Contract Management

What is Contract Management?

A Contract Management System (CMS) is for companies in need of a long-term solution that supports all contract-related efforts.

Ultimately, the reason for a CMS is to make it easier to do things like; renewals, terminations, track vendor price history, reconcile invoices, and more.

All the while, Seprio is keeping an eye out for ways to reduce your risk and costs in the form of contract consolidation and overall recommendations.

With a CMS, you know ahead of time when important decisions like a contract renewal need to be made - giving you the opportunity to negotiate and properly communicate with a vendor instead of being pressed into a decision at the last second.

What’s the process?

1. Onboarding & Implementation

In simple terms, Seprio will setup the CMS for your specific needs and uses.

Once the CMS is setup, Seprio fills the CMS with both previous and existing contracts and relevant documentation. At this point, there is a collaborative effort to figure out what key contract details should be kept track of for easy future reference. These are some examples of key contract details to track:

  • State of Contract (active, inactive, renewed, terminated, amended, etc)

  • Pricing Structure & Fees

  • Term Length & Renewal Date

  • Contract Exceptions

  • and more…

As these contracts, are being imported, Seprio is keeping an eye out for opportunities for savings and improved contract terms. These are often in the form of contract or vendor consolidation.

2. Ongoing Service

Once everything is setup, Seprio is available at a moments notice for any of your contract management needs.

Seprio provides proactive support efforts such as:

  • Be notified when a contract is ending soon

  • Generate day-to-day reports from the CMS

  • Track execution of contracts to ensure the final version is added to CMS

  • Add new contracts and documentation to CMS

Seprio also provides reactive support efforts, such as:

  • Handle any contract inquiries made by your team regarding the CMS

  • Verify if a vendor’s invoice is in accordance with contract terms

  • Generate unique executive-level reports from the CMS

  • Periodic meetings

  • Automatic notice of notable upcoming dates

Signs this is for you:

  • Needing all contracts in all departments to be consolidated into one place for easy, quick access.

  • Inability to measure vendor performance against service level agreements (SLAs) and key performance indicators (KPIs).

  • You can’t see how much money is being spent per vendor, by department, and by timeframe.

  • Contracts are all over the place; including in drawers, under mattresses, and in between sofa cushions.

  • Inability to quickly search and retrieve specific contract terms and clauses

  • Difficulty in monitoring and enforcing contract performance, including deadlines, obligations, and milestones.

  • Poor collaboration and communication among stakeholders involved in contract management.

  • It’s impossible to make accurate budget predictions because of a lack of visibility.

  • You want to be notified about upcoming renewals so you can prepare ahead of time.

  • Difficulty in tracking contract changes, amendments, and versions over time

  • Don’t want to end up stuck in an auto-renewing contract because you weren’t aware it was renewing.

  • You aren’t able to project future spend with vendors.

  • Everyone is buying their own stuff, and it’s segmented between departments.

Contract Management Case Studies

The Seprio Promise

  1. If you commit to the process, you will save more money than you pay Seprio, guaranteed.

  2. You make all the decisions and sign off on the strategy before negotiations even begin.

  3. We will not only support your relationships with your vendors, but we will also work hard to improve those relationships.

What can you expect from Seprio?

  • Visibility

    You’ll get full visibility into everything we do together, as well as the nuances of your unique circumstances.

    As a decision-maker, it’s impossible to guide your team in the right direction without knowing where you stand today.

  • Process Consistency

    Great companies do the right things, the same way, every time. Our job is to make your job easier.

    We live and breathe sourcing and vendor management, so rest assured you’ll cross the finish line with a smile.

  • Risk Reduction & Cost Savings

    This is one of those situations where it’s easier to show than tell. Don’t make it harder than it has to be!

    You’re better off checking out the testimonials than hearing me try to say money & risk reduction a different way.

Contact Us.