Buy-side contracts help ensure that all business users have the supplies and materials needed to be successful in their respective roles. The source-to-settle cycle contains many contractual details that determine company expenses and directly affect profitability. Contraxx lets organizations monitor these details throughout the contract life cycle, ensuring vendor compliance and increasing profitability.
Shorten the Procurement Cycle
Contraxx will shorten the procurement cycle by automating contract review, using standard language and terms, streamlining approval processes and using alerts and notifications to ensure renewals and other date-sensitive milestones are addressed.
Ensure Approval of Nonstandard Terms
The automated workflow processes ensure that appropriate approvals are identified and, if appropriate, granted for use of any nonstandard contract terms that a purchasing professional may include in a contract.
Capture Negotiated Savings
Aberdeen Research shows that only 64.1% of purchasing transactions are compliant with contracts.*Contraxx enables organizations to capture their entitled discounts and rebates while avoiding risk of overpayment and penalties.
Strengthen Vendor Relationships
Contract compliance is as relevant to you as it is to your vendors. Contraxx enables you to monitor vendor performance and obtain optimal terms.
*Contract Lifecycle Management and the CFO. Aberdeen Group, April 2007