Manage business risks and obligations using contract management software

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This document discusses how contract management solutions can help manage business risks. It outlines how capturing and tagging contract data allows companies to triage and inventory risks. The solution also provides quality data management, discovery and predictive insights to identify risks proactively. Managing contracts through the solution standardizes terms, reduces authoring time, and allows for easy storage, retrieval, execution, renewal and tracking of contracts.

Technology

Eliminate Risks with
Contract Management Solution
© Aavenir All rights reserved.
Importance of Contract as a Risk Management Tool

Where Can Technology Help Manage Risks?
Capture and
Tag data
Triage and
Inventory Risks
Discovery &
Insights
Quality Data
Management
(leads to Action)
© Aavenir All rights reserved.
3
● Focuses on identifying
legal text
● Safeguard business by
tagging terms and
information
● Risk - important &
severity
● Plan your business
execution strategy
● Discover risks
proactively
● Predictive insights to
identify
● Reminders & alerts for
key dates & milestones
● Contracts into
collaboration tools
● Easy search & analysis

How Contract Management Helps to Manage Risks?
1. Understand and report on the financial and
statistical impact of risk to the organization
2. Manages contract templates, terms & clauses
templates in a full-text searchable centralized
repository
3. Standardizing legal language across enterprise
departments and geographies
4. Reducing time to author contract-Easy to access
Storage
and
Retrieval
Execution
Renewal
and
Termination
Tracking
and
Maintenance
Contract
Management

© Aavenir All rights reserved. 5
Get Started to Manage Contracts
RFP Template for
Contract
Management
Request a Demo
Want to see Aavenir Contractflow Live-In-Action ?
On-Demand
Webinar for
Contract
Management
ROI Calculator for
Contract
Management
E-book on
Contract Management
with
Digital Workflow and AI

Onward and Upwards
with Aavenir!
Thank You !
© Aavenir All rights reserved. 6
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contact@aavenir.com
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Automating your accounts payable department is a big step, one that can help your company improve invoice processing and save money. As more and more companies go digital and automate their business processing, it’s time to move automation for AP and other departments to the top of your priority list. Even if automation is something you want to get started with as soon as possible, you don’t want to rush into it. Many of today’s automated systems can be implemented very quickly and that might make it tempting to rush through getting things digitized. However, you’ll get the most value out of your new software if you spend a little extra time prepping for the switch to automation. To make sure the transition goes smoothly, there are some key questions you should answer before going ahead with automation. Asking and answering these questions will help ensure you get accounts payable automation right the first time.

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To gain maximum from the contracts, it is imperative to manage these contractual obligations well. Without a proper contract obligation system in place, it is hard to ascertain whether a business deal is working as per the terms and conditions or if there is a breach of contract. Important milestones of delivery, payment, and more may easily get missed. Few contracts contain penalty clauses that are to be enforced whenever specific obligations are not met by a contracting party. Not tracking & non-compliance to these contract obligations can lead to missed opportunities and may translate into heavy financial losses for an organization. Managing these promises in the form of obligations, commitments, SLAs, and entitlements enshrined in contract clauses and terms have three key challenges.

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From Ok Google, Alexa to chatbots, Artificial Intelligence (AI) is simplifying our lives, making everything smarter, better, and quicker. But, has AI disrupted your accounts payable processes? Yes, definitely !! Automated Invoice processing using AI is a very fascinating area in the accounts payable process with significant benefits. This is because invoice processing automation would free up back-office finance/procurement teams to focus on higher value-added tasks. Let’s understand how artificial intelligence can help automate invoice processing for your vendors on the ServiceNow platform as well as how AI-enabled cognitive invoice data extraction can transform Accounts payable processes for your organization: https://aavenir.com/3-ways-ai-can-optimize-vendor-invoice-processing/

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As per the study conducted by McKinsey & Company, the estimated leakage due to unfulfilled obligations is around 3-4% in large enterprises. For an enterprise with $5 billion in annual spend, that adds up to $150 million or more a year. In this SlideShare, you'll learn how to properly manage your contract obligations. To know more visit - https://aavenir.com/contractual-obligations-fulfillment-compliance-monitoring-management-software/

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Supplier KPI’s; in other words, we measure the supplier’s performance using a set of KPI’s. However, in order for you to measure the supplier’s performance, you must know what was agreed between you and the supplier. And that data should be part of the contract terms and clauses. Largely, Supplier KPIs can be categorized into 4 different buckets: 1. Financial KPI’s 2. Quality KPI’s 3. Milestone KPI’s 4. Compliance KPI’s A new breed of Contract Lifecycle Management (CLM) solutions like Aavenir Contract Lifecycle Management Software enables the procurement team to prepare and enforce supplier contracts using effective Contract-level KPIs. Read a Complete Blog: https://aavenir.com/blog

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Make the RFP workflow easy and effortless on ServiceNow Strategic sourcing can save up to 30-50% of organizations’ costs. Organizations that do not invest in the procurement team’s capabilities often end up with higher and complex spending. With higher complexity, sourcing executives focus on efficacy in sourcing governance and leverage value creators such as centralization, process standardization, and resource arbitrage. Hear Jesal Mehta, Founder and CEO of Aavenir to learn how RFPflow can help procurement teams to collaborate for preparing, managing, and evaluating RFPs across department silos. In this 30-min group demo, find out how your procurement team can use RFPflow to: - Proactively accelerate Source-to-award cycles with sourcing workflows and alerts - Manage and evaluate RFP vendor responses on ServiceNow while collaborating via MS-Word - Centralize supplier queries, templates, RFPs in a secure and full-text searchable repository Watch this 30-minute live demo, showcasing Aavenir RFPflow capabilities. Expert Speaker: Jesal Mehta, CEO & Founder, Aavenir Jesal holds deep expertise in implementing and helping enterprises to adopt Source-to-Pay (P2P) and contracts lifecycle management solutions. He has played leadership positions within different functions like product management and engineering as well as professional services. Having 25+ years of experience in source-to-pay solutions, Jesal has founded Aavenir to offer the most advanced AI-enabled source-to-pay solutions that enhance enterprise-wide collaboration and user experience

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Manage business risks and obligations using contract management software

2. What are your Business Risks?

3. Where Can Technology Help Manage Risks? Capture and Tag data Triage and Inventory Risks Discovery & Insights Quality Data Management (leads to Action) © Aavenir All rights reserved. 3 ● Focuses on identifying legal text ● Safeguard business by tagging terms and information ● Risk - important & severity ● Plan your business execution strategy ● Discover risks proactively ● Predictive insights to identify ● Reminders & alerts for key dates & milestones ● Contracts into collaboration tools ● Easy search & analysis

4. How Contract Management Helps to Manage Risks? 1. Understand and report on the financial and statistical impact of risk to the organization 2. Manages contract templates, terms & clauses templates in a full-text searchable centralized repository 3. Standardizing legal language across enterprise departments and geographies 4. Reducing time to author contract-Easy to access Storage and Retrieval Execution Renewal and Termination Tracking and Maintenance Contract Management

5. © Aavenir All rights reserved. 5 Get Started to Manage Contracts RFP Template for Contract Management Request a Demo Want to see Aavenir Contractflow Live-In-Action ? On-Demand Webinar for Contract Management ROI Calculator for Contract Management E-book on Contract Management with Digital Workflow and AI

Manage business risks and obligations using contract management software

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