Manufacturing sector has evolved in the last decade with the introduction of new technologies, dynamic supply chains, and shift in regulations. The companies in this sector are finding it challenging to stay competitive and compliant while processing large volumes of contracts, many of which are third party supplier contracts. They need to be agile in order to maintain positive customer and supplier relationships, which are mainly governed by contracts.
Smart contract management solutions can make companies achieve their goals through integrated, automated contracting and informed decision making.
A boom in the manufacturing sector and introduction of new and stringent regulations means larger volumes of contracts all needing to be accurate, error-free, and compliant. Without smart contract solutions, these companies find it challenging to draft contracts quickly and meet all compliance clauses, regulations, and obligations. Lack of visibility into contracts often leaves companies in the manufacturing sector exposed to missed obligations and payments, as well as delays in renewals.
Furthermore, manual contracting has limited scope for inter-departmental collaboration or system integrations. This leads to delays in contract processing, increases back and forth of contract documents, and can lead to higher procurement costs, discontent vendor and supplier relationships.
iContract – Enterprise Contract Management Software for Manufacturing enables organizations to streamline all contracting processes, reduce risks, and design a better compliance management framework:
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