Across industries and in our global economy, procurement contracting has expanded significantly. Procurement officers are tasked with sourcing and managing the acquisition of all goods and services for their company or government department, as well as authorizing and negotiating renewals and terms. This is a tall order with many variables and challenges to consider. So how can procurement officers keep everything straight and what tools can they use to make their job a bit easier? ContractRoom offers the perfect solution for procurement professionals. Below are a few ways that ContractRoom has transformed procurement contracting.
You Win, I Win, We All Win – A procurement officer assesses the needs of the company and chooses suppliers based on those carefully analyzed needs. This requires solid knowledge of the inner workings of the business and a keen ability to negotiate contracts with the best interests of the company in mind.
Once a supplier has been chosen, ContractRoom provides procurement officers and managers a software interface that enables nearly 100% automation of the negotiation process – making 10x+ faster and safer.
ContractRoom provides a digital contract lifecycle management platform where all negotiations are carried out collaboratively in real time. Regardless of whether you’re in your office or on the go, the cloud-based ContractRoom software lets all parties hash out terms and conditions with the click of a button. Also with a 1 click process, key contract terms can be approved or adjusted without the need for back and forth emails and confusing redlined documents.
For the procurement officer, using ContractRoom to negotiate supplier contracts virtually, efficiently and cooperatively is a game changer. And all the history and data is kept in one place so nothing falls through the cracks.
Track Record – When a procurement officer chooses a supplier, negotiates the contract, and (e)signs on the virtual dotted line, it may seem that their job is done. But obligation management is ongoing.
At times, it’s necessary to look back at a supplier’s contract terms. With ContractRoom, this is easily done. All contracts are archived for convenient access and key dates, including contract renewal dates, are included as reminders to whomever was assigned that task. When personnel changes happen, those reminders still exist in the virtual archive and can be accessed by the replacement, without the guesswork or frustration of not knowing who did what when.
ContractRoom capabilities include an analysis of how each supplier is doing in terms of fulfilling their contractual obligations. Data captured by ContractRoom can also be analyzed to assess changing company needs and make adjustments as necessary, with updated terms executed just as easily as the initial contract negotiations.
ContractRoom is a wealth of information for the procurement staff, offering total transparency, accuracy, efficiency and follow-up. This is supply chain quality assurance 2.0.
For procurement officers and their staff, any tool that increases productivity and accuracy and helps businesses run smoothly is most welcome. ContractRoom was designed to be the “smartest” solution eliminate contracting nightmares. The design works, and obligation management is forever transformed because of it.
Schedule a demo with us to learn how we are transforming procurement contracting process for several Fortune 500 corporations – with global operations.