Digital Transformation in Vendor Management: Enhancing Compliance and SLA Performance through Streamlined Processes
The thing that keeps any contract anchored is a three-alphabet word called the ‘SLA’ or service level agreement. This is where the client and the vendor get on the same page of what is expected from each party, at what stage, and on what terms. The inability to meet SLAs is also well described in terms of penalties, corrective actions, and alternatives. SLAs are a great way to make vendor management streamlined, result-oriented, and frictionless. Without a clear and well-managed SLA path, any contract can go awry. Without SLA optimization, a contract can easily slip down a dangerous hill of poor performance, hidden costs, and unnecessary conflicts. That’s what is happening right now at many companies.
But- if only CLM were that easy
Do you know that 99 percent of organizations plan to reduce contracting costs over the next two years? With one in three larger organizations looking to reduce contracting costs by 30 percent or more? Also, 70 percent of organizations have a formal contracting technology strategy. But 99 percent say they do not have the data and technology to optimize their contracting process. The result- a massive gap between strategy and execution in contract management; companies cannot measure, manage, and control adherence to their policies.
Additionally, there are struggles over how to put technology in place. For example, 47 percent of companies say implementation is a significant challenge, and 34 percent find it hard to recruit people with the skills to identify and implement the technology they need.
The answer, then, is not just technology, but the right technology. Like Proen.
Proen brings deep and well-rounded expertise on everything you might need to extract real value from your SLAs like,
- Expertise in both the buy-side and sell-side of contract lifecycle management (CLM)
- Establishment of consistent contract storage practices
- Effective use of predefined and custom templates for vendor management
- Ensuring optimal tracking and reporting in vendor management
- Automation of the entire contract lifecycle
- Minimization of feedback loops and amount of iterations
- Improvement of process efficiency with advanced analytics
- Fast-tracking of the auditing process and improved compliance
- Integration of a secure and compliant e-signature solution
- The ability to track your contracts on the go with Mobile App
- Proven methodologies and best practices- tried and tested across diverse businesses
- The ability to do everything- from implementation to integration, consulting to customization, and development to deployment
- A proactive and systematic way to manage contracts from initiation through award, compliance, and renewal
- High capabilities for the management and monitoring of risk
- End-to-end contract lifecycle management (CLM) capabilities to better track, manage and automate every granular step of the contract lifecycle
- A well-straddled experience from successfully executing several contract lifecycle management (CLM) engagements worldwide
SLAs are not just in the fine print. They are solid levers for establishing fruitful relationships between companies and their vendors/service providers. Make them sharp, capable, and well-rooted in technology. Change them into Service advantages.