What if you could eliminate chasing down people for signatures on a contract?

What if you could ensure that contracts get renewed or resolved BEFORE they expire?

What if you had proactive reminders to work on a contract renewal in time to do it right and eliminate the fire drills?

Sounds like a perfect world, but it can be your reality. You just have to say goodbye to PO25 and step up to Infor’s Contract Management application.

It helps the contract manager...manage the contracts. Sounds simple, right? That is the key -- having a solution that does the work for you. Stop struggling with documents stored in multiple places.

Contract Management allows you to create the contract and store the related attachments creating a “one-stop-shop” for any questions, comments, notes, or attachments – all in one place!

  • No more SharePoint
  • No more Teams libraries
  • No more storing contract information on someone’s hard drive where it has zero visibility

Let’s take a look at some of the benefits of using Infor’s Contract Management application:

  • Contract Dashboard – Gives you one place to be proactive and get ahead of expiring contracts. Navigation Widgets make contracts more visible. You can even personalize the search list putting what matters to you up front and center. You no longer need to run a bunch of reports to manage the daily oversight. Cost comparisons, spend analysis, even managing suppliers are all available from your dashboard quick links.
  • Proactive Renewals – Allows you to be proactive when you utilize review dates on agreements with auto notification for renewals.
  • Rebate Tracking – Gives you analytics to help you be proactive and forecast.
  • Contract Progress Tracking – Define deliverables and milestone dates with reminders and notifications.
  • Contract Document Creation – Use document templates, enter the basics of the contract, determine if you will allow redlining and define approvals, as needed.  Non-Disclosure Agreements are a perfect example where you can drive efficiency, reduce risk, and save time.
  • Integrated Email – Lets you email contacts directly from the dashboard, making managing the overall process easier.

Parting is such sweet sorrow!

Get ready to say goodbye to PO25 by starting some preparations now. Get the data cleaned up. The secret is getting, and keeping, the data clean. You can start by implementing best practices around separation of duties and secure access to data. Limit the people that can update the master data to control the accuracy. For example:

  • Contract Managers can request to have a supplier added, but they should not be able to validate and approve the supplier
  • Buyers can request a supplier to be added, but they should not be able to validate and approve the supplier

Security protocols are key. Who really needs access to maintain separation of duties? Think about who really needs access to what data. Then, get to work on the data cleanup:

  • Verify items and eliminate duplicates
  • Get copies of contracts and price files, and make sure you collect all the information
  • Coordinate with suppliers and vendors to ensure you have accurate, current information
  • Decide on how to load contracts – by manufacturer, distributor, GPO, etc.
  • Clean up the item master

Doing this work ahead of time allows you to hit the ground running when you start your project. And, it makes life a little easier now!

When you are ready to say goodbye to PO25, contact ROI Healthcare Solutions. Our team of experts can help you find success on your technology journey. For more information or to learn about how we can help transform your organization, please visit our website.

Don't Miss It!

Make sure to check out the accompanying Couch Conversation on PO25 with Seth Remetch and Diana Van Blaricom. Watch a short preview below.

Written by Seth Remetch (Supply Chain Consultant)

Seth joined the ROI family in 2020 with a decade of frontline experience as a data governance analyst at a healthcare organization. His attention to detail and knowledge of contracting best practices brings life to transforming daily supply management processes for our customers.