Birdseye

As business relationships become more complex, setting up such a relationship often involve a lot of internal and external professionals from all contracting parties. The same can be said when – post-execution – the contract must be implemented and managed.

Project / RFI / RFP development

The first step in developing a new contract is obtaining a good understanding about the project, involving the right stakeholders and contributors.

If you are developing a complex or critical contract for your organisation, this process often entails the development of requests for information (RFIs) or requests for proposals (RFPs), which are exchanged with potential business partners.After that, interviews and workshops are being organised, proposals evaluated and – ultimately – a selection of the best proposal and way forward is being made.

SourcingCockpit has features that guides our clients (and us) through this process.

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(Automated) contract creation

The introduction of the word processor provided all of us with the ability to draft lengthy documents, copy and paste text from other documents, edit, delete, send documents by email, etc.

And all of us have made mistakes during this process: working on different versions, copying and editing text that was not coherent or consistent with the document that was written, "reinventing" clauses we drafted in other contracts because we could not retrieve the initial version.

Our in-house developed contract authoring platform not only emulates basic word processing functionalities, it also makes available a library of clauses that have been used before in similar contracts and immediately distills the necessary meta-data that is critical for managing the contract afterwards. In other words: where for most lawyers the drafting of a contract is the goal, for us this is just a step in the successful execution of successful business relationships.

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Contract management software

Studies have shown that a lot of value is lost (or remains untapped) in contracts because of poor contract management.

Having equipped SourcingCockpit with key contract management processes and procedures (most of which have even been based on internationally recognised methodologies), clients are no longer skipping beats in managing their contracts, vendors and other business relationships. Hence, they save time, money and have the ability to extract the maximum value out of their business partners.

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