With so many departments relying on Procurement for resource and service agreements, Procurement teams are often put in a contracting bind. When you factor in that most Procurement contracts are on third-party paper, things like manually reviewing contracts, identifying unfavorable terms, addressing bottlenecks in the contract approval process, and locating different types of supplier agreements become unique challenges.
So how does Procurement overcome these challenges? With a Contract Lifecycle Management solution that seamlessly integrates with other Procurement solutions, such as Coupa, of course! Now, Procurement teams can easily transfer data between the two applications to streamline workflows, accelerate contract cycle times, and improve obligation tracking. Here's three ways our Coupa integration can take your Procurement contracting to the next level:
TRANSFER DATA SEAMLESSLY
No more manual data entry or tracking from system to system. All spend management data, as well as vendor and supplier information found in Coupa, can be accessed directly within Malbek. At the same time, you can easily view vendor and supplier agreements directly within Coupa. It’s a win-win! You Can:
- Access supplier information and contract data right in Malbek
- Expedite data flow without technical or custom coding requirements
- Exchange data fields within Coupa for procurement terms or vendor and invoicing details
ACCELERATE CONTRACT CYCLE TIME
With so many different types of agreements to manage, it can be difficult to find consistency in drafting and approvals. With Malbek, you can easily configure data workflows that will automatically select and populate the correct contract template, whether you’re dealing with a purchasing, vendor, or sales agreement. You can:
- Seamlessly exchange data between Coupa and Malbek during contract creation and authoring
- Automatically populate contracts with supplier or vendor data stored in Coupa
- Configure data workflows for each agreement type to accelerate contract drafting
IMPROVE OBLIGATION TRACKING & CONTRACT VISIBILITY
Mismanaged or overlooked contract obligations can cost an organization between 9%-15% of annual revenue. With Malbek’s Coupa integration, you’ll have more visibility into where each contract is in its lifecycle and can easily notify key stakeholders when a record has been updated or changed. You can:
- Notify users when a record is updated or changed
- Remind key stakeholders of upcoming contract milestones
- Ensure data accuracy and timeliness for important obligations
Learn more about how Malbek accelerates contracting velocity for Procurement teams.
