Sourcing Contract Management enables sourcing contracts to be negotiated, stored and monitored in one centralized place. The Negotiation Tool can be used to manage contract versions and collect approvals from different parties. Once finalized, the contract can be sent for signature through an integrated electronic signature solution. After signing, the completed contract is returned to Noventia’s Contract Management and, if required, also to another document or contract management solution used by the customer.
Sourcing teams handle vast amounts of contract information in their day-to-day work. There are many different types of contracts, ranging from non-disclosure agreements to long-term framework agreements and one-off supply agreements. Each contract contains numerous terms and contract-specific details.
Noventia’s Sourcing Contract Management provides the sourcing team with tools for negotiating, storing, managing and monitoring sourcing contracts. The tools bring all contracts and their key information together in one centralized place. Contract Management makes contract information easy to find and clearly reportable.
With Noventia’s tools, sourcing contract management is controlled, transparent and scalable.
How to use Sourcing Contract Management
Creating a contract
Contract documents can be added to the Negotiation Tool. The negotiation can be linked to a sourcing process conducted in Noventia, allowing relevant information from the sourcing process to be used as a basis for the negotiation. Different parties can update the documents, and the complete version history is available in the tool. Once all parties have approved the final contract, it can be sent for signature. A completed contract can also be added to the tool manually.
- Internal and external parties can be invited to participate in the negotiation.
- When using electronic signatures, the contract can be sent to the parties for signing.
- The Negotiation Tool makes the negotiation process more efficient to monitor and manage by bringing all negotiation-related information together in one place for the entire team to access.
Centralised data management and reporting
Contract information is available to all members of the sourcing team according to their access rights.
- Shared contract management reduces duplicate work.
- Transparent reporting helps ensure consistent practices across the organization.
- Information can also be transferred to other tools through integrations.
Monitoring and Reminders
Contract Management provides automatic reminders of expiring contracts and other important deadlines.
- Reminders help the sourcing team stay up to date on contract status and upcoming deadlines.
- This helps avoid situations where a contract expires unnoticed and the supplier relationship continues under outdated terms, often resulting in additional costs.
Noventia’s Sourcing Contract Management tools help minimize duplicate work, standardized ways of working across the organization, and enable the monitoring and reporting of large contract portfolios.
The tools make contract management more efficient and help each contract owner stay up to date on the status of their contracts.
Benefits
Centralized data management
All sourcing contracts, including attachments and key information, are available in one centralized place.
Transparency
Authorized users across the organization can access and utilize contract information, improving collaboration and increasing the effective use of contracts.
Traceability
Contract Management makes it possible to monitor contract status, validity periods and terms. Notifications of expiring contracts help ensure that new negotiations and sourcing processes can be started in good time before the current contract period ends.
Scalability
Sourcing Contract Management adapts flexibly to different types of organizations, from smaller companies to larger groups operating across multiple locations and business units.
Integrations
Electronic signatures reduce manual work. Noventia also enables integrations with the organization’s broader contract management solutions.
Sourcing Contract Management Needs
Sourcing teams are often responsible for hundreds or even thousands of contracts, requiring clear and systematic management. Contracts contain significant financial terms and legally binding obligations.
Electronic Contract Management helps ensure that all contracts are up to date, easy to find and managed consistently. The tool provides stability for both day-to-day operational needs and long-term supplier relationships.
Sourcing Contract Management can be used to manage all types of sourcing-related contracts, such as non-disclosure agreements, broader framework agreements and supply agreements covering specific sourcing projects.
Before starting a supplier relationship, the parties often sign an NDA, or non-disclosure agreement. A large number of NDAs may accumulate even when potential suppliers are still being assessed for projects, or at the latest when the terms of collaboration are agreed in more detail. The tool enables NDAs to be finalized quickly, makes the information available to the entire sourcing team, and allows validity and expiry dates to be monitored.
Framework agreements define the terms and conditions for long-term collaboration. Once the contract has been stored and its key information recorded, all members of the sourcing team can quickly check whether an agreement with the supplier is already in place and what terms have been agreed. This reduces duplicate contracting and speeds up sourcing decisions.
Delivery agreements define, for example, the quantity of products or services, delivery frequency, pricing and other specific terms. The Noventia tool provides a real-time view of the contract status, including when the contract is due to expire, what terms have been agreed and how they compare with other contracts. This helps the sourcing team plan renegotiations in advance and avoid additional costs caused by overlapping periods.
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