Top Analyst Tech Review on Exari: 7 Must Haves for Contract Management
Digitizing Contract Lifecycle Management
In today's technological world, cloud-based contracts are becoming more and more essential to enterprises. It is vital to be aware of the potential risks that may arise in the process of producing a contract. On the surface contract management can seem simple but when different components are interjected such as third-party relationships, contract management without digitization can become a challenge. Therefore, it is important to implement a process that reduces risk and increases the speed for document creation and management.
Exari differentiates itself from competitors by not only focusing on procurement contracts but also enterprise contracts. Exari’s contract lifecycle management platform solves problems for many different industries from asset management, to banking, to healthcare, and beyond by empowering them with an intuitive, contract creation wizard with 100% compatibility between templates and workflow management. In this Technology Review by Spend Matters, you will learn about 7 solutions to Contract Lifecycle Management that Exari can help you achieve, according to the analyst firm.
Improve Your Contract Management Process
These 7 must-haves reduce the chances of errors and guarantees a safe contracting process, and are important to consider when evaluating a contract management solution.
- In many companies, individuals have trouble getting a contract started. With the powerful interview of Exari DocGen™ it is easy to get the ball rolling. It’s contract creation Wizard can walk a user through the process of creating a contract by entering appropriate metadata and selecting any appropriate clause variations from a clause library which includes various templates. This allows enterprises to give any user access to begin a step by step self-service process with little to no risk.
- Every company has their own set of standards and requirements. With the template creator companies can define as many contract elements as desired. Paired with Exari’s Universal Contract Model™ (UCM™) you can uniformly map all data from every contract type, so you always have full visibility into the prevailing terms, allowing you to make better, strategic decisions on the fly with accurate terms.
- Exari Vision, driven by artificial intelligence and a machine learning engine, can instantly import and capture data from third party, legacy or new agreements. In an instant, entities can extract, and identify important elements such as date, counterparty, and value.
- How quickly can you search for a clause in your contracts? With Exari it could happen in seconds. Exari structures each contract and all associated and related addendums, documents, and templates into organized ‘sites’ allowing for easy access with just a click of a mouse.
- Exari prides itself in its speedy process enabling companies to access everything in the Exari instance. The Administrator Dashboard permits enterprises to quickly search and find. If that isn't enough the Advanced Search Screen can locate contracts by keywords or category.
- Normally, contracts are passed through departments via email or a shared drive, however this process is prone to more mistakes. There are thousands of errors that may occur and hurt the company in the long run. Site creator allows entities to create one per department or a combination of groups. This way companies can be sure everyone is seeing the most recent updated versions of any contract.
- The contract process does not end once all parties sign on the dotted line. There is still more work to be done. Exari’s Compliance Manager aids entities by scheduling alerts and contract renewals. Enterprise Contracts such as sales contracts, leases, and partnership agreements often need renewals at a specific time, with the compliance manager you’ll never forget about a contract again. Also, entities can monitor any changes that may have occurred over time.
With Exari’s contract management platform, entities can increase renewal rates and continue generating revenue while decreasing overall risk throughout their portfolio with AI-driven analytics. These tools make it easier for enterprises to successfully create and maintain contracts with 100% certainty. To read the full 2018 Spend Matters Technology Review on Exari, please click here.