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Certain businesses inherently require a large number of contracts to be regularly executed on the buy as well as sell side. The involvement of multiple stakeholders with differing interests – commercial teams, legal teams, and suppliers/ customers – results in numerous handoffs and lack of ownership of the contract. This lack of ownership can often lead to communication gaps, lack of visibility, delays, and even missed opportunities. In today’s fast-paced business environment, turnaround times are critical. Once the commercial terms have been agreed with suppliers, customers or other business partners, converting that agreement into a formal contract is a necessary step before the actual business relationship commences. Any delay in this process could lead to missed opportunities which can often prove costly. With this business expediency in mind, companies tend to decentralize the contracting activity. This, however, results in lack of control in every respect, right from the use of non-standard templates, to the acceptance of terms that are less favorable or even those that expose the company to unacceptable risk, to unauthorized signatories executing contracts. To know how we solve for these challenges, download our solution overview document now |
