Enterprise Contract Management Can Save You from Poor Contract Visibility
Here in Boston, we’re used to getting hit with major winter snow storms. It’s a New England ritual to head out to your car before work and start scraping layers of ice and snow from the windshield. If you’ve ever found yourself in this situation you know you’ll take any shortcut to keep your fingers from freezing. The ice will melt once your heater kicks in, right? Poor visibility, I hate to admit, is a risk most of us are willing to take.
Fast forward to your workday. Regardless of your job, there’s a good chance that the work you’re doing is underpinned by terms and conditions that define the work you do or what you’re owed. It’s safe to assume that these agreements were carefully drafted and negotiated by lawyers, but is that enough? Do you need to know what’s contained in every contract? How about all revenue-generating contracts? Can they be terminated by customers and in what situations? What happens if we’re faced with a regulatory or tax change? Do we have any leverage over our suppliers to ensure we’re able to meet the obligations we have to our customers and if we don’t what happens?
These are just a few of the questions that Exari’s enterprise contract management customers say they want easy and accurate answers to – and there are so many more. Until now most companies have simply filed their contracts in locked drawers and secure file systems with very little visibility into what they actually mean.
So, is poor contract visibility irresponsible, dangerous, or irrelevant? I suppose the answer is, “it depends,” right? Not every contract is mission critical and not all relationships are at risk. However, if you’re like most of Exari’s customers you do have a core set of contracts that do matter and the fact is that Executives and Boards of Directors care very much about the risks, obligations, and protections that are contained in those contracts. Until now it simply hasn’t been possible to treat contracts like data, but what if there is a better way?
At Exari, our enterprise contract management platform has an elegant and powerful solution to this problem and we call it the Universal Contract Model™ (UCM™). The UCM, for the first time in history, takes away the pain of understanding contracts and puts the right data into the right employee’s hands quickly and easily. Only with Exari can companies leverage the power of their contractual relationships to increase revenue, reduce risk and increase efficiencies.
The data that lives within your contracts is your true golden source, either helping you track your risk to properly manage and make better-informed decisions in a crisis, or infect you with risk, such as fines or cause for termination. A true enterprise contract management platform is able to transform your contracts underlying text into actionable and reportable data. Data that you can track, analyze and constantly monitor instantly, whenever you so please.
Last week, we announced the latest release of our platform, version 7.1. I’m confident that this is a game-changer for our enterprise contract management customers that expect 100% certainty about their contract terms. If you’re interested in learning more, you can read about the release here. If you have any questions, please feel free to send us an email to firstname.lastname@example.org and we’ll be sure to get right back to you.
So, next time you’re faced with an icy windshield, take the time to clean it off. Until then, consider what you would gain if you could transform your corporate contracts into data used to better manage risk and make you more efficient – it’s easier than you may think.