Stay on top of your contracts and your obligations
Do you ever wonder whether you control your contracts, or the contracts control you? By simple mapping of dates and obligations in KMD WorkZone CLM you get the upper hand of your daily work schedule and your organization gains control. Regardless of whether you are working on the buy-side or sell-side of contract management.
Contract lifecycle management (CLM)
The discipline of working with contracts has many sub disciplines and many functional roles. But one aspect is key throughout the entire lifecycle: the ease of access to exact data on the contract in all its dimensions. The dates, the numbers, the materials, the obligations, the changes, the parties. All these aspects - and more - must be accurately recorded and traceable for the success of contract lifecycle management.
This is easier said than done. After the rush of finalizing a contract the work of extracting milestones and dates must commence to ensure the fulfillments of obligations and deliverables. KMD WorkZone CLM offers a powerful yet simple and intuitive tool to keep track of material, dates, parties and to-do’s in one place. Throughout the lifecycle of a contract from initiation to exit.
Be in control of your contracts
Contract holders often have a manual and individual set of methods to monitor their contracts. A combination of contract material saved on drives, dates kept in spread sheets and parties in a third place. But what you want is the signed contract material, the relevant parties and the important dates all in one place. This is the backbone of KMD WorkZone CLM: to enable the close connection and easy navigation from drafts, to e-mail communication, to authorizing partners, to signed contract material to hand-over to the operations and the contract/delivering teams. The history and logging are safely stored in KMD WorkZone CLM ensuring continuity even months and years after key actors have left the organization.
Another pain is the template management. How do you make sure that a new contract is agreed on the latest version of the template? Everyday practice is to find a recent contract, change the entries and re-use it. But what an organization really wants is to have one authoritative location for templates. By using the simple logic in KMD WorkZone CLM the users can order a contract by a simple request, or you could use the workflow to place the correct template in the context of a new contract folder.
KMD WorkZone CLM takes the make shifts solutions out of contract management and replaces it with best practice.
Stop losing track
Even though you know in general terms what your responsibilities are most people appreciate a kind reminder that a task is due. Sometimes you need a reminder 6 months before, 3 months, 1 month or 1 week before a task is due. Sometimes you are responsible, sometimes your unit is, sometimes someone outside your unit is responsible; and on top of this you might be dependent on somebody else fulfilling a task. Have you lost track now? You need not worry. KMD WorkZone CLM enables you to keep track of your ‘million’ to-do’s by visualizing them in widgets on the dashboards – and of course this also applies to the tasks of other resources in your organization.
Be an organizational success
The extreme flexibility of KMD WorkZone CLM allows your organization to be in charge of the adaption pace. Do you prefer baby steps or a big bang? It’s your decision. A rule of thumb would be to keep it simple for a start, get to know the capabilities in the platform, say goodbye to old habits and darlings, and then gradually work your way into the more advanced use-cases and modules. By getting a head start the likelihood increases that your organization takes on the new CLM system to the depth, extend and quality you were aiming for. And henceforth the likelihood of the intended ROI is met – and of course the ambition of being in control of your contracts.
The capabilities with KMD WorkZone CLM in brief:
- Document storage and retrieving
- Document audit trail
- Contract/Document classification
- Operational and strategic use of data and metadata for datamining, analysis etc.
- Workflows for creating, ordering, amending and approving contracts
- Widgets and reminders to keep track of obligations
- Pre-configured and customizable interface
- Multiple and configurable dashboards
- Connecting relevant contract parties inside and outside your organization
- Governance for roles, rights and access
- Export reports to excel and PowerBI
- Self-service module for internal and external dialogue
- Template module for contract creating by Templafy
- API for integration to other vital systems