In the retail industry, paperwork is done daily for a large number of cashier operations. This traditional paper process leads to significant costs and generates some delays. There is a need for efficient centralization of contract documents by printing, signing, scanning, and storing them. Learn more about optimizing Contracts: https://aavenir.com/optimising-contract-management-in-retail-business/

1. Optimizing Contract Management
in Retail Business

2. Challenge
With a strong desire to grow and expand,
companies are dealing with an increased
volume of contracts with multiple third-party
vendors for sourcing products in different
countries. This increase in contract volumes,
without a suitable digital strategy and a
technology solution, sows the seeds for a
problem that only becomes apparent when it
becomes too large to handle. If there has been
a minor inconvenience in handling these
contracts, it may end up becoming a serious
crisis.

3. Why Contract Management Matters to
Retail Business?
● Highly fluid Retail market with tight margins
● Need of full visibility into vendor relationships and sales performance to reduce leakage and optimize
operations via Contracts
● Poor Contract Management can lead to ineffective sales programs, promotional budget leakage, and
delayed responses to competitive pressures
● Daily paperwork required due to large number of cashier operations leading to significant costs
(consumables, printing, and sometimes sending) and delays
● Need for efficient centralization of contract documents by printing, signing, scanning, and storing them.

4. “The retail sourcing and
procurement market is expected
to register a CAGR of 13%
during the forecast period
2019-2024.”

5. Top three common
Contract Management
issues in the Retail
Industry

6. #1 Limited Contract Visibility
● Prevailing challenge in Large retail companies
● Practice of storage in Outlook inboxes, local shared
folders, or even filing cabinets
● Difficult to detect Contract review issues

7. ● No systematic way to monitor how long a contract sits at
each stage and identify delays
● Difficulty locating the proper template
● Approval Bottlenecks
#2 Slow Contract Turnaround Time

8. #3 Lack of Contract Standardization
● Proliferation of contract clauses and templates in
circulation
● Need for reassessing the Contract
● Proofreading to minimize risk

9. Start Optimizing Contract Management using
Aavenir Contractflow
▪ Centralization: Consolidate all contracts including 3rd party paper contracts under a single, global, centralized
repository on Now Platform to better manage contracts.
▪ Flexible Workflow: Quickly upload 3rd party contracts and drive them through the entire process of review,
approvals, signatures, and managing renewals/terminations on a unified platform, thereby reducing contract
turnaround time.
▪ Powerful Reporting & Dashboards: Monitor in real-time – all contracts with pending approvals, pending
signatures, upcoming renewals/terminations, expired contracts, etc., and take immediate actions.
▪ AI-Powered Clause Management: Gain real-time acquisition guidance with intelligent comparison of previously
executed clauses to quickly identify acceptable redlines and nonstandard deviations and enable mass operations
to create, update, and terminate transactions using bulk utilities.

10. Get Free Resources
Contract Review &
Negotiation
Checklist
Free Download
Assess Contract
Management ROI
Test Drive
Contractflow
Know About
Contractflow
Check Other
Resources
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Free Demo Know More Explore Now

11. Our S2P Product Suite on ServiceNow
Visit: www.aavenir.com

12. Delivering
Future of Work
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