Contracts are the engine of commerce; an agreement between two or more parties that captures business and commercial terms and conditions. All organizations use contracts, however, not all organizations manage them as effectively and strategically as they should.
Most contract management systems use four axes to define their functional areas (Gartner, 2009):
Authoring: Assembling a contract based on templates and pre-defined clauses
Execution: Signing a contract manually or with an e-signature
Boilerplate: Using third-party paper and managing the metadata associated with such contracts
Support/Administration: Managing projects and tasks during the lifecycle of the contract
The Icertis Contract Management (ICM) System not only does a great job of implementing this baseline functionality, but adds another two major axes to take contract management from a tactical need to a strategic investment:
Compliance/Governance: Ensuring adherence to internal or external statutory and regulatory guidelines
Risk Management: Identifying risk associated with a single contract or across the body of contracts
At Icertis we understand the need to analyze and minimize contract related risk, and empower businesses to effectively manage compliance.
These six key axes of Icertis Contract Management assist enterprises in maximizing revenue, reducing costs, managing risk, and ensuring compliance for all supplier, partner, customer and vendor relationships.
Icertis Contract Management's (ICM) robustness helps customers cover a wide range of contracts from procurement to corporate contracts that supports all departments with a horizontal solution. These include buy side or sell side contracts, vendor contracts, MSA’s and SOW’s, M&A contracts, etc.
Icertis Contract Management has not been reviewed by any customers.
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The views and opinions submitted and expressed here are not those of Microsoft.