How does Contract Management within the Spend Cloud work?

How does Contract Management within the Spend Cloud work?

A Spend Cloud system where all your organization's contracts are uniformly registered, and you have the ability to determine who has access to which contracts. An overview of contracts that are nearing their expiration dates and reminders when the contract manager needs to take action. This makes contract management a straightforward task.

The Process

Within Spend Cloud, the contract process can be divided into 6 steps, which can be defined as follows:

  1. Add
  2. Register
  3. Assess
  4. Archive
  5. Signal
  6. Action

Uniform Contract Registration

The administration can directly add contracts from the digital mailbox or scan contracts. In the case of scanning, Spend Cloud uses text recognition (OCR) to capture basic details. All contracts are registered uniformly, including their duration and notification events. During registration, the administration groups contracts based on department, location, or function, making it easy to grant new employees access to multiple contracts simultaneously.

Relevant Actions:
  1. Configure the digital mailbox
  2. Verify the digital mailbox
  3. Manually upload a contract
  4. Add contract types
  5. Add custom fields to contracts
  6. Register a contract
  7. Create groups authorized to perform actions

Verification by the Contract Manager

After registration, the contract manager verifies the data entered by the administration. If the information is correct, the contract is automatically archived digitally. Employees with access to the contract can search for contracts in the digital archive by title or end date, or by specific criteria such as the creditor, contract manager, or the relevant department.

Relevant Actions:
  1. Contract stakeholders
  2. Confirming a contract registration
  3. Registering contract data by the contract owner

Contractual Obligations

Spend Cloud automatically generates an overview of contracts that will expire soon. At the set action date, Spend Cloud sends a notification to the contract manager, enabling them to take action. The choice can be made to renew or terminate the contract. In Spend Cloud, you record this choice, but the actual renewal or termination of the contract is not performed within Spend Cloud. When making the choice, you specify which employee should execute the action and contact the partner. The selected employee receives a notification with the instruction to renew or terminate the contract.

Relevant Actions:
  1. Contract actions
  2. Modify contract owner

Monitoring the Process

As the administrator of the Contract Management module, you can monitor the entire process and take action on contracts with a long duration or high costs.

Relevant Actions:
  1. Manage contract reports
  2. Review process progress
  3. View statistics of all contracts

Combination with Other Functionalities

If your organization has also enabled the Invoice Processing functionality, you can link invoices to a contract. This provides an overview of contract expenditure. Moreover, it is possible to automatically evaluate invoices based on the associated contract.

Contract Management Factsheet

For more detailed information on the digital archive, contract data alerts, and matching with purchase invoices, you can request the Contract Management factsheet via email. If you want to review this information about contract management at your own pace, please provide your details below, and we'll send you the Contract Management factsheet by email.

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