Contract Management in the Cloud
Tips and Technology for Efficiently Managing Agreements
© 2013 BidSync Proprietary and Confidential
2
Sean Parry
Vice President of Marketing
BidSync
Marlene Bauer
Sr. Vice Presid...
© 2013 BidSync Proprietary and Confidential
4
Mission Statement
At BidSync, we strive to
help our customers save
money and...
© 2013 BidSync Proprietary and Confidential
5
BidSync at a Glance
Proven Value Reliable ROI
1,000+
Customers
(and growing!...
© 2013 BidSync Proprietary and Confidential
6
Customer Highlights
Wiley ISD
PUBLIC SECTOR HEALTHCARE EDUCATION
Denton Coun...
© 2013 BidSync Proprietary and Confidential
7
Integrated, End-to-End Solution
© 2013 BidSync Proprietary and Confidential
8
Today’s Agenda
Situation / Needs
Challenges
Top Tips for CLM Success
© 2013 BidSync Proprietary and Confidential
9
• Do more with less
• Provide information
transparency
• Mitigate risk
• Ens...
© 2013 BidSync Proprietary and Confidential
10
• Poor visibility to
contracts
• Maverick contracts
• Process deficiencies
...
© 2013 BidSync Proprietary and Confidential
11
• Deploy an automated
Contract Lifecycle
Management (CLM)
solution
• Cloud-...
© 2013 BidSync Proprietary and Confidential
12
TOP TIPS FOR CONTRACT
MANAGEMENT SUCCESS
Concepts and Practical Applications
© 2013 BidSync Proprietary and Confidential
13
1. Manage your Contract
Portfolio and Create Visibility
© 2013 BidSync Proprietary and Confidential
14
• Contracts are Assets
• The Foundation of Your Relationships with Supplier...
© 2013 BidSync Proprietary and Confidential
15
Maintain High-Level Visibility to Contracts
1. Contract Management & Visibi...
© 2013 BidSync Proprietary and Confidential
16
Drill Down View into Contract Record
1. Contract Management & Visibility
© 2013 BidSync Proprietary and Confidential
17
Track the Contract Family (e.g., Master, SOW, Change Orders)
1. Contract Ma...
© 2013 BidSync Proprietary and Confidential
18
Benefits
• Improved decision making
• Greater transparency for those who ne...
© 2013 BidSync Proprietary and Confidential
19
2. Manage Key Dates
Electronically
© 2013 BidSync Proprietary and Confidential
20
• Termination dates
• Notice dates
• Milestone dates
• Auto-renewal dates –...
© 2013 BidSync Proprietary and Confidential
21
Use Alerts to Manage Contract Renewals
2. Manage Key Dates Electronically
© 2013 BidSync Proprietary and Confidential
22
Event Alert for Upcoming Milestone Target Date
2. Manage key dates electron...
© 2013 BidSync Proprietary and Confidential
23
Manage Upcoming Renewals
& Avoid Unwanted Auto-Renewals
2. Manage Key Dates...
© 2013 BidSync Proprietary and Confidential
24
Event Alert for Upcoming Milestone Target Date
2. Manage Key Dates Electron...
© 2013 BidSync Proprietary and Confidential
25
Benefits
• Cost avoidance (unwanted auto-renewals)
• Access to info / produ...
© 2013 BidSync Proprietary and Confidential
26
3. Standardize and Automate
Your Form Contracts
© 2013 BidSync Proprietary and Confidential
27
Strategic Value of Standard Forms
• Mitigate risk by ensuring you always st...
© 2013 BidSync Proprietary and Confidential
28
Optimize Your Standard Forms Make Forms Efficient
• Content: Standardize si...
© 2013 BidSync Proprietary and Confidential
29
Managing your Standard Forms in an automated system
ensures the most curren...
© 2013 BidSync Proprietary and Confidential
30
Merge Fields can be used in your contract form to avoid
duplicate data entr...
