Contract Essentials seamlessly integrates contract management into broader vendor risk efforts
Prevalent, Inc., the company that takes the pain out of third-party risk management (TPRM), introduced Contract Essentials, a SaaS solution that centralizes the distribution, discussion, retention and review of vendor contracts, while leveraging workflow to automate the contract lifecycle from onboarding to offboarding. With Contract Essentials, procurement and legal teams for the first time have a single solution to link with broader vendor risk management programs, and improve business owner participation in the contracting process.
“There are several reasons why managing contracts can be one of the most frustrating and time-consuming parts of vendor management,” stated Alastair Parr, senior vice president of global products and services for Prevalent, Inc. “It is an extremely manual process, which involves back and forth negotiations through email where version control is a complete nightmare. Contract Essentials gives organizations the ability to do away with spreadsheets and endless back and forth communication, which will not only cut down on costs but dramatically reduce risk to their organization.”
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Today’s organization must move quickly to ensure they have the services and products in place to stay competitive. Current contracting processes are time consuming, inefficient and are avoided by many teams and business units to minimize operational roadblocks. However this limited visibility into contracts by the procurement and legal teams results in increased costs and business risk. Prevalent Contract Essentials provides the needed visibility, ensuring that organizations are further protected from third-party risk management threats. Prevalent Contract Essentials key benefits include:
- Simplify the Process of Managing and Chasing Dates and Other Key Attributes
Contract Essentials enables procurement and legal teams to centrally track all contracts and contract attributes such as type, start and end dates, contract value, reminders and status, with customized views based on their role. With the ability to customize reminders, for example that a contract is expiring, teams across the enterprise have visibility to reduce the risk of missing important details.
- Add Structure to Vendor Contract Management to Eliminate Manual Processes
Contract Essentials starts by standardizing contract intake and onboarding by offering a web based form with built-in templates or an API to ingest vendor contract data from other systems. Customizable workflow then automates the progression of contracts through their lifecycle – from negotiation and terms to signatures and review – with workflow based on contract type. As part of this workflow, procurement managers can assign and track tasks such as automated reminders or overdue notices against contracts, maintaining clear communication with all involved parties.
- Unify Third-Party Vendor Risk Management
Contract Essentials is part of a holistic third-party risk management platform, enabling organizations to centralize the management of third-party security, privacy, business, financial and contract risks in a single enterprise-wide solution backed by a common risk register, risk scoring, remediation and reporting. This approach not only closes previously unseen risk gaps, but improves operational maturity as well.
- Improve the Contracting Experience to Encourage Business Owner Participation
Contract Essentials leverages role based permissions that allocates responsibilities, access to contracts, and read/write/modify access. This granular permissions model gives users the ability to only see components relevant to them. Combined with workflow, tasks and discussion tracking, business owners can now quickly understand where their contract is in the lifecycle and be full participants in managing the vendor.
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