Latest Report: The Gartner® Market Guide for IT Vendor Risk Management Solutions
Automate the vendor contract lifecycle – from onboarding to offboarding
Negotiating, reviewing, and managing vendor contracts can be a time-consuming version control nightmare when using manual processes or when internal stakeholders do not follow established protocols.
Without a more automated approach to vendor contract management, procurement teams might not know when a new service is being contracted, and legal teams might not have the visibility into contracts to ensure the company is protected – all of which introduces unnecessary costs and risk to the business.
Prevalent Contract Essentials is a SaaS solution that centralizes the distribution, discussion, retention, and review of vendor contracts. It also includes workflow capabilities to automate the contract lifecycle from onboarding to offboarding. With Contract Essentials, procurement and legal teams have a single solution to manage vendor contracts, simplify management and review, and reduce cost and risk.
Simplify the process of managing and chasing vendor contracts, redlines, dates, and other key attributes
Unify multiple internal teams responsible for vendor risk and contract management with a single solution
Add structure and eliminate manual processes
Improve the contracting experience to encourage business owner participation
Prevalent has automated and brought consistency to the initial onboarding of all third parties, which has allowed the team to focus on what matters.
— Global 500 Retail Company
Use a web-based form with built-in templates or leverage an API to enable users to onboard their contracts. Prevalent Managed Services can also perform this work on your behalf.
Key Attribute Tracking
Centrally track all contracts and contract attributes such as type, start and end dates, value, reminders, and status. Provide customized views based on role.
Contract Lifecycle Workflow
Automate the progression of contracts through their lifecycles with customizable workflows based on user or contract type.
Assign and track tasks such as automated reminders and overdue notices against contracts.
Centralize contract discussions, with email notifications distributed to participants when additional comments are added. Comments can be shared externally with vendors or marked for internal discussion only.
Securely share and store contract documentation internally or externally with role-based permissions. Audit trails provide a history of access.
Upload and share contract revisions to simplify the redlining process, leveraging version control tracking so document changes can be reviewed offline. Users with appropriate permissions can view an audit trail of changes to the contract.
Leverage role-based permissions that enable allocation of duties, access to contracts, and read/write/modify access. This granular permissions model means users only see components relevant to them.
Navigating the Vendor Risk Lifecycle: Keys to Success
This complimentary guide details best practices for successfully managing risk throughout the vendor lifecycle. See what we've learned in our 15+ years of experience working with hundreds of customers.
Save time by automating cumbersome and time-consuming process to keep contracts – and stakeholders – up to date.
Centralize the management of risks in a single solution – one platform to manage all risk types means fewer tools to manage.
Reduce the risk of a business disruption by managing contracts with the same structure and discipline as other enterprise risks.
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