© 2013 BidSync Proprietary and Confidential
31
Wizard questions drive inclusion or exclusion of specific
terms to the Stan...
© 2013 BidSync Proprietary and Confidential
32
Benefit
• Reduce business risk by optimizing process/tools to enable
favora...
© 2013 BidSync Proprietary and Confidential
33
4. Use Workflow Automation to
Manage Your Contracting Process
© 2013 BidSync Proprietary and Confidential
34
Processes
• Define/streamline your contract processes
• Communicate your pr...
© 2013 BidSync Proprietary and Confidential
35
Establish and control work flow to ensure necessary
processes are followed
...
© 2013 BidSync Proprietary and Confidential
36
Tracking
• Track your actions/negotiations on in-process contracts
for your...
© 2013 BidSync Proprietary and Confidential
37
Workflow steps provide visibility to current status of the
In-process Contr...
© 2013 BidSync Proprietary and Confidential
38
Benefits
• Visibility to processes
• Audit compliance
• Productivity / cycl...
© 2013 BidSync Proprietary and Confidential
39
5. Manage compliance with
your CLM system
© 2013 BidSync Proprietary and Confidential
40
• Regulations / initiatives
– Diversity goals and certifications
– HIPAA (H...
© 2013 BidSync Proprietary and Confidential
41
Manage IT project milestone targets and completion dates,
with associated p...
© 2013 BidSync Proprietary and Confidential
42
Track Diversity Spend as well as Diversity Status and
Certifications
5. Man...
© 2013 BidSync Proprietary and Confidential
43
Benefits
• Compliance, risk management (cost, reputation, legal,
viability)...
© 2013 BidSync Proprietary and Confidential
44
1. Manage Your Contract Portfolio & Create Visibility to
Contracts
2. Manag...
© 2013 BidSync Proprietary and Confidential
45
Questions
© 2013 BidSync Proprietary and Confidential
46
Thank You
MARLENE A. BAUER
SVP, PROFESSIONAL SERVICES
BIDSYNC / NOVATUS, IN...
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Top Tips for Automated Contract Management

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Marlene Bauer, SVP of Professional Services at Novatus, a BidSync partner, presented five “top tips” that guarantee to improve your experience with your CLM solution.

Watch the webinar here: http://www.bidsync.com/resources/webinar/webinar-05-30-2013-watch/

Published in: Education, Technology, Business
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Top Tips for Automated Contract Management

  1. 1. Contract Management in the Cloud Tips and Technology for Efficiently Managing Agreements
  2. 2. © 2013 BidSync Proprietary and Confidential 2 Sean Parry Vice President of Marketing BidSync Marlene Bauer Sr. Vice President of Professional Services Novatus Presenters
  3. 3. © 2013 BidSync Proprietary and Confidential 4 Mission Statement At BidSync, we strive to help our customers save money and build trust with their constituents by supplying best-of-breed e-procurement solutions, which provide efficiencies, compliance and transparency.
