Set Contract Review on Autopilot with AI-based Obligation Management [With Legal Operators]

In partnership with Legal Operators 

Set Contract Review on Autopilot with AI-based Obligation Management

Win back 60% of the legal time by automating with the #1-rated contracting obligation management platform for ease of use.

In every signed contract each contracting party is committed to the undertaking or performing obligations. 

However, identifying and managing hundreds and thousands of such obligations across numerous agreements can be painful and daunting. Obligations pertaining to contracts come in all shapes and sizes that span across various milestones with deliverables, quality, security, audit, and regulatory requirements.

Are you facing contract performance and compliance events like: 

Join us for an engaging, practical session on how you can implement an effective AI-based obligation management solution to manage contract performance and drastically reduce non-compliance risk. 

This session is for Legal, Procurement, Sourcing, IT and Compliance Teams focused on:

To Explore how Aavenir can help achieve compliance and obligation management:

Schedule a Personalized Demo

 

A CPOs Guide to Managing Buy-side Contracts with Lesser Risk, Greater Efficiency

A contract management process that will guide the entire lifecycle of the contracts will ultimately make or break the organization. For overburdened vendor management and legal teams, handling hundreds of active vendor agreements can be a headache. 

According to the World Commerce & Contracting Association, 50% of buy-side teams cite improving internal processes as one of their greatest challenges, and 37% cite operational workload.

CPOs are responsible for guaranteeing the diversity of suppliers in terms of numbers and ensuring that supplies continue if a first-choice provider is unable to deliver the needed goods or services. Contract lifecycle management is not just filing documents anymore. The entire process entails understanding every aspect of a contract’s lifecycle to extract meaningful data insights. When we talk about buy-side contracts, in particular, their main focus is to improve spend visibility, minimize maverick spending, boost the visibility of suppliers, and enforce compliance. 

Access your E-book copy by completing the form and clicking “Download Now.”

Drive Value Creation and Contract Performance Excellence through Vendor Management Portals and Effective Obligation Management

In partnership with World Commerce & Contracting

Drive Value Creation and Contract Performance Excellence through Vendor Management Portals and Effective Obligation Management

Vendor management enables organizations to control costs, drive delivery excellence and mitigate risks to gain increased value from their vendors.

With thousands of vendors and suppliers, procurement organizations struggle with managing vendor contracts, obligations, and onboarding processes, and expose themselves to fraud, business and legal risk, and material erosion of value.

In this webinar, learn how you can manage vendors by implementing AI-driven obligation management and a collaboration portal framework for key processes such as onboarding, RFP management, and contract collaboration, and invoice and payment status visibility.

This webinar will benefit

Contract Obligations Tracker

Contract Obligations Tracker

Each party to the contract will have different obligations. Failure to perform any obligation under the terms of a contract generally constitutes a breach of contract. Some of the most basic forms of contractual obligations which can be traced in almost all the contracts include payment, delivery, quality, etc. To maintain a log of these obligations from both contracting parties and ensure that compliance is being met, we have devised this ready-to-use contract obligations tracker. This will not only help you log the obligations, but also assist you to adhere to them and take corrective action in case of non-compliance.

Mitigate consequences of non-compliance and breach of contract by using this editable contract obligations tracker, in the form of obligation management worksheet, which will help you achieve a high level of contract compliance.

Realize Contract Value Through Automated Obligations Management

In every signed contract each contracting party is committed to undertake or perform obligations. 

However, identifying and managing hundreds and thousands of such obligations across numerous agreements can be painful and daunting. Obligations pertaining to contracts come in all shapes and sizes that span across various milestones with deliverables, quality, security, audit, and regulatory requirements.

Are you facing contract performance and compliance events like: 

Join us for an engaging, practical session on how you can implement an effective obligation management solution to manage contract performance and drastically reduce non-compliance risk. 

This session is for Legal, Procurement, Sourcing, IT and Compliance Teams focused on:

CLM Implementation Checklist

So finally, you have decided to move from manual contract management to contract automation with an intelligent CLM solution? Congratulations! Implementing CLM technology, and ensuring its success, is a collective responsibility. Implementing any new software solution can be time-consuming and tiring. However, when implementing a CLM system, it’s crucial to remember to be realistic about timing and expectations. For organizations considering a CLM system as part of their digital transformation journey, the time is NOW.

CLM Implementation Checklist

According to a recent Forrester survey, “CLM has universally gone from a nice-to-have to a critical-to-have in a post-COVID world.” 

A key component of the CLM journey is clearly defining roles and activities and forming a governance structure to monitor this program. A team that can take complete ownership of both implementation and adoption of the CLM system is vital for the program's success. 

Every organization has a different level of CLM maturity. The CLM maturity process necessitates much work and coordination with many parties from the early phases without a CLM through advanced AI extraction and contracts analysis. However, regardless of your CLM process maturity level, the below checklist is a comprehensive guide for CLM implementation success.

Regardless of your CLM process maturity level, this CLM implementation checklist is intended to help you ensure successful implementation. 

Access this checklist by completing the form and clicking “Download Now.”

Express Professionals Achieves Contract Visibility for Services Agreement

About Company

Founded in 1983, Express Employment Professionals serves customers globally through a network of more than 850 franchise locations worldwide. 

Express used Symfact as their primary contract management solution to manage all the service agreements, vendor, franchise, and employee agreements. With an increasing number of contracts and limited functionality in Symfact, contract managers at Express wanted to achieve a single source of truth for all their service agreements and contracts, and also simplify the contract authoring and storage. 

Moreover, Symfact is an OnPrem contract solution making it challenging to work across borders, and needed a cloud-based contract management solution. Also, the contract managers wanted to implement role-based contract access with streamlined contract audits that comply with their monthly, quarterly compliance schedules. 

