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. 

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7 Questions Every CFO Should Ask Before Investing Into Accounts Payable Automation Solution

Accounts Payable Automation is a booming market, with investment expected to increase from $1.9 billion in 2019 to more than $3 billion by 2024, according to PYMNTS.com. 

However, before investing in any Accounts Payable Automation solution, every CFO must understand and clarify essential aspects.  

Starting with which invoices are they going to manage and how will they be processed and paid? Let’s explore the top 7 questions to evaluate before finalizing an Accounts Payable Automation solution.

7 Questions every CFO should ask before investing in Account Payable Automation Solution

Goldman Sachs recently estimated businesses in North America spend $187 billion per year on payment processing costs, with small businesses sacrificing $22 to pay a single invoice with a paper check. And that financial toll doesn’t take into account data entry errors, security risks and timeline inefficiencies associated with manual systems that rely primarily on paper.

There’s also a good chance that Accounts Payable automation solutions could provide relief to better position your finance team to contribute to the company’s overall success, but you’re not quite sure how to begin evaluating whether automation is right for your business.

Here are seven key questions you should ask as you consider automating your AP processes.

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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?

Salesforce CRM and Aavenir Contractflow Integration | Source-to-Pay Integration

Salesforce and Aavenir Integration

Salesforce and Aavenir integration is aimed to help sales teams achieve faster contract creation and reduce contract cycle time along with real-time contract data access. Aavenir Contractflow integrates directly into the Salesforce application to equip your organization with a fully functional contract lifecycle management tool that caters to the needs of your various departments. It will not only reduce contractual risks but also improve accuracy and efficiency. 

How will this integration help your sales teams?

Contract Automation for Higher Education

Contract Automation for Higher Education - Should we embrace it or sideline it?

As colleges and universities deal with the reality of growing numbers of online classes and smaller campuses, contract management efficiency for higher education is critical. How should we embrace contract automation in higher education?

The current contract management processes in the higher education industry are riddled with repetitive manual tasks, resulting in delays and errors, leading to compliance and opportunity costs. Over the past decade, the volume and complexity of contracts in the higher education sector have increased dramatically, making it difficult to track and manage the contracts effectively. The problem compounds as due dates come and go, with the risk of penalties and fines for late payments, that may ultimately cause a cascading effect to create a less than ideal experience for your students leading them to opt for other institutions.

How can Higher Education Organizations reduce the gaps in the current contracting processes in order to better manage relationships with suppliers, vendors, partners, and students? How can the education sector optimize procurement efficiency, enhance visibility, and improve regulatory compliance? All these questions have one simple answer – a robust AI-powered contract management solution.

This eBook explains how an intelligent contract management system can instantly identify attributes across a variety of contracts—reducing processes that previously took a couple of hours at least, if not days, to down to just minutes.

 

 

 

AI-enabled Accounts Payable Automation

Ready to Transform your AP Department via AI-enable Accounts Payable Automation?

Discover how automation will save you time, maximize security, and make your AP team more efficient. Advance your AP department with the help of this free Ebook!

AP Automation digitalizes the accounts payable process to take away time-consuming manual tasks, minimize errors and increase control over company spend. From your business workflows to your IT operations, we’ve got you covered with AI-powered automation. Discover how leading companies are transforming their Accounts Payable Automation and solving their challenges with Aavenir Invoiceflow Solution.

Accounts payable (AP) departments are among the most paper-burdened areas in business. We want to make sure you’re aware of the benefits that automating your invoice and payments processes could have for your AP team and for your bottom line.

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Digitize Strategic Sourcing Using RFP Management Application

Digitize strategic sourcing and deliver faster RFx-to-award cycle time

Is there a better way to change the traditional procurement operational approach so that the team can deliver faster RFx-to-award cycle time with effective supplier evaluation criteria? Learn how using RFP Management can help.

In order to independently shape procurement as a key function in any company, leaders not only need to scrutinize own strategy, but also play a proactive role in shaping the company‘s digital strategy. Companies that opt for digitized procurement can gain a competitive edge through a stronger customer focus and the necessary agility to satisfy ever more rapidly changing customer requirements.

This ebook explains how advanced sourcing technology like RFPflow can establish the framework by which companies like yours can change their sourcing strategies and develop stagewise approaches to overcome challenges.

This EBook will bring the procurement and other enterprise teams on the same platform to accelerate best-value sourcing (RFPs/RFQs/RFIs) activities.

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Transforming Source-to-Pay on ServiceNow

Want to transform Source-to-Pay (on ServiceNow) with digital solutions?

Bring future-proof procurement, contract management, and accounts payable solutions on ServiceNow

Procurement teams across enterprises are under continuous pressure to source products and services at a faster pace. This task can only be achieved with rapid access to accurate information and by automating a slew of tasks involved in the S2P (Source-to-Pay) process. Adopting source-to-pay automation at scale will result in a significant reduction in operational costs and boosting the overall productivity

Often this means asking IT to buy or build source-to-pay applications. If IT adds your request to a queue that may include other critical requests and security upgrades, can you and the business wait for your request to come to the top? When IT can’t meet their demands, many procurement and contract management leaders start using inefficient or insecure tools to acquire data and manage workflows, relying on spreadsheets, emails, and other manual solutions. Or they might dabble in “shadow IT,” adopting point cloud-based collaboration solutions or simply fall back to old legacy approaches.

Read this E-Book to learn how bringing Aavenir Source-to-Pay on ServiceNow can help address key IT and other important aspects of adopting S2P solutions for your business.

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Contract Management Analytics

Measuring Metrics and KPIs using Contract Management Analytics Dashboards

Want to know how modern CLM solutions help the leading contract managers to achieve rising levels of contract KPIs?

As per reports, an average company loses close to 10 percent of its revenues owing to poor contract management. Contract managers need to continuously monitor contracting process efficiency using defined contract management Key Performance Indicators (KPIs). Akin to business KPIs, the KPIs associated with contract management helps contract managers in measuring the progress of the outcomes outlined in the contract document.

This Ebook explains 6 important contract management KPIs and how a contract lifecycle management solution can provide real-time visibility into every KPI and help improve efficiency.

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Contract Management for Cybersecurity

Why Cybersecurity Must Be a Priority for Contract Managers?

Cybersecurity should be a priority for every organization because data breaches affect the bottom line, all companies regardless of industry and size aren’t immune to cyberattacks, and organizations, including the government, require contractors to protect Personally identifiable information.

Contracts set requirements for what should happen in the event of a cybersecurity breach, as well as contain confidential company information that could prove harmful if compromised as the result of a breach.

In this e-book, we will explore the top 3 challenges why cybersecurity must be a priority in contract management.

According to a KPMG survey, less than 40 percent of board members in the FTSE 350 Index companies view cyber-attacks as a more serious risk than other potential pitfalls.

This e-book will help you manage the organization’s cybersecurity risks against the challenges from the perspective of contracts and fulfilling obligations