Facilitate the efficient flow of transactions, foster strong supplier partnerships, and minimize risks
To help you simplify your contract management, optimize cost control, and improve the performance of contracts, EffiGO has built a versatile contract management system that allows users to create, review, negotiate, and sign contracts electronically within a centralized repository for storing and organizing contracts.
Manage Contracts With Ease, Efficiency, And Compliance
Poor execution of contracts and their management can cascade to a loss of up to 9% of top-line revenue. You need sophisticated contract management systems to avoid this and simplify how your team manages all contracts.
Automate your contract management with EffiGO to accelerate and achieve the true value of your contracts.
Progress Towards Advanced, More Organized, And Automated Contract Management
Centralized Procurement
Helps off-contract spending by directly channeling business spending and procurement through established purchasing arrangements.
Efficient Compliance
With sophisticated contract management systems, you can avoid inaccuracies and non-compliance issues.
Comply with Terms
Further, it helps ensure that your suppliers and licensees adhere to your contract and payment terms.
Procure Effectively And Drive Maximum Value From Every Contract
Gain Visibility Across The Entire Contract Lifecycle
- Manual/auto contracts creation from sourcing
- Track milestones and deliverables
- Track contracts utilization
- Define confidentiality and access permissions
- Track advances and security deposits
- Custom notification and alert settings
- Convert contracts to catalogs
- Convert contracts to purchase orders
Ensure Successful, Collaborative Procurements
Manage Procurement Risks with Controls
- Mitigate procurement risks with automated controls and alerts for potential issues
- Minimize the potential for costly errors and non-compliance issues
Data Integrity and Controlled Access Permissions
- Secure, centralized storage and controlled access to contract data
- Ensure the integrity of contract data and protect it from unauthorized access
Audits and Logs of All Activities
- Get detailed audits and logs of all contract-related activities, such as who reviewed or signed a contract, when it was reviewed or signed, and any changes made.
Effective Procurement Governance
- Tools for monitoring and reporting contract management activities help implement and maintain effective procurement governance
- Automate compliance process and conduct contracting activities consistent with established policies and procedures
Visibility in Compliances and Utilizations
- Maintain compliance with regulatory and legal requirements related to contracts
- Real-time data on contract utilization to help identify issues and take corrective action
- Manage large and complex contracts with complete visibility of their performance
Automate Creation to Approval
- Streamline the contract creation and approval process by providing digital tools for authoring, reviewing, and signing
- Reduce the time and effort required to create and approve contracts
- Improve the accuracy of the information on contracts
Highlighting Customer Success Stories
FAQs
What is contract management and why is it important for procurement?
Contract management is the process of creating, negotiating, executing, and tracking contracts between parties. It involves managing the entire life cycle of contracts from their creation to their expiry, ensuring compliance with contractual obligations and managing risk. In procurement, contract management is crucial as it helps organizations establish and maintain positive relationships with suppliers and ensure that contracts are fulfilled in a timely and efficient manner. Effective contract management can help organizations achieve cost savings, minimize legal and financial risks, and improve supplier performance.
Can the system handle different types of contracts, such as service contracts or purchase agreements?
The system is designed to handle various types of contracts, including service contracts, purchase agreements, non-disclosure agreements, lease agreements, and more. It can help manage the entire life cycle of these contracts, including creation, negotiation, execution, and tracking.
Can I customize my contract templates and fields to suit my specific requirements?
We offer customisable contract templates and fields that can be tailored to meet your specific business requirements. You can create your own templates with standard clauses and fields that can be used to streamline the contract creation process and ensure consistency across contracts.
Can I set up approval workflows for contracts?
You can set up approval workflows for contracts. You can create a customised approval process that fits your organisation’s needs and ensures that all necessary stakeholders are involved in the contract review and approval process.
Can the system integrate with my eRFx or eAuction module to create contracts based on the bidding process?
The platform can be integrated with your eRFx or eAuction module to create contracts based on the bidding process. It allows you to seamlessly transition from the sourcing process to contract creation, ensuring that contracts are created quickly and efficiently.
Can I track the status and expiration dates of my contracts using the system?
Yes, the system provides real-time visibility into the status and expiration dates of all contracts, allowing you to track contract milestones and deadlines. This helps you stay on top of contract renewals and expirations, minimising the risk of non-compliance and missed opportunities.
Can the system generate reminders or notifications for upcoming contract renewals or expirations?
You can generate reminders or notifications for upcoming contract renewals or expirations. You can set up automated alerts and notifications that will keep you informed of key contract dates and deadlines, ensuring that you stay on top of your contract obligations.
