VORTAL: Collaborative Contract Management

The impact of collaborative enterprise contract management (ECM) is profound between buyers and suppliers. A collaborative culture of contract authoring using the right contract management technology can drive better buyer-supplier relationships promoting effective compliance and control, which in turn can deliver real savings with minimal risks. Set on a mission to provide powerful collaborative contract management solutions, VORTAL has been instrumental in offering dedicated solutions to both buyers and suppliers to work towards a common contract. This allows both parties to manage interactions, documents, amendments, approvals, and risk compliance within a common contract. VORTAL fosters better communication and expectations management between buyers and suppliers through this approach.

VORTAL’s collaborative contract management solution, helps its users to effortlessly manage the entire life-cycle of a contract. The solution enables an easy, quick, and consistent contract creation, largely automated, based on data collected during the eSourcing and negotiation events, while ensuring complete control over contract terms, approvals, and operations. VORTAL Contract Management offers clients with global contract visibility and access to the intelligence held within either active or archived contract portfolio that assists in enhanced decision making. With complete information on exposures and vulnerabilities, the solution enables contract managers to mitigate risks actively. The solution also enables enforcement of controls to standardize contract language and terms. This, in turn, ensures that all terms and conditions that were agreed to during negotiations are being complied with once the contract is active while tracking compliance to regulations affecting companies across every industry and geography. “Our contract management may be used as an integrated module of VORTAL eSourcing Suite, a solution to manage buying processes, or implemented as a standalone solution, ready to be integrated with external IT systems,” explains Miguel Sobral, EVP, VORTAL.

As the VORTAL platform controls, manages, and monitors the progress of all the contracts simultaneously, it also sports an outstanding feature called Cross Contracts Monitoring. Several different contracts for same projects can be connected to establish dependencies and constraints, which, in turn, notifies a customer who can act accordingly if an execution of a contract impacts another one.