Contract Management Software For Procurement Teams
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:
- Negotiating better deals with favorable terms and efficient execution
- Building stronger supplier relationships that ride on granular data visibility
- Getting the maximum value from existing contracts
AUTHORING
Create ready-to-go contract drafts in minutes
- Speed up contract cycle time by automating processes & workflows while standardizing language and templates
- Reduce reliance on legal to support predictable documents such as NDAs
- Reduce data errors with integration between iContract and your existing systems such as ERPs, source-to-pay, CRMs, collaboration and eSign tools
COLLABORATION
Negotiate better, execute faster
- Collaborate for reviews & approvals on a single platform while maintaining a tight audit history
- Mine and replace unfavorable language from internal or 3rd party drafts in seconds with Merlin AI
- Execute contracts through iContract’s secure eSign integration or through Zycus’ native Certinal eSign
VISIBILITY
Get granular visibility into contract data
- Digitize and make your legacy contracts actionable with Merlin Contract Discovery
- Create a single source of truth for all with iContract’s secure cloud repository
- Provide role-based access for internal individuals or teams for sensitive contracts
- Maintain amendments and SOWs clearly organized in a parent – child / master – sub hierarchy
INSIGHTS
Maximize value from executed contracts
- Never miss an auto-renewal or expiry with alerts and reminders set within iContract
- Get in-depth analysis on key contract metrics such as utilization, important dates etc. in the form of visual reports
- Automatically scan and track obligations using Merlin AI
Complete your future-ready procurement
tech-stack with Zycus' Contract Management Software For Procurement Teams
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.
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.
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.