Procurement for the Future: Implementing Strategic Sourcing for Sustainable Growth
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Contract Management Services for IT
Infosys BPM offers complete procurement and contract management services, including analytics for better insights. Our contract management methodology focuses on delivering value through improvement in contract compliance and cycle time reduction. We manage all aspects of contracting, including solicitation, creation, negotiation, administration, and maintenance. With our contract lifecycle management solution, we streamline the entire contract lifecycle, ensuring better efficiency and reduced risks.
We have the domain expertise to address process and workflow improvements, the resources to provide contracting support services, and professionals to offer consultation and advice through our strong LPO practice to:
- Track progress of reviews and approvals of master agreements, statements of work, contract, contract amendments, other agreements, and related contractual collateral among reviewers and approvers, provide timely reminders and ensure closure
- Review contracts for completeness of documentation as per client’s policies and appropriate legal input, ensuring all obligations are met
- Perform low-to-medium complexity contract development using our enterprise contract management system to ensure smoother workflow.
- Secure signatures on various required documents
- Store and organize contracts in the appropriate contracts management systems according to mutually agreed procedures
- Maintain all relevant contracts database structure, files, meta-data, and other relevant information, including but not limited to termination or expiration dates and renewal or extension terms
- Initiate and fully own the completion of new, potentially complex contract material using client provided templates
Infosys BPM NIA for Contract Analysis
Infosys BPM uses bpo contract management and next-gen technologies like, artificial intelligence and Natural Language Processing for moving towards smarter contract management to assist in contract authoring, break down contract into sections / clauses, show the percentage match with a reference contract, predetermine clause based on regulatory needs tailored to different geographies, auto-recommending critical clauses, and more.
Ensure compliance by leveraging our contract management solutions
Why Infosys BPM contract management Services?
Contract Management Strategies and Services:
- Centralized and standardized contract template for quick contract creation, reducing TAT by 30% through analytics.
- Improved response rate (from 65% to 90%) over expiring contracts, and reduced risk of expired contracts through effective contract lifecycle management solution.
- Reduced effort around contracts administration by 25% for category managers through automation.
- Regular reports and tracking of metrics on contract expiry with 120 / 90 / 60 days’ notice thereby achieving 0% contractual coverage lapse.
- Improved terms / clauses recommended improving contract compliance, backed by our bpo contract management solutions.
- High contract visibility and improved TAT through effective supplier negotiations.
- Contract transformation projects conducted with clients leading to identification and recovery of past excess payments due to non-visible contract terms. Infosys BPM also provides a root cause analysis (generic and specific) to identify reasons for contract non-compliances and design action plans to control and complete risk proofs against future leakages.
- Improve controls for mitigation of risks at the downstream process level.
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