Key Contract Management Challenges

We work with 800+ vendors and recruitment partners, making it challenging to get visibility for contracts created, canceled, processed, and signed. We are looking to adopt AI and get contract visibility across all the agreements which lacked in the on-premises contract management solution. Another challenge for Aavenir’s team was to abstract and migrate all the legacy contracts to the ServiceNow platform shared with the customer.

The key challenges include:

"Not all contracts are the same, and automating the contracting process with AI-based workflows helped us streamline the review process for all categories of contracts. Aavenir Contractflow added verifiable value to our processes with a unified contract repository, automated notifications, and dedicated contract management dashboards to manage contracts for our International Headquarters and for 800+ franchise offices worldwide.

Not to mention the flexibility for customizations, priority training, and support received by team Aavenir was phenomenal.”

-Jared Mashaney
Sr. Counsel | Director of Contracts and Franchising, Express Employment Professionals

 

The Solution: Aavenir Contract Lifecycle Management Solution for Professional Services

Express’ service agreements are managed in Symfact, and all the data needed to be migrated to the ServiceNow platform as it offers more flexibility. Aavenir Contractflow is an AI-enabled cloud-based contract management solution built natively on the ServiceNow platform delivering Microsoft Word enabled contract authoring, secure storage, and advanced contract reports with contract audit dashboards. Additionally, they wanted to simplify the contract workflow process, keeping the entire contracting process streamlined in a single system. Moreover, contract redlining and editing contract agreements were easy with Aavenir Word add-in.

AI-enabled Contract Authoring + Centralization 

Express can create multiple service agreements and consolidate all contracts in a centralized repository on Now Platform with enhanced contract search functionality. AI helped to create contracts directly from emails and other digital documents, simplifying the contract authoring cycle. 

Cancel Contracts with Flexible Workflows

Some of the service agreements were required to be canceled in real-time which was achieved with Aavenir Contractflow. Also, the solution offered custom contract processing workflows based on the vendor type. The signing of contracts was implemented to capture both wet and e-signatures.

Renaming Contracts with Drag n Drop Contract Creation from Attachment

Express’ contract management team needed to create agreements on the fly, so a custom implementation was enabled in Aavenir Contractflow where users can create agreements by simply drag-n-drop of email attachments and the AI would create contracts on the fly. This shortens the contract creation time and proper contract version controls were maintained in the centralized contract management system. Renaming contract agreements were also implemented in the Aavenir Contractflow solution to maximize efficiency and reduce contract creation time.

Contract Reports & Dashboards 

Aavenir Contractflow offered custom contract dashboards providing contract visibility for key metrics like contract by month, contract cycle time report for individual contract types, contract due to renewal, upcoming renewals, total spend by vendor, total spend by status, and more. 

Key Results

Express Professionals and Aavenir teams went through a series of sessions for successful implementation and adoption. And, it wasn’t long before they saw the benefits of using Aavenir Contractflow.

 

Workday SRM and Aavenir Contractflow Integration | Source-to-Pay Integration

Workday SRM and Aavenir Contractflow integration is aimed to help sourcing professionals achieve fast procurement cycle and contract lifecycle times. In addition, Aavenir Contractflow integrates directly into the Workday SRM Solution to unite procurement and contract management to achieve more significant procurement savings and boost your purchasing power within Workday Procurement. 

How will this integration help your sourcing and contract management teams?

Navigating Healthcare and Life Sciences Contracting Complexities in 2022

Navigating Healthcare and Life Sciences Contracting Complexities in 2022

With trillions of dollars in healthcare spend, and rising medical debt, and healthcare fraud, it is no surprise that we’re seeing an increase in regulations and reform initiatives globally.

Healthcare and Life Sciences organizations are already subject to a myriad of laws such as HIPAA, Stark laws, and the Sunshine Act. Now, in 2022 and 2023, the price transparency rule, the No Surprises Act, and provisions in the Reconciliation Bill will also go into effect. Agreements across the healthcare value chain include obligations related to these laws - either explicitly or implicitly. But identifying and managing such obligations with appropriate governance and controls can be a highly inefficient process resulting in significant administrative overhead, risk of regulatory non-compliance, increased costs, and non-compliance penalties.

Couple this with existing manual processes and structural barriers that compromise efficiency and data integrity across contract-dependent processes such as claims validation, invoicing, payments, and revenue management, and we end up with non-scalable solutions that are unable to meet the agility demands that 2022 will bring upon us.

In order to keep up with competition and remain focused on their healthcare quality, accessibility, and affordability outcomes in 2022 and beyond, Life Sciences and Healthcare organizations must address contracting complexities using advanced technology.

In this webinar, learn how AI and digital workflows can come together to deliver mature, transformational contract and obligation management solutions capable of handling complex industry metadata and processes to drive efficiency and regulatory compliance not only across contract management but also across dependent processes. This webinar is for legal, procurement, clinical, provider services, governance and risk, IT and sales, operations professionals in the Healthcare and Life Sciences industries responsible for authoring and managing contracts.

The webinar is focused on:

CLM Evaluation Checklist

CLM Evaluation Checklist

90% of legal teams admit they can’t keep pace with their contracts, as per one of the surveys of WorldCC. Managing contracts efficiently is critical to success, yet proving the value of a CLM solution can be challenging for in-house or legal operations.

A perfect CLM solution ensures faster contract creation, improved internal as well as external collaboration, unlocked contract insights and analytics, and ease of use and implementation. 

Are you on the verge of investing in the right CLM solution for your contract management needs? You should consider the CLM evaluation checklist designed by our experts during your CLM evaluation process. These should be top of mind while issuing a formal RFP or inviting vendors to present their solutions directly.

Access this checklist by completing the form and clicking “Download Now.”