Evidence Compliance, Eliminate Risk, Control Contracts
Posted on: 12/02/18
What lessons have we learned from the recent collapse of the British multinational facilities management and construction services?
Compliance and Risk Management has become a higher priority than ever, and your Procurement Department is on the front line of managing that risk.
Improving how you manage risk can actually provide reduced costs, a continued focus on core capabilities and increase in business growth and innovation while managing risks associated with supplier relationships.
Wondering how you can reduce risk in your contract management process?
Simply by asking your business three questions related to third-party exposure, you can gain meaningful insights into risk management efforts that can improve overall decision making;
- Does your business have full inventory of its contracts and agreements?
- How does your company know that your relationships comply with the agreements in place?
- How do you identify all relevant third parties and manage the over effort?
All three questions highlight all to common issues we have encountered ourselves when helping clients gain the control they desire with contract management.
Good news, our Accord Contracts Management System is here to help your team reduce costs, deliver value and mitigate and eliminate risk.
Accord is an advanced contract information management and reporting tool with a supplier intelligence function that tells you as much as you need to know about your suppliers, contracts and what needs doing next; holding your key clauses, including review dates, end dates, and terminations dates in one central secure location.
We find most businesses do have some types of contract management system in place, however they are typically not suitable for the business and lack the functions and capabilities businesses need to really get their job done. Not only are businesses stuck in unreliable system and possibly error filled spreadsheets; some are using low tech storage facilities such as filing cabinets which is ultimately makes it impossible to extract important data quickly and easily.
Accord Digital Dashboarding: Improve everyone’s visibility of the progress throughout. Store and manage contracts data in one central, searchable repository so your Procurement Team; gain greater visibility, can run reports and identify opportunities to fuel negotiation efforts and capture more revenue.
To improve the management of a contracts lifecycle and relationship and agreements made with suppliers, Accord can provide business with the functionality to track compliance. Over the years of delivering our contract management system, we understand that it is important to have full control of your contracts and agreements, adopting technology makes the procurement process that much simpler as well as efficient. Contract management system like Accord enable companies to determine business requirements and establish work practices around the management of contracts and supplier relationships.
Accord evidences due diligence: Ensure you can show flawless compliance to any internal or external auditors with a register of auditable activities and don’t miss a thing by automating alerts to your team to matters requiring attention.
There are issues of companies constantly on-boarding and terminating, as well as expanding or reducing third-party services, which results in large amounts of additional document management and risk management. A contracts management system that can manage a contracts life cycle and entire supplier relationship will facilitate with reduced costs and improve practices to ensure nothing gets missed.
Accord can reduce risks: Set approval workflows and templates, guaranteeing the organisations approval policies are respected and all necessary information and documents is included on every contract and each stage of its life cycle.
Your business can benefit from improving risk management by posing these three questions. To gain better control of data to in turn gain better control of risk areas in the business Accord Contracts Management can help your Procurement Team.
Want us to show you how our contract management system can drive more visibility, performance and compliance throughout the procurement process?
Contact us for more details or you could arrange a free, no-obligation tour from the comfort of your desk via webinar.