Rapidly evolving competition, dynamic global supply, shifting regulations are a few examples among several faced by Manufacturers. Common challenges include fragmentation of contract storage across multiple departments, Poor integration of Contracts with critical Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Procedure to Pay (P2P) systems.
To process large number of contracts, many of which are Third-Party supplier contracts, companies are finding it very difficult to remain compliant.
Further, contracting challenges such as spam sourcing, sales, and corporate contracts are often left unaddressed leading to higher procurement costs, costly non-compliance, discontent vendor -supplier relationships.
Smart contract lifecycle management solutions can help manufacturing companies achieve their goals faster.
With TLC’s Contract Lifecycle Management (CLM) Platform, users can easily track contracts and the details thereunder from a secure central repository. Because of the digitized contract management process, the user can easily access the clause library and make changes to the standardized contract as per the need.
This platform eases tedious obstacles such as review and approval cycles and empowers employees to complete basic contracting tasks themselves, within delineated guidelines.
Furthermore, this platform also allows manufacturers to constantly check thousands of complex contracts against various laws and regulation and one can easily make any changes to such a contract.