Having a centralized, electronic repository for contracts can help businesses gain visibility to valuable spending and budget information throughout a contract’s lifespan, and that can play an important role in meeting compliance and review processes. A new feature to cloud-based software from an enterprise purchase and expense-management specialist is designed to accommodate such needs.
Through the new vendor contract management feature, which enhances Ariett’s ReqNet procurement software, businesses can create B2B purchasing contracts, attach electronic documents, and manage contract budgets and expiration dates. Those managing a company’s contracts also can report on the status of a contract with visibility to requisitions, purchase orders and invoices assigned to the contract, Ariett said in itsproduct announcement.
“New-vendor authorization and contract management are increasingly subject to compliance and review,” Glenn Brodie, Ariett president, said in the announcement. “A company's procurement software must offer the necessary controls to meet compliance requirements. Ariett's new functionality provides an approval workflow, creates a centralized repository of all vendor contracts and includes integrated reporting.”
Through the new feature, users can create a vendor-service contract by dollar amount and define the contract date range for renewal. They also can attach legal documents or specifications when routing a contract for approval.
Commenting on his company’s use of ReqNet, Marc Trudel, business operations consultant for SEMAFO, a Canada-based gold mining company with about 1,000 employees, noted that a quick approval process ensures that products are delivered to the company’s projects in a timely manner.
“Before implementing ReqNet, approval took over three weeks,” he said. “With ReqNet and Mobile Approval, a requisition to [purchase order] is approved inside of two days. Often, it is approved on the same day.”