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A random audit of procurement contract processes at a global insurance and financial services company determined that some contracts did not contain the language required for compliance with federal and/or state mandates. At the same time, the company became concerned that the information necessary for proper management of vendor contracts--and for satisfying the needs of the senior executives within the organization--was not readily available. They reacted swiftly to remedy these issues, creating a provider governance department that was responsible for the entire lifecycle of buy-side contracts. This department, in turn, implemented Selectica CPM to facilitate improved governance over the entire contract lifecycle.
Benefits Snapshot:
- Generates reports in 15 minutes that used to take weeks
- Facilitates repository searching on any of 140 data points stored for each contract
- Allows contracts to be added to the repository swiftly and inexpensively via fax and OCR
- Provides all stakeholders with fast access to contracts and associated documents
- Generates alerts when contracts are ready for renewal
- Allows contract renewal options to be leveraged
- Enables contract fields to be added retroactively to contracts to ensure compliance with changing regulations
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