This feature adresses both eProcurement and Corporate Compliance needs for quality management and auditing.
According to organization’s policies, it’s necessary to process some due diligence controls before starting a legal commitment. This is performed easily within Nova CLM and linked to any level of rules for contract production. For instance, for a new counterparty involved in Real Estate construction contract it’s necessary to provide economic guarantees before proceedings.
The Vendor & Counterparty Directory (VCD) provides a unique repository of counterparties, synchronized with ERP, and vendors, with roles and legal-oriented additional information (signing persons, legal referrers, etc).
This feature adresses both VRM (eProcurement) and CRM (Sales) and it’s named Nova RFx A.
For the eProcurement process management Nova RFx provides a parallel database of contacts and possible new vendors. With Nova RFx A the customer has the opportunity to classify these contacts with sets of customized criteria for creating invitation lists for tenders.
By combining vendor performace with contract metrics and the Vendor Benchmark information customers enhance their ability to better value their bargaign power and organizing, combined with Nova RFx B, specific tenders or RFQ for vendor replacement.
This feature adresses eProcurement and it’s named Nova RFx B.
Within Nova it’s possible to create Requests for Information (RFI), Requests for Proposal (RFP) and Requests for Quotation (RFQ) in a very streamlined process for corporate transparency and enhancement of bargaign power. This happens before signing agreements and enables the right path towards a new vendor deal.