With so many departments relying on Procurement for resource and service agreements that they need and expecting it yesterday, procurement is often put in a contracting bind. They can have a reputation for taking a long time, but often it’s an unfair one and a byproduct of inadequate contract management systems.
Dealing with third-party paper is difficult because it may contain terms and conditions that are non-preferred and requires manual review each time. This can open up areas of contract risk for your organization and delays.
A modern contract management solution can help identify, assess, and suggest more optimal terms and conditions and achieve a more successful contract outcome.
Modern problems require modern solutions and procurement’s day-to-day challenges are no exception. Tracking risk, searching for specific clauses, and finding existing contracts for vendors are all issues that a modern contract management solution, like Malbek, can help with so that procurement teams can work smarter and not harder.
By storing contracts in an easily searchable repository, flagging unfavorable terms, and seamlessly managing the contract approval process, procurement can get back to what matters most – securing the resources that the organization needs.
If you’ve ever felt like you needed a fast, transparent, and modern way to manage your contracts, Malbek Contrax is the right option for you.
Benefits of Contract Management in Procurement
Seamlessly intake third-party paper contracts
Utilize AI to track, tag and assess unfavorable clauses and terms
Integrate seamlessly with Coupa and other procurement solutions