Contract Lifecycle Management System
The end to end management of all tasks & activities, in the lifecycle of drafting and executing contracts encompassing everything from the request of expectations through executing and renewal of the said contracts, is called contract lifecycle management.
In the various stages of this complete process, there occur multiple instances where contracts are required to be negotiated, renegotiated, approved and conflicts to be resolved. These processes in and of itself comprise of multiple variables and many moving parts to them, which pose a Kafkaesque nightmare to manual labour for every initiative/project/vendor. The task fo staying on top of each one of these contracts, follow-up and renewing them and other actions basis milestones are almost impossible for relatively smaller teams. A single point management system for the purposes of the leadership would prove to be extremely helpful in carrying out time-based data-driven actions for such contracts.
Profile of the End-User
Project managers, Purchase departments and senior level leadership of Vedanta group companies.
Functional Requirements of the End-User
- Track, manage and necessitate data-driven decisions in a timely manner from a central integrated platform
- This helps the management to keep track of non-compliance risks of the contractors and ensure regulatory policies are in place and are adhered
Functional & Operational Capabilities
- Single point of control for groups of contracts based on different filters and purposes-like vendor based, project-based etc
- Ability to set alerts on action points through continuous monitoring on performance, renewals etc
- Integration difficulties matching the requirements of the end-user; this may differ among different group companies and the nature of their contracts & needs
- Change in methods/process for the teams that get CLM tool incorporated
- Lack of adoption across all areas due to steep learning curves
Expected Tangible Benefits and Measurable Gains
- Complete control and measurable outcomes over the lifecycle of each contracts
- Data-driven decisions and timely action plans based on the developments of contracts
- Single point for access and version control of contracts contributing to increased collaboration between teams
Performance Metrics or Outcomes
- Number of automation paths/flows created per purpose/contract/vendor
- Number of relevant and timely alerts on existing contracts and their progression
- Amount of time and energy saved by avoiding manual intervention during thr course of the contract lifecycle