Three Ways to Simplify Contract Management With Scout
Last month, we announced Scout Contracts, a simple, flexible contract management tool for sourcing and legal teams looking for a better way to improve their process, work across teams, and get a clearer view into supplier obligations and adherence. We’re already hearing positive reviews from customers and prospects who appreciate the simplicity and efficiency Scout brings to a complex process.
Today, we wanted to share a few new ways you can use Scout to simplify contract management for your team. Whether you’re looking to shorten the contracting process, easily identify key contracts coming up for renewal, or track custom terms and obligations across a large number of suppliers, Scout can help. Let’s dive in.
Faster, Cleaner, more Collaborative Contracts
From the moment a contract is requested, all the way through final legal review and signature, Scout Contracts helps you manage the entire process. First, by leveraging Scout Intake, you can make it one-click easy for your business partners to request a new contract process, complete with supplier data, draft contracts, and timelines.
Beyond that, Scout’s fresh take on contract management helps you establish a clearer process and accountability for each contract stage. With clear templates – just like contracts – you’ll never have to start from a blank piece of paper again. Identify milestones, dates, and owners right from the start, and ensure you have the resources you need to get the redlines done.
By taking this path, we’re seeing customers cut days (and sometimes weeks) off of the contracting process, and they’re better able to identify bottlenecks in the process, too.
Fewer Renewals Fire Drills
Let’s go back to the main Contracts screen. In the prior tip, we were looking at how contracts managers on your team can get an eagle-eye view over every contract in their queue, and help move documents through the process with appropriate priority. Now, let’s look at the end of the contracts lifecycle – renewals.
With Scout, you can not only easily customize renewals notifications and get emails as key relationships come up for review, but the new Contracts module automatically highlights contracts due to expire in the next 30, 60, and 90 days.
This view gives your entire team proactive visibility into what’s coming up next, and how to potentially put out any future fire drills around automatically renewing contracts. To really optimize this process, Scout also lets you customize the columns shown in each of these views – display renewal status, supplier names, and even total spend to perfectly prioritize your time. From this view, you can dig into the details, or shoot a message to the primary business stakeholder to initiate a contract review.
Find Obligations and Terms (even in a Haystack)
With Scout Contracts, we’re giving your team the ability to track, surface, and report on critical contract obligations for multiple parties, right on the contract record itself. So for key contract management tasks like tracking termination clauses, payment terms, delivery milestones, or performance commitments, you get a simple, flexible way to track and report on each.
For example, let’s say you’re managing direct materials (or, more specifically produce) for a large restaurant distribution and supply program. Not only do you need to keep track of budget owners, POs, and approvals, but also key obligations like payment terms, costs like case fees, and the kinds of produce categories you’re sourcing.
Now with Scout contract management on your side, not only can you surface these custom fields directly on the contract record (including things like local regions, organic vs. conventional, and even seasonal characteristics) that are critical to your operation, but now you can report on these across a vast catalog of suppliers.
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