The International Association of Commercial Contract Managers estimates that companies lose 10 per cent from their bottom line through ineffective contract management, while in-house legal teams struggle to manage demands for swifter turnaround to avoid lost sales.
We help fix this, enabling your legal team to capture lost revenues, turn around contracts more quickly and focus on adding greater strategic value. On the procurement side, we help reduce company exposure through better terms management, reduce transaction cycle times, and assist with obligation management throughout the lifecycle of a contract.
The Contract Lifecycle Management system is built on our own proprietary CrossLite platform, which has been specifically designed to meet the needs of the modern legal function. It makes it easy to keep a multitude of data at your fingertips. CrossLite integrates with many existing systems on the market, enabling you to create one source of information for your teams. CrossLite can be configured to provide access to those that need it within or outside of your business.
Features of the system include:
The system is quick and easy to set-up, with legal departments typically online within weeks. Access can be controlled to enable internal teams and panel firms to all use the same central system while ensuring robust security, and multiple parties can open and view data simultaneously. In addition, mobile access provides on-the-go executives the ability to remain in-touch.
All related documentation is stored centrally, with links between different contracts and leases easily identified. Robust filtering and search capabilities based on multiple criteria mean details of any contract can be found quickly and easily. Integrations enable direct feeds from vendor, HR, e-billing and many other systems, to give a single view of all key data.
Rules-based workflows support your business processes, boosting accountability and shortening cycle times. Tasks can be assigned and alerts and reminders set to keep contract approval moving. In addition, easy access to best practice agreements and templates, along with standardized data fields that can be based on implementation at other clients, helps drive quality and consistency across large legal teams.
Dashboards can quickly be created to enable reporting and analysis, including standard ‘grab-and-go’ reports that make exporting information for meetings and audits painless. The system can also provide insights to support process improvement, while status displays keep all parties informed if bottlenecks occur.
Customizable to your needs
User-friendly drag-and-drop functionality lets any non-technical business user with the right permissions author 100% customizable forms to collect key information, so no more relying on IT or outside contractors to make changes. Users can also save filters to create personalized views and CrossLite’s integrated dashboards can be quickly adapted to meet your reporting and analysis needs, while also providing the ability to drill down into the source records as required.