Infor Contract Lifecycle Management Transforms How Organizations Create, Negotiate, Execute, and Manage Contracts
Infor, a leading provider of beautiful business applications specialized by industry and built for the cloud, today announced the availability of Infor Contract Lifecycle Management (CLM), transforming the way organizations manage risk associated with contract development. Part of the Infor Customer Experience Suite, Infor CLM can help organizations improve the creation, negotiation, execution, and management of contracts throughout their development, controlling details at each step of the contracting process and making it easier for internal and external stakeholders to collaborate. The application treats specific key terms, conditions, and clauses as attributes and provides insights on those elements, making the process run smoothly, and ultimately boosting customer loyalty.
Organizations often create a new contract by copying a fully negotiated one over and editing it to create something new, which can cause inconsistencies between documents and unintended inclusions of terms, conditions, and clauses that may not be applicable. In addition, manually handling the contracting process introduces significant risks, as contractual commitments can be made with no visibility or tracking, and approvals and documentation of negotiations can easily become buried in e-mails. By doing away with a document-centric approach and incorporating an intuitive user experience design, Infor CLM accelerates and streamlines enterprise contract processes, helping to shorten sales cycles while also generating context-rich analytics to help manage risk and optimize performance.
Infor CLM allows users to define and manage attributes to help ensure corporate compliance, while also tracking changes from version to version. In addition, the analytics-pricing engine in Infor CLM allows users to automate pricing, costing, and margin calculations to help accuracy and visibility. Organizations can track values, monitor dates and commitments, and set up alerts and notifications to help make the management of each contract post-execution more efficient. To help improve decision-making, users can also draw comparisons to similar contracts, which delivers insights that go beyond the contract that is currently in development.
“Contractual negotiations play a critical role during the sales process and by removing the friction that’s inherent to this process and adding clarity to commercial terms and conditions, users can accelerate the sales process and maintain healthy, long-term relationships with customers,” said Jason Rushforth, vice president and group manager, Infor Customer Experience. “Infor has fundamentally re-thought how contracts are created, stored, and managed to help address the challenges we’ve learned about from our customers. With Infor CLM, organizations can deliver on contract obligations as promised, optimize deal value, have more insight into the negotiation process and act more proactively.”