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Jun 26

Every cog in a corporate machine plays an important role, and procurement is no exception. As organizations strive for operational efficiency, procurement stands as a key driver for business success. Yet, one area in procurement often proves challenging - contract lifecycle management. That’s where Icertis comes into play. By providing an intelligent, cloud-based CLM solution, Icertis is not just navigating but revolutionizing the procurement landscape. The Importance of Efficient Procurement Before we dive into Icertis's unique solutions, let's shed some light on the integral role procurement plays in a business. A study by Deloitte shows that organizations with excellent procurement practices have 133% greater return on investment than their counterparts. These efficient operations can often be the difference between business success and failure. Icertis: The CLM Trailblazer So, how does Icertis fit into this scenario? Here's the truth: contracts are at the heart of procurement. They define obligations, responsibilities, and performance metrics, and any mismanagement in CLM can lead to wasted resources, compliance issues, and poor supplier relationships. Enter Icertis Contract Intelligence, the platform that's making CLM an integral part of the procurement strategy. The platform seamlessly integrates with procurement processes, thus transforming contract management from a cumbersome chore to a streamlined, value-generating function. Mitigating Risk with Icertis Risk is an inherent part of any contract, and a robust mechanism to identify, analyze, and manage these risks is a necessity in the modern business world. This is where Icertis truly shines. Icertis' risk management capabilities allow organizations to stay proactive rather than reactive. The platform enables the tracking of contractual obligations and adherence, thereby reducing the likelihood of litigation, reputational damage, and financial loss. Indeed, Gartner reports that by 2023, more than 30% of global enterprises will have automated contract obligation tracking, thus reducing risk exposure by 50%. Ensuring Compliance: A Central Tenet of Icertis Ensuring compliance in today's complex regulatory landscape is no easy feat, yet Icertis tackles this challenge head-on. The platform provides a centralized repository for all contracts and associated documents. This ensures every transaction, and every procurement activity, adheres to relevant regulations, avoiding the potential of legal entanglements. Enhancing Supplier Relationships Managing supplier relationships effectively is key to procurement success. Icertis takes this to a whole new level by facilitating communication and ensuring all parties adhere to their contractual terms. Better-managed contracts lead to more productive relationships and a more efficient procurement process. Unparalleled Visibility and Control One of the standout features of Icertis is the visibility it provides over the entire contract lifecycle. With this feature, procurement teams are empowered to make better decisions, improve efficiency, and increase control over procurement activities. A 2020 Forrester study found that organizations using AI-infused CLM solutions like Icertis experienced a 75% reduction in uncontrolled contractual spend. Key Benefits of Icertis in Procurement Icertis provides a myriad of benefits, including:
  • Seamless Integration: Icertis dovetails with your procurement processes, enabling an effective and efficient CLM system.
  • Robust Risk Management: Identity, analyze, and manage contractual risks like never before.
  • Ensured Compliance: Centralized contract storage ensures that all your procurement activities adhere to relevant regulations and standards.
  • Enhanced Supplier Management: Streamline your procurement process and bolster supplier relationships.
  • Complete Visibility and Control: Make better decisions with complete transparency over your contract lifecycle.
  In a world where efficiency is key, Icertis is leading the way in revolutionizing procurement. With robust risk management, compliance assurance, enhanced supplier management, and full lifecycle visibility, Icertis is delivering an efficient and effective CLM system that every procurement team needs. Click here to connect with someone from our team
Sep 12
Contract management from Ariba for $30K

Contract Management from Ariba for $30K?

By Procurement No Comments

When a company decides it has a need for a Contract Management software, the first step is generally to send out an RFI/RFP. A number of weeks and many pages of responses later, the field is generally narrowed to a couple of contenders. Then comes the demos… The team watches each vendor demonstrate their technology, usually with fairly little difference between them. Reporting, templates, clause libraries, redlining, and electronic signatures are usually the top things that everyone wants to see.

At the end of the day, since most of the top tools can all accomplish the same things, two factors typically make the decision. 1) The one that the team deems most “user friendly” and 2) price.

