CONTRACT MANAGEMENT
Eliminate off-contract spend by channeling business spending and procurement directly through established purchasing arrangements.
cuSPEND offers a versatile contract management software solution to optimize cost control and improve the performance of contracts. Use the option to negotiate terms using RFP / RFQ forms, or simply improve contract lifecycle management by storing stand-alone agreements in the contract repository.
When created digitally, contracted procurement documents are commonly referred to as e-contracts. Because details like timeframes, quantities, and financial amounts are automatically synchronized, e-contracts are the best way to simplify supplier information management throughout ongoing purchasing arrangements.
See the the steps below to learn more.
Plan
Handle contract drafting and carry out a detailed contract management plan.
- Prepare a contract management plan by comparing contract prices against goods and services listed in your item master database, and make use of the budget planner tool to improve cost forecasting as you develop your strategy.
- Improve procurement collaboration by messaging your team and suppliers with details directly through cuSPEND. Contract drafting includes the ability to upload and attach external files to define the statement or scope of work associated with your contracts.
- Third-party risk is a hot topic issue for regulators. Mitigate risk by building a list of approved suppliers optionally including hundreds of pre-approved vendors in the fiSAVE™ network. Review information from supplier evaluation reports and vendor scorecards to verify the quality of your contract sources before committing to an agreement.
Document
Create and store e-contracts to enhance contract lifecycle management.
- Store e-contracts and service subscriptions directly in the contract repository, or send them to suppliers first if verification is required. Define start and end dates for your contract services to receive automated renewal notifications.
- Print out and sign PDF versions of documents from the contract repository to confirm that terms have been confirmed and agreed upon. Upload and attach signed contracts and other procurement documents to keep track of all files associated with certain purchasing agreements.
- Optionally send RFP / RFQ forms when negotiating to establish ideal contract lifecycles and terms. Use a suite of e-sourcing tools to track the status of your procurement negotiation process, and receive notifications as suppliers respond.
- Choose from different types of contracts to track things such as time and material arrangements, or general monetary amounts to optimise material and/or service contract management. Select the contract tools that will work best for your intended purchasing plan.
Order
Create purchase orders from the contract repository to improve cost savings.
- Employees can use a flexible purchase requisition system or create purchase order forms (also referred to as “production orders” when created from a contract) directly from deals that are stored in the contract repository.
- Access a convenient e-contract dashboard to review items ordered, delivered, and remaining in your purchasing arrangements. Share established contracts with co-workers to secure procurement cost savings.
- Use general contracts to establish monetary amounts and timeframes, even when certain goods and services aren’t agreed upon or specified during the procurement negotiation process.
Track
Track contract performance with many other useful procurement tools.
- Automatically document procurement as each transaction made from a contract is stored in that contract’s purchasing history. Further increase spend control by associating transactions with certain departments and projects (or cost centers).
- Maintain your contract management plan by tracking details like remaining item quantities and outstanding monetary payments. Submit supplier evaluation reports at anytime to create an efficient contract performance assessment reporting system.
- Use cuSPEND’s other procurement tools like the delivery management system to ensure all goods and services are received on time as well as manage inventory distribution across departments and cost centers. cuSPEND’s guided work-flow provides a straightforward way to complete the 4-way accounting match, process e-payment and post GL & cost center allocation to your core.
Renew/Terminate
Make informed decisions with efficient contract performance management tools.
- Simplify contract lifecycle management by receiving notifications when purchase agreements or subscriptions are due to expire. Contract management tools include the option to propose changes to agreed terms when submitting contract renewals to vendors.
- Measure the performance of contracts to see if they align with expectations, and terminate underperforming contracts to improve and control procurement cost savings. All transactions from terminated contracts are saved, allowing for a hands-off contract documentation process.
- Make confident strategic planning decisions by using your stored procurement analytics to create custom spend spend analysis reports. Promote ongoing planning, evaluation, and spend management as you continue to make optimizations to your contract management plan.