Contract Management Just Got Easier - and CheaperEcteon announces release of Contraxx One Web-based product
BRENTWOOD, Tenn., February 24, 2010 - Organizations that need contract management capabilities without the expense of an enterprise-wide system will find a lot to like in Ecteon's new Contraxx One® Web-based software application.
Ecteon, the first company to develop working solutions for the most difficult large-enterprise contract management problems, introduces Contraxx One, a turnkey contract management solution that lets organizations get started solving the most common contract management challenges in just a few minutes. Contraxx One combines the same engine used by Contraxx Enterprise® with a best-practices configuration packaged for convenient online access in a pay-as-you-go format.
"Many smaller businesses were telling us they admired the ease and flexibility of Contraxx Enterprise but didn't need all the high-end features it offered," said Richard Eckerstrom, CEO of Ecteon. "What they really wanted was a package that got them up and running quickly and inexpensively but incorporated the same contract management know-how of the enterprise package. Our response was Contraxx One."
Contraxx One is a software-as-a-service (SaaS) application that can be up and working in ten minutes and starts at $299 per month for up to three users, with a 30-day free, no-obligation trial. Ecteon hosts the clients' databases on its secure servers and they access their data via the Web, eliminating the need for their own servers or IT department involvement. Ecteon provides customer support, trouble-shooting, help-desk services and disaster recovery. Signing up for the service is as simple as visiting Ecteons Web site and submitting a registration form.
Contraxx One features include:
- An easy-to-use, intuitive interface that users throughout an organization can readily adopt
- A dashboard display of key items like contracts in process, contracts expiring or renewing soon or contracts nearing budget
- Email alerts tied to contract events (such as expiration) requiring attention
- A risk assessment and categorization system that keeps the treatment of each contract in line with its measured financial, compliance, strategic and reputation risk
- One-click contract summaries to provide instant access to all contract information
- A document repository with full text search to enable easy-access storage of all agreements, correspondence, and other materials related to a contract
- A document-generation module to enable faster and less error-prone boilerplate document creation
- Action item management to ensure timely handling of any kind of contract event, including support for recurring schedules and proactive email alerts
- Amendments and related contracts linking to provide the full picture of each business relationship
- Financial activity capture for each contract to compare actual transactions with the original contract commitment
- A robust catalog of reports that make all information easily searchable, accessible and analyzable
- Secure access via 128-bit encrypted transmission and strong-passworded user accounts; audits are recorded against every data change
Contraxx One benefits include:
- Reduced risk of basing business decisions on untimely or out-of-date information, leading to missing a key date, overstepping a strategic risk boundary or breaching a contract clause
- Reduced legal costs because contract clauses are interpreted only once and stored in a database rather than re-interpreted for each request
- Reduced research costs because all basic contract information is available in a searchable, structured database that can be queried in seconds
- Reduced entry cost because all contract data points are entered once and used many times in reports and other documents
Most reassuring of all, if an organization's requirements outgrow Contraxx One, Ecteon stands ready with a full product line of contract management products to permit seamless transition to capabilities matching those new requirements.
Eckerstrom commented, "Contraxx One was developed for organizations that need basic contract management that is convenient, easy-start and low-cost. We're delighted to meet those needs in the form of Contraxx One."
About Ecteon, Inc.
Headquartered in Brentwood, Tenn., Ecteon recognizes that contract management is a complex function for most organizations, large or small. Ecteon provides a full range of contract management services, including strategic planning, implementation, training and support. The company has extensive expertise and knowledge across multiple industries and offers consulting services to help clients optimize their contract management systems. Ecteon's experience provides unique insights that enable customers to effectively and reliably manage their entire contract lifecycle.
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