Once implementation is underway, the team starts to realize that they simply aren’t ready with templates and a clause library. Creating those from scratch takes a considerable amount of effort, particularly from an already overburdened legal team. They also realize that redlining might not work quite as easily as it was shown in the demo. These two items are then pushed off to a Phase II (which often never occurs) and the system is basically used as a repository.

The software vendors typically do not have different “levels” of their software at different price points. If you want a “repository only” solution, you would need choose a lower cost, less sophisticated software, effectively eliminating a progression path towards those features such as templates, clause libraries, and redlining that can be beneficial as your organization matures.

With Premikati recently becoming a BPO Partner of SAP Ariba, we have opened up a new set of options.

Premikati can now purchase and operate the SAP Ariba Contract Management Professional software on your behalf. We have two paths, one for Enterprise customers, and another for companies below $500MM in annual revenue.

First, for the Enterprise. Premikati can purchase an individual realm to operate on your behalf. Frankly, our status as a BPO Partner enables us to buy it at a significantly lower price point that you can. Our team will own and operate the system on your behalf, performing Contract Administration Services and, of course, all of the system administrative functions as well. This allows your team to focus its energy on more strategic opportunities, not the tactical day to day activities of keeping track of contracts. When you consider the total cost of ownership, you will be hard pressed to find a service/solution that provides more value for the price.

For companies below $500MM in revenue, we have a whole new way of thinking. 

Since we realize that initially you most likely only need a “repository” with reporting and the ability to do electronic signatures, that is all you are going to pay for.

Depending on a variety of factors, our pricing starts as low as $30K for an annual subscription that includes Contract Administration Services and all system administration.

Implementation is similarly value priced starting at $25K with a Go-Live in as little as two weeks.

This is still for the full version of the Ariba Contract Management Professional system although integration with other systems is not available in this situation. However, during your maturation as an organization, both in revenue and sophistication, we can always move you over to an Enterprise realm with ease and no downtime.

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Premikati is a certified Woman Owned Management Consulting and Legal Process Outsourcing firm, and an SAP Ariba Silver Partner, that is specifically tailored to Procurement and Supply Chain.

Sep 12
Premikati with Aon Cornerstone

Premikati, Inc. partnering with Aon Cornerstone

By Press No Comments

Premikati, Inc. with Aon Cornerstone

Partnership, A “Win-Win” For Premikati, Inc. Clients Looking to Diversify Their Supply Chain

Indianapolis, IN Nov.2, 2016 – Premikati,Inc. today announced a strategic partnership with Aon Cornerstone, a business unit of Aon plc (NYSE:AON) that focuses on fostering strategic alliances with minority business enterprises. (MBE), headquartered in Indianapolis, is a WEBNC certified woman- owned firm with extensive experience in the risk mitigation industry. Aon plc is the leading global provider of risk management, risk and reinsurance brokerage, and human resource consulting and outsourcing solutions.

Aon Cornerstone unites the global risk management and human resource solutions of Aon with the local presence and functional knowledge of (MBE) to deliver distinctive value to clients. By leveraging the specialized expertise, broad resources, global network, intellectual capital and best practices of the two firms, this partnership is positioned to deliver strategic, integrated strategies and solutions for managing risk and human resource demands while meeting important diversity and inclusion imperatives in an increasingly complex global environment.

Through a rigorous vetting process, Premikati, Inc. was chosen by Aon Cornerstone as a new addition into their exclusive network of partners seeking to care for existing clients’ needs surrounding diversity and exploring new endeavors that would afford global corporations, Fortune 100 companies, and large public entity clients the opportunity to work with a minority-owned firm, while simultaneously giving them the comfort of Aon’s extensive global network of resources, support and service.

About Premikati

Premikati is a WBENC certified WBE Management Consulting and BPO firm that is specifically tailored to Contract Management and Procurement. We help our clients with all facets of contracting and procurement strategy as well as outsourced Contract Management Services.   We employ procurement executives, attorneys, contract management professionals, Six Sigma Black Belts, and certified Change Masters with extensive experience either inside or consulting with the world’s top companies.

For more information on Premikati, Inc., log onto https://www.premikati.com

 

For more information on Aon Cornerstone, log onto http://www.aon.com/cornerstone

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