Zycus, the leading source-to-pay procurement solutions provider, announced that a large US based auto insurance company will soon begin an upgrade to its comprehensive Contract Management solution, fully utilizing both document repository (iRepository) and collaborative authoring (iAuthoring) modules.
The Midwest-based company was an early adopter of contract management software, but has now reached a state of operational maturity where its first-generation solution no longer supports strategic needs.
According to the company’s Director of Procurement, important solution features factoring into the Zycus selection include:
Full text search of all contract documents (versus titles only)
Complete audit trail capabilities for guarding against fraud.
Ability to utilize secure electronic-signing technology.
Flexible cost model, making it cost effective to accommodate all possible types of solution users (for example, one-time/infrequent approvers versus frequent contract authors).
Capabilities for procurement to holistically track all contract initiations, progress, statuses, expirations and so forth
Potential for major acceleration of contracting process, utilizing templates with pre-approved terms and conditions and looping in general counsel only when nonstandard terms are being negotiated.
Potential to use on revenue side of business (in contracts with agents, resellers, service providers and so forth)
Ability to partition the tool as needed (for example, by SBU or between buy/sell sides of the business) and to control access at various levels for proper security and risk management.
"More and more," says Zycus CEO and founder Aatish Dedhia, "we are seeing mature enterprise procurement organizations trading up from first- to next-generation procurement solutions across the entire spectrum of procurement technology, including procure-to-pay (P2P), e-sourcing, supplier performance, information and contract management."