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Challenges in Contract and License Management |
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| More and more organizations today operate globally, with several processes partially or totally outsourced, and often remotely managed. The distributed operations create a number of challenges in managing contracts, licenses, invoices, and vendor relationships– primarily due to lack of complete visibility and comprehensive analysis. | |
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No Centralized Document Management System When organizations do not have any centralized Document Management System, the information about contracts and licenses is scattered in silos. Application owners maintain own vendor relationship and usage data, which tends to remain as tribal knowledge without any efficient knowledge sharing. Various stakeholders using different systems create tremendous challenges in coordinating and reviewing vendor performances. Poor visibility of contracts coupled with fragmented data leads to significant compliance management and governance issues. |
Traditional Document Management System When organizations have a traditional Document Management System, it is often a static central repository that is not geared towards dynamic and efficient contract management. A Document Management System typically organizes contract documents in hierarchy without providing any contextual or effective information about contracts. Such traditional systems make it difficult to extract useful data from contract documents. Moreover, lack of intelligent reporting by key parameters seriously affects proactive contract management and governance. |
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Avasense™ Solution |
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Our customized solution for Enterprise Buyers of Software and Services is designed to meet all these challenges. The solution built around Avasense™, our flagship Contract Management System for sourcing governance, enables you to:
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