  4. 4. © 2013 BidSync Proprietary and Confidential 5 BidSync at a Glance Proven Value Reliable ROI 1,000+ Customers (and growing!) 97% Customer Retention 99.9% Uptime Rapid Deployment 700,000+ Vendor Database Savings
  5. 5. © 2013 BidSync Proprietary and Confidential 6 Customer Highlights Wiley ISD PUBLIC SECTOR HEALTHCARE EDUCATION Denton County Transportation Authority
  6. 6. © 2013 BidSync Proprietary and Confidential 7 Integrated, End-to-End Solution
  7. 7. © 2013 BidSync Proprietary and Confidential 8 Today’s Agenda Situation / Needs Challenges Top Tips for CLM Success
  8. 8. © 2013 BidSync Proprietary and Confidential 9 • Do more with less • Provide information transparency • Mitigate risk • Ensure compliance and auditability • Avoid over-spending • Realize the full benefit of the contract Situation / Needs
  9. 9. © 2013 BidSync Proprietary and Confidential 10 • Poor visibility to contracts • Maverick contracts • Process deficiencies • Lack of tracking of performance to contract terms Challenges
  10. 10. © 2013 BidSync Proprietary and Confidential 11 • Deploy an automated Contract Lifecycle Management (CLM) solution • Cloud-based solutions deploy quickly and are easy to manage (do not require your IT department) • Top tips to follow… Solution
  11. 11. © 2013 BidSync Proprietary and Confidential 12 TOP TIPS FOR CONTRACT MANAGEMENT SUCCESS Concepts and Practical Applications
  12. 12. © 2013 BidSync Proprietary and Confidential 13 1. Manage your Contract Portfolio and Create Visibility
  13. 13. © 2013 BidSync Proprietary and Confidential 14 • Contracts are Assets • The Foundation of Your Relationships with Suppliers • Create Visibility • Manage Contracts Globally as a Portfolio 1. Contract Management & Visibility
  14. 14. © 2013 BidSync Proprietary and Confidential 15 Maintain High-Level Visibility to Contracts 1. Contract Management & Visibility
  15. 15. © 2013 BidSync Proprietary and Confidential 16 Drill Down View into Contract Record 1. Contract Management & Visibility
  16. 16. © 2013 BidSync Proprietary and Confidential 17 Track the Contract Family (e.g., Master, SOW, Change Orders) 1. Contract Management & Visibility
  17. 17. © 2013 BidSync Proprietary and Confidential 18 Benefits • Improved decision making • Greater transparency for those who need to know • Productivity • Foundational step for all other goals of CLM – Risk mitigation – Supplier management – Contract optimization 1. Contract Management & Visibility
  18. 18. © 2013 BidSync Proprietary and Confidential 19 2. Manage Key Dates Electronically
  19. 19. © 2013 BidSync Proprietary and Confidential 20 • Termination dates • Notice dates • Milestone dates • Auto-renewal dates – avoid unwanted renewals • Use automated event alerts and other system tools to manage dates proactively 2. Manage Key Dates Electronically
  20. 20. © 2013 BidSync Proprietary and Confidential 21 Use Alerts to Manage Contract Renewals 2. Manage Key Dates Electronically
  21. 21. © 2013 BidSync Proprietary and Confidential 22 Event Alert for Upcoming Milestone Target Date 2. Manage key dates electronically
  22. 22. © 2013 BidSync Proprietary and Confidential 23 Manage Upcoming Renewals & Avoid Unwanted Auto-Renewals 2. Manage Key Dates Electronically
  23. 23. © 2013 BidSync Proprietary and Confidential 24 Event Alert for Upcoming Milestone Target Date 2. Manage Key Dates Electronically
  24. 24. © 2013 BidSync Proprietary and Confidential 25 Benefits • Cost avoidance (unwanted auto-renewals) • Access to info / productivity • Compliance with date-driven obligations • Decision support / ability to plan and forecast renewals / budget info 2. Manage Key Dates Electronically
  25. 25. © 2013 BidSync Proprietary and Confidential 26 3. Standardize and Automate Your Form Contracts
  26. 26. © 2013 BidSync Proprietary and Confidential 27 Strategic Value of Standard Forms • Mitigate risk by ensuring you always start with your desired terms/conditions • Provides strategic advantage in your negotiations – Makes a statement: we know contracts and we know what we want – Forces the other party to respond and react • Saves time 3. Standardize and Automate
