Vendor/Contract Lifecycle Management
Elegrity Lifecycle Business Management System
Maximize Efficiency Throughout Your Vendor and Contract Lifecycle
Organizations face multiple industry and internal forces surrounding all aspects of Vendor and Contract Management. Some of the key forces include:
- Budget and Cost Pressures – “Do More With Less” – and do it faster.
- Globalization – how to ensure the right experts are examining the right issues with appropriate consideration of geographic nuances.
- Emerging Compliance and Risk Management – Constant adjustment to new and changing regulations
Strategies for addressing each of these forces (for example, outsourcing, insourcing, or cross-functional oversight teams) require a different implementation approach. Manual coordination is unsustainable. Implementation of new applications or ‘tools’ only provides siloed solutions, and increases the complexity and number of hoops to jump through (leading to confusion, inefficiency, and higher risk).
Today’s organizations recognize the need for a holistic approach through business process transformation. By looking at the Vendor and Contract Lifecycles holistically, and then implementing a process layer to coordinate the work of people and technology systems in complete alignment with the organization’s policies and strategies, companies are achieving both substantially improved risk management while AT THE SAME TIME achieving new levels of efficiencies.
Elegrity’s Business Process Management experts work with companies to re-envision their vendor and contract lifecycles holistically. We then implement transformed business processes within our Lifecycle Business Management System (LBMS), creating a new, consistent, and evolvable process layer. Here are just a few of the benefits our customers enjoy:
- Manual aggregation of information through the use of spreadsheets or homegrown databases is replaced by automatic aggregation from the right system of record, presented meaningfully to the end-user based on the specific business activity being performed.
- Manual work coordination is replaced by automatic workflows, ensuring that the right people (or technology systems) are involved at the right time in the process.
- Back and forth emails trying to get accurate information or obtain simple status information are replaced by full visibility for all users involved in the process, and intelligently-guided data entry.
- Duplicative data entry is replaced by automated system integrations, eliminating manual labor and dramatically reducing error.
- End-user frustration is replaced by calm policy compliance as natural work is coordinated and governed automatically.
Take the Next Step Towards Optimized Processes
Major corporate legal teams have already partnered with Elegrity to achieve an impressive payback on their IT investment. In fact, Elegrity has successfully completed hundreds of projects for customers ranging from 10 users to 14,000, and from $500,000 to $16 billion in revenue, across the legal, life sciences, and financial services industries.
Get the full story on Elegrity’s solution for corporate legal departments