Without performing a comprehensive audit and assessment of your organization’s contracts, your CLM, ERP, CRM or other deployment could be at risk of under delivering.
For existing enterprise application deployments or the deployment of a solution to manage the lifecycle of your organization’s contracts, your business case or projected return on investment (ROI), could be fundamentally flawed.
What about all those lost and hard to find contracts residing on network shares or other repositories? How will you ensure you’ve captured every piece of relevant information from those contracts – assuming you can find them? Without a complete, comprehensive and accurate view of the entire contract landscape of your organization, any CLM deployment is destined to under deliver and fall short of expectations. Whether or not you intend to deploy CLM, being unable to access, quickly and reliably, up to date contract related data in your organization’s key systems, such as Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Supply Chain Management (SCM) will impact performance and efficiency.
Hidden costs in long forgotten contracts equate to risk. Missing out on fulfilling your contractual obligations, or measuring your suppliers against theirs, also means contracts will not be working effectively, as intended. You need to tackle head on the ability to access all contracts, quickly, easily and perform essential analytics tasks. You need the complete picture, and a manual data extraction is an expensive, slow and non-repeatable exercise:
- Contracts exist in a variety of formats and locations making it difficult to establish a consistent and complete view
- Many contracts will be hard to find and will contain many obligations for your organization, as well as suppliers, making management reporting incomplete
- Tracking and maintaining ownership will be hindered, an incomplete understanding of the complete risk landscape can hold back decision making
A comprehensive contract audit, independent of any CLM or other project, can therefore be used to validate and benchmark the decision to deploy a CLM solution, support existing enterprise applications or improve the return on new initiatives.
Seal Contract Audit and Assessment.
Seal Software Contract Discovery and Analytics quickly locates and identifies contractual documents, extracting key contractual metadata such as contracting parties, contract dates, termination clauses, jurisdiction, right of assignment, pricing and discounting, penalty clauses, automatic renewal, beneficial terms and many more.
For specific Merger & Acquisition and Due Diligence based projects, Seal’s M&A pack can extend the metadata that is automatically extracted from contractual documents, to include change of control, non-exclusivity clause, Escrow, end of life, most favoured nation, limitation of liability, liquidated damages and many more.
Contract metadata, and contracts themselves, can then easily be uploaded to key operational systems such as ERP, CRM, CLM and SCM to provide the complete relationship picture. The ability to perform a contract migration from an existing application or electronic filing system, when conducted alongside a comprehensive contract audit, will ensure the best possible outcome – efficiency, accuracy and transparency of contract related activities to support business objectives.
Contracts can be analysed, providing clear and comprehensive reporting and analysis upon which informed decisions can be made. Contracts and the extracted data can be managed in Seal or exported to another CLM or other system.
Seal can then continue to monitor for new contracts, ensuring new contractual documents are also identified. This creates on-going Best in Class contract management for your organization.
Seal can be deployed and operational in a matter of minutes and producing results in just hours, processing potentially tens of thousands of contracts and related documents. Contract metadata can be uploaded to systems such as CRM, to provide the complete picture for users. Consequently, the payback can be rapid, improving customer service, reducing delays and improving the return on investment in such systems.
Using Seal Contract Discovery and Analytics to perform a Contract Audit and Assessment will ensure that any CLM or other enterprise deployment is effective from the outset. With the full contract landscape available to users, searching and filtering will be faster, more accurate and most importantly complete. Missing deadlines and obligations can ultimately be a costly mistake, before you deploy CLM, perform a Contract Audit with Seal Software.