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Zycus recognized as a ‘Strong Performer’ in The Forrester Wave™: Contract Lifecycle Management, Q2 2023  Read More

Contract Management Software For Procurement Teams

Negotiate better terms of engagement, unlock better value from contracts and build stronger supplier relationships with Zycus iContract​

Zycus iContract – the CLM solution of choice for global procurement teams

Maximize value from vendor agreements with Zycus iContract

Procurement is expected to deliver strong bottom-line results by maximizing contract value realization and finding savings opportunities. ​​

With iContract, procurement teams can aid their primary objectives by:

AUTHORING​

Create ready-to-go contract drafts in minutes​

COLLABORATION​

Negotiate better, execute faster​

VISIBILITY​

Get granular visibility into contract data

INSIGHTS

Maximize value from executed contracts

Complete your future-ready procurement
tech-stack with Zycus' Contract Management Software For Procurement Teams

Leverage Zycus’ integration expertise from decades of successful implementations and effortlessly integrate with systems critical to your procurement team’s operations​

FAQ's

Contract management software such as iContract can help procurement teams strengthen supplier relationships, extract better value from existing contracts, and negotiate better terms for new contracts.

Enhanced visibility into contract data helps procurement teams monitor and improve the performance of any contract or any contracted supplier effectively. Procurement can view and manage contract utilization, open obligations, and compliance metrics in real-time, helping them prioritize contracts and suppliers that need their attention.

Procurement teams can also reduce expenditure by plugging contract leakages. Contract management software such as iContract provide complete visibility into upcoming contract expiries and auto-renewals. This way procurement teams are never caught off-guard.

For new engagements, procurement can efficiently collaborate with internal and external parties on a single platform. AI-powered contract authoring platforms such as iContract help with not only collaboration, but also AI suggested inputs on risk contract drafts carry. With these inputs, procurement can proactively mitigate risk and ensure the language being signed is compliant with the enterprise’s risk appetite.

Artificial intelligence driven CLM solutions such as Zycus iContract help procurement teams identify and digitize contract metadata accurately, compare contract drafts with internal approved language and highlight risk hotspots and suggest replacements for language that is high risk.

With these capabilities, procurement teams can not only mitigate risk before signing the contract, but they can also maximize value from fully digitized legacy contracts. All this can be accomplished in seconds, reducing errors and manual effort in the process enabling procurement teams to focus on the strategic rather than the tactical.

Contracts that auto-renew without any action are the most easily addressable sources of revenue leakage possible. Not only does the company lose revenue on such contracts, but they also lose any possibility of negotiation before the contract is renewed again.

Once digitized, all key dates related to a contract are automatically turned into alerts by iContract. Procurement teams responsible for such contracts can also set alerts and reminders themselves.

The most effective approach to ensure compliance with organizational standards is to standardize the contract language across the enterprise. iContract allows teams to set up an exhaustive clause and template library that stakeholders across the enterprise can use to create contracts. To ensure compliance with ever-changing regulations, the team just needs to keep their templates up to date.

For compliance in the post-award phase, procurement teams can use iContract to continuously monitor and manage key contract metrics with the help of ready-to-go reports that flag any compliance deviations. Procurement teams can utilize these reporting capabilities to conduct regular compliance audits and take corrective action with suppliers wherever necessary.

iContract integrates with a multitude of applications ensuring there is correct data flowing between systems and users don’t need to access multiple applications for the same contract.

For procurement users, apart from Zycus’ own industry leading source-to-pay suite, iContract integrates with major buy-side applications, ERPs, collaboration tools and digital signature tools. Zycus’ unique iSaaS approach ensures iContract integrates with the most complex of systems with up to 80% lesser effort from the customer’s IT team. This helps procurement teams to get going with their CLM implementation much faster than other providers in the market.
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