The new solution brings greater procurement and Contract Lifecycle Management (CLM) efficiency to customers
Focal Point, provider of an end-to-end enterprise procurement management platform, announced its contract lifecycle management solution for customers seeking an integrated intake-to-procure and CLM experience.
These improvements will drive substantial efficiencies across multiple departments, fostering a more streamlined and productive organizational environment.
As business leaders focus on maximizing value, the procurement function has been elevated to a strategic one, responsible for supporting business growth and improving the bottom line. Simultaneously, procurement leaders are interested in automating procurement processes across the function, increasing procurement process adoption and reducing organizational risk.
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Focal Point’s Contract Management solution brings operational visibility and efficiency to finance, accounts payable (AP), and procurement teams. Greater visibility over procurement efforts and contracts allows these teams to gain earlier and more comprehensive insights into planned expenditures, empowering them to identify and implement cost-saving measures more effectively.
Additionally, the solution bolsters IT and security departments’ ability to enhance compliance measures. At the same time, the legal team can now dedicate more time to high-priority contracts, reducing the need for extensive communication coordination.
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Contract Management features include:
- Powerful out-of-the-box contract layout
- Configurable metadata
- Document management
- DocuSign integration
- Approval workflows
- Renewals
- And more…
“With this solution, we are mitigating a pain point that came directly from our customers: the need for procurement and CLM tools to share data,” said Focal Point CEO Anders Lillevik. “These improvements will drive substantial efficiencies across multiple departments, fostering a more streamlined and productive organizational environment.”