ContactTool Procurement offers a cost-effective, end-to-end solution that automates the contract management and compliance process, allowing procurement organizations to maximize the value of their vendor relationships through effective management and control of their purchasing agreements.

Unlike traditional source-to-contract process, ContractTool approaches the procurement process with a "Contract-centric" perspective. The essential first steps are to gain full visibility and control of your vendor agreements through contract management; be able to ensure regulatory, obligation, and transaction compliance; and then be able to source and make your agreements better.

Contracttool prevents contract (term) and pricing errors, evaluates vendor performance, and ensures best practices and contract compliance throughout the buying process.

Contract and Obligation Management - Improve productivity and contract consistency by automating the contract management lifecycle and improve your contractual relationships through collaboration.

With ContractTool you can:

• Maintain favorable pricing and reduce costs by alerting you to pending contract renewals and expirations
• Map decision criteria from the RFP to the awarded bid to final contract, reducing the risk of losing critical contract terms and conditions in translation
• Ensure adherence to contract approval processes
• Implement best practices and create better contracts to achieve breakthroughs in spend management.

Transaction Compliance - Hard ROI is achieved through contract transaction compliance, by reducing the "leakage" caused by transactions not being compliant with the terms of the purchase agreement.

With ContractTool you can:

• Reduce "maverick" spending by ensuring all transactions are tied back to the contract
• Realize negotiated savings by capturing volume discounts and applying penalty clauses through active compliance to contractual terms and conditions
• Reduce overpayments on non-compliant invoices that don't match
• contract pricing
• Capture objective criteria for measuring vendor performance to purchase terms via compliance reporting.

Analyze - Lower procurement spending by evaluating suppliers while improving corporate performance.

With ContractTool, you can:

• Analyze your spend by category, item and vendor to better understand true vendor costs and negotiate better contracts
• Have the ability to segment, score and analyze vendor, contracts and price to ensure and evaluate overall vendor performance
• Identify and segregate high performance suppliers from underperforming suppliers
• Segment and analyze your vendors based on contract compliance metrics