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The mobile, social, and analytics capabilities built into modern best practices have enabled organizations to dramatically improve contract creation process. Create contracts from a library of standard terms and conditions. Review, modify, and approve deviations via a secured collaboration platform. Determine contract effectiveness and improve contract negotiation with analysis linked to purchase transactions. Use the following best practice as your roadmap to a more strategic, efficient, and data-driven contract creation process.
Create contract through guided authoring or by assembling preapproved standard terms and conditions.
Enforce policy compliance with mandatory validation and approval. Maintain contract quality with templates formatted for consistent printing and electronic transmission.
Capture revisions during authoring and negotiation. Recognize important deviations from standard policies and route approval automatically.
Route contract through approval hierarchy based on preset rules. Manage e-signatures.
Gain fulfillment visibility by linking contracts to execution documents such as agreements and purchase orders. Track deliverables via status update or transaction summary.
Automate order creation from contract suppliers. Monitor leakage via dashboard driven view of contract utilization vs. terms, leakage, and key performance indicators.