates and clauses to create the appropriate contract and get a clear view of your current contracts.
–> Faster contracting and collaborative authoring and negotiation with effortless, intuitive document sharing capability with internal shareholders and suppliers.
–> Via Quantum’s contract analytics, performance and compliance tracking, and obligation management, you will be able to maximize your contract value.
–> With an in-depth view of performance throughout the lifecycle, you can start making smart decisions about your suppliers.
–> Artificial Intelligence (AI) automatically creates contracts, recognizes potential risks, and proposes alternative language and clauses during the authoring process.
Total visibility, collaboration, and performance across all phases of the contract lifecycle will maximize the value of your contracts. With Quantum’s contract management, you can meet your legal team’s requirements, ensure contract compliance, and notify procurement processes with correct contractual information.
Contract Lifecycle Management Software
Contract Document Management System
Contract Document Management system or Document Management software is utilized to manage the creation, negotiation, renewal/expiry, and data analysis of all legal contracts of an organization. It allows businesses to self-serve, agree, and manage all contracts from one centralized workspace.
Quantum’s Electronic Document Management system will let you have content under control, with effortless information governance and powerful GDPR compliance that can immediately translate to actual business benefits. You will be able to easily break down silos and enhance productivity, anywhere, with an efficient electronics records management system.
DocVault by Quantum Contracts lets you create master contract templates, which offer standardization. With clause builder, authorized users can easily add additional clauses and create new master contract templates that can be used across the organization. All contract versions are stored in DocVault and authorized users will have control over which versions they use. Your current contracts can also be stored in DocVault.
Purchase Order Management
Also referred to as Purchase Order Software, Purchase Order Management is a usual process followed by many organizations to ensure that every purchase is important, reasonable, and cost-optimized. Various organizations have well-established purchasing order management policies to ensure that employees or procurement teams follow the standard operating procedures before orders are completed.
Quantum’s comprehensive Purchase Order Management Software has everything you need to manage your purchase order process. You can easily customize its features to match your organization’s processes and requirements by using simple drag-and-drop functionalities along with the in-built formulae, conditions, and more for maximum efficiency and ease.
Invoice Management usually is an internal business function that is associated with procurement and is responsible for managing and processing invoices from suppliers. The Invoice Management Software helps the organizations with receiving the invoice, obtaining the invoice information, verifying the invoice information, approving invoices, and archiving the invoices for future references.
Invoice Management System from Quantum has an in-built communications hub that connects to each invoice which makes invoice management simple and seamless by letting shareholders collaborate and get answers to questions instantly. Our automated invoice management will minimize the time spent on manual, time-taking processes by using AI to automate GL-coding (General Ledger Coding), duplicate identification, notifications, and approval selection.
Report Builder offers an easy-to-use interface where suppliers will be able to create their own reports or run predefined reports. Suppliers can use the Report Builder feature to quickly consolidate the data across the lifecycle management tools and project areas. You can add the report to Quantum’s CLM dashboard or export it to a spreadsheet, PDF, HTML, or MS Word.
Rebate Analysis/Rebate tracking
With Quantum Contracts, you can easily incorporate rebate clauses into your master templates and track them whenever you want for every relevant supplier to adjust rebate discounts. This will let you manage rebate claims in a timely manner, reduce disputes, and increase cash flow and margins.
One of the effective ways for any business to increase its profit margin is by the successful analysis, creation, processing, and tracking of vendor rebates in its environment. If done properly, vendor rebate data is highly valuable as it assists organizations in better managing their supplier rebate programs by automating tasks that are needed to administer, track, and claim rebates that are earned.
A Gap analysis lets an organization determine how to best accomplish its business goals. It basically compares the organization’s current state and where it wants to be so that the management can act on facts, not assumptions. The analysis will highlight the four essential elements; strengths, weaknesses, opportunities, and threats.
With Quantum Contracts, businesses get a variety of forecasting features that can be customized based on their business. For instance, not only can businesses forecast total spend by commodity, category, division but also based on negotiated rates and effective dates of contracts. Spend forecasting can greatly enhance visibility into corporate expense, as well as drive performance improvement, contract compliance, and most importantly, cost savings.
With multiple savings projects going on simultaneously, tracking and reaching the aspired savings targets is easier said than done. But with Quantum Contracts, you can easily track projected contract savings against actual savings. Doing this is essential as large-volume sourcing changes could end up having a huge influence on your enterprise. Quantum Contracts seamlessly integrates with all areas of sourcing and procurement, letting your enterprise achieve additional savings.