The best and most effective legal language is clear, concise, and understandable by anyone. So why are Contract Management platforms so overwhelmingly complex? It’s an endemic problem in sourcing – in a recent survey, we found that only about 30% of CPOs are satisfied with their current system. That’s not an encouraging number, and it’s no surprise that overhauling contracts management is a top priority for these CPOs.
When buy-side contracts tools are clunky, force users through inflexible workflows, and obscure the connections between documents, obligations, and suppliers, businesses are going to struggle with even the most basic contracting questions. And that’s a huge risk.
That’s why I’m thrilled to announce our brand new Scout Contracts product. Directly addressing these challenges, Scout Contracts is the first contract management tool to provide both simple, flexible contract management but also make the process of identifying, tracking, and managing obligations clear and straightforward.
We’ve said it before, and I’ll say it again: we’re obsessed with making our customers crazy successful. Having heard time and time again from our customers struggling with contracts, we dug in deeper. And what we heard was concerning:
- “Using our current CLM really hurts. It’s clunky, slow, and hard to find what you need.”
- “The business has no visibility into contracts or renewals, and it’s virtually impossible to share documents with them in the system.”
- “Nobody uses redlining in the system – they download the docs, redline offline, and then I have to manually upload everything.”
- “It’s impossible to see the relationships between contracts, suppliers, and obligations. Frankly, it’s a mess.”
To that end, we worked closely with the contract teams at companies like PayPal, Joann Stores, Okta, and Anaplan (and dozens of other customers) to dig into their processes and identify what really matters to them. And, in line with our goals of building easy to use, quick to adopt products that actually get used, we stripped out everything our customers didn’t need (like redlining) and focused on what they did. It’s what makes Scout one of the top-rated sourcing platforms at Gartner.
With this new Scout Contracts module, companies of all sizes can now implement a simple, effective, and data-driven contract management process in a matter of hours. And more than that, with Scout Contracts you’ll finally have the right tools to get a clear view into your contract obligations, effortlessly track contract status, get instant renewal notifications, and even chase down critical signature chains in Scout. Get a demo today, or check out the details below.
Simple, Clear and Effective Contract Management
First and foremost, we knew we had to simplify and streamline the contract management process. Gone are the times when a strict, rigid process was the best way to manage risk and compliance. Teams today are more flexible, agile, and creative than ever before, and one of Scout’s guiding principles is to drive adoption and quick implementation wherever possible.To accomplish that, we designed the new Scout Contracts module to give sourcing teams direct access to what matters most – your pipeline of contracts in process, documents in need of urgent attention, and what’s around the corner. Not only is it like seeing into the future, it’s also a clean and easy way to help your stakeholders answer for themselves their most common question: “Where is my contract in the queue?”
Get a Clear View (Finally) into Your Obligations
Next up, Obligations Management. This is probably the #1 request we receive from customers and prospects alike, and it’s a huge unmet need in the market. With the new Scout Contracts, we’re giving teams the ability to track, surface, and report on critical contract obligations for multiple parties, right on the contract record.
Whether you’re tracking termination clauses, payment terms, delivery milestones, or performance commitments, managing obligations in a consistent way across contracts and business units is a struggle. Not only does Scout give you a simple, flexible way to track these, they’re fully reportable in Scout Reports and they can be mapped effortlessly to your supplier engagement and Supplier Performance Management processes.
See Every Connection Between Contracts, Status, and Renewals
That quote above really struck a chord here: “The business has no visibility into contracts or renewals, and it’s virtually impossible to share documents with them.” In a modern organization, that just doesn’t cut it anymore. We need fast access to information and context, and relying on just the right search term to find what you want isn’t good enough. What is? Clear, visual representation of contract hierarchies and relationships, better tools for finding (not just searching for) key documents, all overlaid onto the process of getting contracts signed.
Sign, Seal, and Deliver (and Track)
And finally, no matter how clean your final terms are, no contract is good without an indelible signature. And we’re tackling that, too, with an elegant, effective integration into DocuSign that lets you create, track, and trace the full history of every signature in your portfolio.As you can probably tell, we’re pretty excited about our newest product, Scout Contracts. Ultimately, our goal is to make the contracts management process not just simple and effective for everyone, but to seamlessly integrate it into the entire supplier engagement process – from vetting, to signature, to renewal, and beyond.
For more on Scout Contracts, register for our upcoming live Monthly Demo, or schedule a private showing for your team today.