“Analyzing modifications and tracking usage patterns across multiple contracts improves how businesses perform because contract changes have a cumulative effect on the bottom line,” said Kevin Potts, SVP of product management at Emptoris.
Burlington, MA (PRWEB) May 18, 2011
Recognizing Global 1000 executives’ demands to optimally strengthen their contract portfolios while minimizing risks, Emptoris, Inc. ("Emptoris"), a leading provider of strategic supply, category spend and enterprise contract management solutions, today unveiled its next-generation Emptoris Enterprise Contract Management (ECM) 8.2. ECM 8.2 features robust reporting, obligation management and enhancement to the existing Microsoft Word integration to include MS Word 2010. The new functionality allows users to automate and optimize contract management activities for better overall contract results leading to increased revenue.
“Analyzing modifications and tracking usage patterns across multiple contracts improves how businesses perform because contract changes have a cumulative effect on the bottom line,” said Kevin Potts, SVP of product management at Emptoris. “Additionally, as each contract represents a distinct business relationship with many goals, automating the process of ensuring all obligations are met ensures business objectives such as savings and revenue targets, as well as risk mitigation, are achieved.”
Immediate Access to Latest Compliance & Regulatory Reporting
Offering relevant insights into operational compliance and regulatory reporting, Emptoris Suite Reporting for Contract Management delivers instant visibility into the organization’s adherence to business processes. The application, built on SAP BusinessObjects, enables users to validate and verify proof of controls and significantly reduces time and costs associated with audits. Users can track which clauses are modified frequently, how many are impacted, and the monetary impact of the changes. Operational performance can be analyzed, enabling organizations to identify inefficiencies or incorrect practices and allow the initiation and ongoing monitoring of corrective action. For more information on Emptoris Suite Reporting, see the press release issued on April 28, 2011.
Obligation Management Helps Deliver Full Contractual Value
The contents of any contract are vital to describing agreed-upon business terms, insurance parameters, milestone dates, service levels, discounts, penalties and more. As failure to meet these obligations can result in missed savings, heavy fines, litigation, supply chain gaps and other repercussions, Emptoris now offers Obligation Management with alerts and actions that can be triggered based on contractual conditions, eliminating the need for time-intensive, manual tracking. Alerts offer the following capabilities:
- Send recurring notifications via email to individuals and/or groups
- Trigger actions within the application, e.g., a task can appear in a user’s Contracts Dashboard, requiring the user to perform a contract review at particular intervals
- Generate pre-populated forms for a more strategic, periodic account review with specific processes
- Tie the approval and review cycles to the pre-populated forms to ensure that all necessary actions are completed
Microsoft Word Integration Enables Productive Contract Authoring
With Microsoft Word (MS Word) serving as a preferred platform for developing contracts, Emptoris provides a live connection between Emptoris Contract Management and the latest release of Microsoft Word, MS Word 2010. As a result, MS Word 2010 now serves as the contract-authoring tool for Emptoris Contract Management, as the integration goes beyond other solutions to immediately reflect any changes made to a MS Word document within Emptoris. The new integration offers clause level control tools within the MS Word interface, and clause libraries are available directly from the contract language. Terms (metadata) are embedded inside the contract language, and controls on values within contract language are triggered when a user changes any contract language. Emptoris supports MS Word 2010, as well as prior versions MS Word 2007 and MS Word 2003.
Emptoris Enterprise Contract Management Version 8.2 is available now.
Emptoris is a world leader in strategic supply, category spend and enterprise contract management solutions that empower enterprises to realize best value and accelerate profitable growth. Emptoris solutions are used by successful Global 1000 companies in every industry, and customers include American Express, Boeing, GlaxoSmithKline, Kraft, Motorola, Syngenta and Vodafone. For further information, visit http://www.emptoris.com.
SAP BusinessObjects is a registered trademark of SAP AG. Other names used herein may be trademarks of their respective owners.
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