Enforce Compliance and Mitigate Risk with Emptoris Contract Management
Global companies are operating in an increasingly competitive, volatile and risky environment. As a result, ensuring strong corporate governance, enforcing compliance to growing regulation and managing risk have become even more critical, complex and challenging.
One core function that influences and even dictates success across all your core areas of responsibility is contract management. Contracts, of course, are the foundation of most key business relationships and impact legal, operational and financial performance. The average Fortune 1000 company maintains 20,000 to 40,000 active contracts—and up to 52% of these contracts are non-compliant to legal or corporate standards, according to research by the Aberdeen Group.
The Emptoris Contract Management solution has been proven in the world's most demanding corporate environments to:
Mitigate Risk and Enforce Compliance
With the contract management solution, you not only can monitor risk, but proactively mitigate risk. Contract libraries and contract creation wizards allow the legal department to control contracts while still empowering sales and business unit managers. Only those contracts or changes you've deemed necessary to review are routed for the appropriate approvals. Many leading Global 2000 companies integrate their contract management solutions with financial and operational systems to ensure that actual contract data is used to enforce compliance in those systems.
Increase Legal Productivity
With ever increasing pressure on legal budgets, the contract management solution enables the efficient creation, negotiation and approval of contracts, freeing up your legal department to focus on the most strategic matters. Research studies reveal that these systems can cut 30% to 50% of attorney time on contracting matters, and can expedite contract closings by up to 40 days.
Gain 100% Contract Lifecycle Visibility
By far the most common reason Global 2000 companies have implemented contract management solutions is to gain global visibility into contracts and the contract lifecycle. Relying on paper contracts and spreadsheets is simply inefficient and risky. Knowing who, what, where, when and how much for every contract or class of contracts is now centralized, electronic and immediately accessible—from contract creation, negotiation and approval, to tracking milestones, renewals and contract analysis.
Transparency and Accountability
Beyond Emptoris Contract Management, there are significant legal, risk and compliance benefits in the rest of solutions in the Emptoris suite. Emptoris Sourcing provides a transparent and auditable process for selecting suppliers and vendors. Emptoris Supplier Lifecycle Management provides a central solution to monitor, assess and improve supplier and vendor services and relationships, including the ability to monitor supplier risk and financial health. Emptoris Services Procurement provides a single solution to manage and ensure compliance to international, federal, state and local regulations and corporate policies for all outside contractors, contingent labor and third-party service providers.
Discover How to Mitigate Risk and Enforce Compliance with Emptoris
To learn more about how Emptoris can help you mitigate risks and enforce compliance, call 1-855-391-2561—or contact us to schedule a complimentary consultation.