Purchasing professionals must ensure that their vendors are in compliance with their contracts. With Symfact expiration dates, sole sourcing clauses, minimum volume agreements, and other terms can be authored and managed efficiently. Through automatic alerts and visibility into the key terms in a contract, Symfact helps identify vendor overbilling and other compliance-related aspects of purchase contracts. With instant access to contracts, purchasing organizations gain greater insight into their negotiation position and needs. Integration to ERP solutions can then provide a complete best-in-class procurement environment.
Vendor Contract Management
Within a central vendor repository users may search all vendor related information such as performance evaluations pricelists certifications and profiles. Individual vendor on-boarding may be configured to enable specific monitoring as required or for a more comprehensive solution, process and data level integration into ERP systems provides an optimal and seamless flow of information.
Both Pre- and Post-signature Support for Contract Administration
Post-signature Contract Administration ensures optimal and proactive management of the supplier contract during its active lifetime. However the procurement process begins well before the point of signature. Contract Lifecycle Management support enables seamless integration of the entire process from RFx issuance to receipt, selection and conversion into contractual paperwork.
Supplier On-boarding, Due-Diligence, and Vendor Risk Management
When on-boarding a new vendor or supplier an enterprise is obliged to ensure the nature of this future business partner. Failure to do so can result in material damage both financially and in terms of goodwill or reputation. The Symfact Contract and Compliance Management Solution provides this complete environment by integrating to leading data service providers to enable both ad hoc and repeated checking and verification. This may include issues such as PEPs, (Politically Exposed Person) sanctions issues, previous or current litigations for example
Cost Control and Invoice Verification
Effective Contract Administration provides the visibility necessary to optimise volume discounts and proactively defend supplier invoicing. Without a suitable Contract Management Solution an enterprise is at the mercy of its suppliers with respect to rogue or erroneous invoicing.