From Request to Renewals — Streamline Procurement Contract Workflow with ServiceNow

More than 50% of all purchases are made via procurement contracts, and ensuring that a contract is executed correctly is crucial to success. ‘Contract management tools’ help procurement teams manage procurements from initial request through final payment and renewals as well.

Any procurement management contract software should help the procurement team manage, track, and manage contracts, orders, and suppliers. They surely need advanced supply chain software to keep track of everything in a single place so no detail falls through the cracks.

The procurement department is responsible for setting up the new contract, which can be a difficult task to do. In order to make the process of setting up a new contract easier, it’s important to learn about how to streamline the procurement contract workflow.

The procurement team can successfully streamline and automate the workflows with robust contract management enabled by AI and machine learning.

Imagine if you can generate quotes in seconds, and make changes to them in real-time. Also, you can auto-generate contracts and create new documents using updated templates. Sounds like a dream come true? Aavenir’s ContractFlow is a contract management software built on the ServiceNow platform which does exactly the same.

Plays a crucial role in each of the contract management stages

Contract lifecycle management encompasses many stages.

• It starts with a requesting process where one party requests for or initiates the contracting process.
• Then it comes to contract authoring, reviewing, negotiating, legal reviews, approvals, and finally, signing and executing the contract. But, it’s just one side of the coin, it doesn’t stop here.
• Once the contract document is signed, it is stored permanently in an easy to retrieve agreement database.
• In the software, both contractual metadata and documents are indexed and saved for easy future reference. It also helps users to mine contract data and produce in-depth reports.
• The contract management software autonomously captures complex contract data and transforms it into proactive tasks and triggers that keep you alert from ever missing an obligation or milestone.
• Finally, once the contract reaches its end date, it must be renewed by the organizations to stay in an active status.

And, all these stages are well taken care of in the AI-enabled ContractFlow built on ServiceNow.

Why opt for AI-enabled contract management solutions?

Over and above automation, there are several unique benefits associated with AI-enabled contract management.

• It facilitates vendor and supplier compliance.
• It aids legal compliance by using common contract drafting tools and consistent terms and conditions.
• Digitized workflows make lives easy for procurement managers, contract managers, legal professionals, and everyone involved in the supply chain.
• It results in higher ROI since it boosts spend optimization by eliminating most of the overheads associated with contracts.
• Last but not least, AI-enabled contract management solutions offer organizations to have better control over risks.

Closing Thoughts

AI-enabled contract management solutions, like ContractFlow, are a blessing in disguise for all those procurement leaders who are hunting the ways to streamline the workflows, from requests to renewals. This powerful and scalable software helps businesses of all sizes. Strong business relationships start with smart contracts and better agreements. Aavenir helps you control costs, reduce risk, and improve the quality of your agreements. Find out if our software is right for your business.