Integrated Procurement - Repository Contracts Solution

The Evolving Contract and Procurement Processes

With rapidly growing Global Footprint of Organizations and increasing interactions between their Subsidiaries and Trading Partners on multiple operational fronts; there is an increasing need of streamlining the traditional contract processes and Come up with better coordination between Legal and Procurement teams for improved Contract Management and Contract reference on purchasing documents.

Sample Business Scenario:  An Organization may have a Supplier who sells materials and also provides Services; Same Supplier may also be a Customer as well.

More and More Organizations are trying to streamline their contract processes; While evolving the contract processes there is also need to store and maintain old Contracts references and Terms with advance search capabilities.

Why Need a Comprehensive Procurement / Repository Contract Solution

Most Businesses have manual and Isolated Process of managing Contract and correlating the Master Agreements and Child Documents and managing appropriate Terms and Conditions which resulted in below Challenges.

Challenges faced by Legal and Supply chain teams

·        Inability to create/Manage Link between Master Agreement and Child Purchasing Documents, Hence lot of communication time spend between, Buyers (Procurement) and Contracts (Legal)  teams.

·        Difference in Terms and Condition between Master Agreement and Child Purchase documents, Potential Legal Challenge.

·        No standard terms and Conditions template, multiple version of Draft template causing confusion.

·        Manual Process of updating terms and condition on Stand Alone Purchasing Documents, Resulting in reconciliation issues, and lack of transparency for legal team.

·        Time consuming means of Master Agreement review for Buyers.

·        Inability to maintain relationships between Contracts.

·        No effective Master Agreements Search mechanism, resulting in Time Consuming, ineffective Search of Contracts.

Solution Approach:

The Integrated Procurement / Repository Contract solution will leverage the Oracle Purchasing, Procurement Contracts and Repository contract Modules of Oracle application as the Core of Solution, extensions will be developed to achieve additional requirements and meet the GAPs.

Procurement and Repository Contracts Integration - Benefits:

·        Ability to create and manage the Contracts within Oracle and maintain a Link with Content Management tool (Eg: File Net, Share point Etc.).

·        Ability to reference the Master Contracts on Child Purchasing Documents.

·        Ability for the Buyers to View the Contracts in Read only mode, for better understanding while creating Purchase order.

·        Accurate Visibility to Historical Amendments, Notes and reference of a Contract and Improved Version management.

·        Ability to Capture and manage Important Contractual / Legal milestones with Effective Notification / Reminder system

·        Effective Expiry and Approval notification mechanism.

·        Manage Relation Ship / hierarchies/ Cross references within different Contracts.

·        Better and Accurate Reporting and Dashboard for Existing Contracts.

·        Ability to manage Internal and Supplier Contacts, relevant to Contract.

·        Ability to Upload Historical Contracts in the System using an automated and Easy to use Import mechanism.

·        Effective Management of Contract Templates, for Initiating Draft Contracts and potential Redlining capabilities.

·        Robust Access Control.

·        Effective Keyword/ Advance Search capabilities for contracts. Big time saving for respective teams.

·        Capability to Tag and Monitor High Risks Contracts.

·        Ability to Upload Historical Contracts in the System using an automated and Easy to use Import mechanism.

·        Effective Management of Contract Templates, for Initiating Draft Contracts and potential Redlining capabilities.

·        Contracts Authoring and Clause Management.

·        Capability to Automate Contract Routing procedures in Approval workflow in Future.

·        Ability to Author Contract with in oracle, and Modify the standard / Non Standard Clauses.

·        XML Publisher reports, for Contracts and all relevant Child documents.