Procurement

Buy-side contracts help to 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 impact profitability. These details include pricing, discounts, delivery schedules, and payment terms. Contraxx allows organizations to monitor these details throughout the contract lifecycle, to ensure vendor compliance and increase profitability.

Shorten the Procurement Cycle
Contraxx will shorten the procurement cycle by automating contract review, utilizing standard language and terms, streamlining approval processes and using alerts and notifications to ensure renewals and other date sensitive milestones are addressed. By shortening the source-to-settle cycle, companies can realize negotiated terms more quickly to drive profitability.

Ensure Approval of Non-Standard Terms
The automated workflow processes ensure that the appropriate approvals are identified and, if appropriate, granted for use of any non-standard 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. Through key date notifications, Contraxx also reduces the risk associated with auto-renewal of contracts which should be renegotiated for improved pricing or allowed to expire.

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. Over time, the mutual adherence to contracted obligations will strengthen your vendor relationships.

*Contract Lifecycle Management and the CFO. Aberdeen Group, April 2007.