Determine [NASDAQ:DTRM]: Effective Management of Contract Lifecycles
Businesses often view procurement functions to be complete once a contract is awarded. When a contract is signed, the procurement team end their role in the process. However, businesses often fail to recognize the utility of the contract management phase that includes everything that happens post-award and the procurement phase. According to the Aberdeen Group, nearly 60 percent of corporate litigations are related to contract disputes, which would mean that the role of contract management in today’s business scenario is profound. The growing importance of contract management has led to a number of solutions that reduce risk and ensure compliance of contracts. Carmel, IN based Determine assists clients in managing their contracts by automating the contract management process, giving them the ability to deliver valuable insights through analysis of their supplier relationships and contractual requirements. “Determine is changing the way our customers source, contract and buy goods and services with its innovative cloud solution platform in some of the most complex industries like financial services,” explains Patrick Stakenas, President and CEO, Determine.
Combining the power of three separate technology pioneers, Selectica, Iasta, and B-pack, Determine brings to its clients a strong knowledge base with depth and breadth of contract management expertise. The company’s Contract Lifecycle Management (CLM) solution enables clients to provide control and analytics over master contract data and lifecycle of every contract. With its cloud based contract repository, clients can securely access every contract, agreement and attachment to get a comprehensive view of ongoing obligations, analysis, reporting, renewals, and key updates. Users can easily identify new and negotiated documents through version tracking and redlining abilities. Both the internal and the external stakeholders can access the content without any ambiguity. Clients can manage clause usage, risk level, and compliance for their contracts using the robust tools provided by the solution. Further, to enhance collaboration between stakeholders, Determine’s CLM allows users to keep detailed audit trail of the documents signed by automating the review process. With complete visibility into a contract’s progress, clients can even control the accessibility documents to other users.
The firm’s core competency lies in Determine Engine, which is the heart of its solutions that helps businesses transform process complexities into simple competitive advantage.
Combining the power of three separate technology pioneers, Selectica, Iasta, and B-pack, Determine brings to its clients a strong knowledge base with depth and breadth of contract management expertise. The company’s Contract Lifecycle Management (CLM) solution enables clients to provide control and analytics over master contract data and lifecycle of every contract. With its cloud based contract repository, clients can securely access every contract, agreement and attachment to get a comprehensive view of ongoing obligations, analysis, reporting, renewals, and key updates. Users can easily identify new and negotiated documents through version tracking and redlining abilities. Both the internal and the external stakeholders can access the content without any ambiguity. Clients can manage clause usage, risk level, and compliance for their contracts using the robust tools provided by the solution. Further, to enhance collaboration between stakeholders, Determine’s CLM allows users to keep detailed audit trail of the documents signed by automating the review process. With complete visibility into a contract’s progress, clients can even control the accessibility documents to other users.
The firm’s core competency lies in Determine Engine, which is the heart of its solutions that helps businesses transform process complexities into simple competitive advantage.
Determine is changing the way our customers source, contract and buy goods and services with its innovative cloud solution platform in some of the most complex industries like financial services
Determine has successfully supported a number of companies across various verticals including finance, procurement and legal. Endo Pharmaceutical is a testimony to Determine’s prowess in contract management domain. The pharmaceutical company had to renew its contract with the U.S. Department of Veterans Affairs that required Endo to track and report on its spend with small and diverse suppliers. Managing supplier diversity spend became cumbersome leading to inaccuracy. Endo approached Iasta, a Determine Company that increased their supplier diversity efforts. This allowed the pharma company to easily monitor spend behavior reducing time, improving reporting capabilities, and avoiding non-compliance costs. “Establishing diversity targets with Iasta, a Determine Company, not only helps us ensure compliance with Veterans Affairs, but it also takes us beyond contracts and finance and into effectively managing corporate social responsibility,” explains Louis Galczynski, Senior Manager, Endo Pharmaceuticals.
Along the path of innovation, Determine is focused at enhancing processes by achieving more connectivity and creating seamless accessibility to contracts. Adjacently, the company strives to bring new functionalities in contract management to help customers turn their pain points into insights.
Company
Determine
Headquarters
Carmel, IN
Management
Michael Brodsky, Chairman
Description
Provider of SaaS Source to Pay and Enterprise Contract Lifecycle
Management (ECLM) solutions to effectively manage the full scope of
contract lifecycle
