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If you haven’t heard Market Dojo’s new Contract Management solution, Contract Dojo, was released earlier this month.
Being able to offer a centralised repository is hugely exciting and something we’ve been asked to provide by many clients over the years.
As some background, in order to ensure that we were producing a solution that was most fit-for-purpose, we held a workshop with our clients to uncover what was most important to them in a contract management solution. After all, who better to ask what functionality is most needed, than procurement professionals themselves?
Here are the top 5 features and functionalities we had highlighted:
This may sound like an obvious requirement for a contract management solution, but one of the main aims of Contract Dojo is to replace ‘traditional’ methods of contract management such as Excel, by creating one place that all contracts are stored. Within Contract Dojo, users are able to upload as many file types to a contract as necessary, as well as categorise those files by type, e.g. contract, pricing, master contract, etc. Slightly different to some solutions too, uploading many files to a contract in Contract Dojo still only eats into one ‘credit’.
Below is a GIF depicting how easy it is to add files to your contracts in Contract Dojo.
Missing notifications of renewals can be a costly mistake, particularly if there is an automatic year on year price increase. Industry research suggests that effective contract management can impact on the bottom line by up to 10%. Making sure that the relevant contract managers are notified of notice periods was paramount functionality for Contract Dojo. The system will send an email to the contract owner and any relevant stakeholders when this key deadline is approaching.
In addition to notice periods, there is also the option to create custom notification alerts. Examples of such notifications may be the claiming of rebates, or quarterly review meetings, contributing to more effective contract management.
We’re really proud of the search functionality within Contract Dojo as it is extremely powerful. Being able to search for key contract data has huge benefits over traditional contract management methods. The search function in Contract Dojo also allows users to search for text within files that have been uploaded. Meaning, for example, users can search for all contracts that contain a certain clause, or part of a clause.
All of our tools are aimed at promoting and showcasing the power of procurement and increasing collaboration with the wider business. Contract Dojo allows users to easily add a stakeholder to a contract, as well as choose what permissions that stakeholder can have over the contract itself.
It’s also possible to include these stakeholders in any and all notifications there may be during the contract lifecycle, to really encourage the collaboration across the contract.
Not a piece of functionality in itself, but common feedback was that the system needs to be as intuitive as our other modules. We have heard from many procurement professionals how clunky and cumbersome some existing solutions are, which makes for an unenjoyable experience, or worse, results in no use at all. The same can be said for some of the more complex functionality that is available in other solutions; contract authoring is a common topic of debate, but experience seems to suggest that although many solutions offer this, in reality it is rarely used, as adds a whole new layer of complexity altogether.
We believe we’ve come up with a solution that could be used by procurement professionals of any level, or technical proficiency. And if you don’t believe us, you can test it out for yourself for free, by registering here or speaking to your company’s superhost.
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