  27. 27. © 2013 BidSync Proprietary and Confidential 28 Optimize Your Standard Forms Make Forms Efficient • Content: Standardize similar clauses across forms • Format: Utilize Word functions (styles, auto- numbering) • Version your documents for change management • Automate in a CLM system: – Make them intelligent forms – Reduce the number of forms and make them easier to manage through automation 3. Standardize and Automate
  28. 28. © 2013 BidSync Proprietary and Confidential 29 Managing your Standard Forms in an automated system ensures the most current version is used with no unauthorized modifications 3. Standardize and Automate
  29. 29. © 2013 BidSync Proprietary and Confidential 30 Merge Fields can be used in your contract form to avoid duplicate data entry 3. Standardize and Automate
  30. 30. © 2013 BidSync Proprietary and Confidential 31 Wizard questions drive inclusion or exclusion of specific terms to the Standard Form 3. Standardize and Automate
  31. 31. © 2013 BidSync Proprietary and Confidential 32 Benefit • Reduce business risk by optimizing process/tools to enable favorable contract terms 3. Standardize and Automate
  32. 32. © 2013 BidSync Proprietary and Confidential 33 4. Use Workflow Automation to Manage Your Contracting Process
  33. 33. © 2013 BidSync Proprietary and Confidential 34 Processes • Define/streamline your contract processes • Communicate your processes clearly and repeatedly • Use automation to drive your processes 4. Workflow Automation
  34. 34. © 2013 BidSync Proprietary and Confidential 35 Establish and control work flow to ensure necessary processes are followed 4. Workflow Automation
  35. 35. © 2013 BidSync Proprietary and Confidential 36 Tracking • Track your actions/negotiations on in-process contracts for your stakeholders: where is my contract? • Capture process footprints for audit purposes / evidence of your process and that it is followed 4. Workflow Automation
  36. 36. © 2013 BidSync Proprietary and Confidential 37 Workflow steps provide visibility to current status of the In-process Contract and establish an audit trail of process 4. Workflow Automation
  37. 37. © 2013 BidSync Proprietary and Confidential 38 Benefits • Visibility to processes • Audit compliance • Productivity / cycle time (identify the bottlenecks) • Mitigate business/contract risk by ensuring processes are followed 4. Workflow Automation
  38. 38. © 2013 BidSync Proprietary and Confidential 39 5. Manage compliance with your CLM system
  39. 39. © 2013 BidSync Proprietary and Confidential 40 • Regulations / initiatives – Diversity goals and certifications – HIPAA (Health Insurance Portability and Accountability Act) / privacy of medical info • Auditors – Process / separation of duties, financial stewardship • Compliance through contract visibility, process control, workflow tracking, standard forms, managed dates, etc. • Rights/Responsibilities – Avoid breach by complying with your responsibilities – Ensure vendor performance • Avoid Overspend – Track actual spend against contracted amounts 5. Manage Compliance
  40. 40. © 2013 BidSync Proprietary and Confidential 41 Manage IT project milestone targets and completion dates, with associated payments 5. Manage Compliance
  41. 41. © 2013 BidSync Proprietary and Confidential 42 Track Diversity Spend as well as Diversity Status and Certifications 5. Manage Compliance
  42. 42. © 2013 BidSync Proprietary and Confidential 43 Benefits • Compliance, risk management (cost, reputation, legal, viability) • Ensure value for expenditure (acceptance-based milestone payment schedule) • Avoid over-spend 5. Manage Compliance
  43. 43. © 2013 BidSync Proprietary and Confidential 44 1. Manage Your Contract Portfolio & Create Visibility to Contracts 2. Manage Key Dates Electronically 3. Standardize and Automate Your Form Contracts 4. Use Workflow Automation to Manage Your Contracting Process 5. Manage Compliance with Your CLM System Top Tips for Contract Management Success
  44. 44. © 2013 BidSync Proprietary and Confidential 45 Questions
  45. 45. © 2013 BidSync Proprietary and Confidential 46 Thank You MARLENE A. BAUER SVP, PROFESSIONAL SERVICES BIDSYNC / NOVATUS, INC. MBAUER@NOVATUSINC.COM +1.503.913.1009 WWW.BIDSYNC.COM WWW.NOVATUSCONTRACTS.COM
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