All business relationships are based on contracts. Contracts measure quite often the efficiency of each business area (Purchases, Sales, Marketing, Legal, Finance, Human Resources, etc.) and ensure compliance with all applicable laws and corporate rules.
Each obligation, responsibility and expectation of a business deal is specified within contracts. There are many types of agreements and their growing complexity in a global scenario lead to the need of an effective method to control and verify the Contract during its entire life cycle.
Frequently, Contracts are still managed manually and in printed format, with a fragmented approach waste of time and energy high error rate and minimal interaction among the various company departments involved. The data included in the Contracts is held in paper format, inside boxes, or is available to a few individuals who have contributed to the negotiation and drafting or to managers in charge. The need, sometimes, to seek advice and help from an external legal specialist also increases the risk of spreading the information contained in the Contract.
This results in increased risks and costs, loss of earnings and, in some cases, reputation damage.
Each Contract may be the source of a risk (operational, financial, etc.) linked to different internal and external variables. These risks can be managed and minimized only if constantly supervised through specific methodologies and tools. The competitiveness of business organizations in a global market relies on a comprehensive Contracts Management that allows the control effectively Service Level Agreements (SLA), national regulations of various countries, warranties, insurances and the like, through a customized solution in accordance with the Enterprise Content & Management Systems already implemented.
This solution is Nova clm.