Supplier Contract Management
Supplier contracts enable companies to ensure that their suppliers/ vendors are providing products/ services in conformance with pre-defined expectations around quantity, time, quality, cost, and other key parameters. Companies that manage their supplier contracts effectively are able to reduce supply risks, optimize costs, better manage and measure supplier performance, and minimize misunderstandings and miscommunications with their suppliers.
However, supplier contract management is often challenging because in many organizations, contract data is scattered across multiple systems, networks, and locations in various formats. This decentralized approach can result in several issues such as redundancies if the changes made to the terms and conditions in one contract type have to be manually repeated across all the contracts within that category. Moreover, many companies still manage their supplier contracts through a manual, paper-based approach which is not only time-consuming, costly, and cumbersome, but also unsustainable.
MetricStream Supplier Contract Management Software Solution
MetricStream provides a centralized solution to manage all supplier contracts across the global enterprise. The solution streamlines the contract management lifecycle - right from contract initiation and creation, to contract negotiation, implementation, amendment, review, approval, and reporting. It also provides a common Web-based repository to easily store and search through all contracts.
Different workflows can be set up to manage various supplier contracts - be it Services Agreements, End User License Agreements, Location Agreements, Training Agreements, Hosting Agreements, Buying Agreements, or Real Estate Contracts. A multi-channel workflow capability helps in seamlessly routing each contract to the appropriate stakeholders for review, approvals, amendments, or renewals. The solution also enables stakeholders across various departments and business units to easily collaborate with each other and with suppliers on various contract task assignments. Automated notifications and reminders keep the process on schedule, and help trigger escalations when due dates are not met. In addition, powerful analytics, dashboards, and reports help in tracking each contract throughout its lifecycle.
Key Benefits of the MetricStream Solution
- Strengthens supplier contract management through a centralized, integrated approach
- Maintains all global contracts in a single point of reference for quick access and search
- Provides enterprise-level visibility into the contract management process through advanced dashboards with drill-down capabilities
- Improves transparency and accountability by mapping each contract to the appropriate suppliers, stakeholders, policies, risks, and controls
- Enables easy cross-referencing between various contracts
- Reduces turn-around time through reusable contract templates and structures
- Helps ensure security through robust role-based access controls
We have established a common point of reference to assess, score, and track sustainability initiatives across suppliers worldwide.