IBM Emptoris (Contract Management) procurement software is a solution for making sure that businesses manage their contracts effectively. It helps businesses to build and maintain relationships, manage transactions, establish and maintain compliance and to manage contract lifecycles.
What is IBM Emptoris Procurement Software
IBM Emptoris is a procurement software solution that lets companies manage every aspect of the contract lifecycle. From the creation of contracts, to enforcement and discover, IBM Emptoris is an ideal solution for your procurement needs.
This software is focused on the contracts side of things which is quite important. Everything from renewals, renegotiation of contracts, performance monitoring, and analysis is covered by IBM Emptoris. Overall this procurement software will assist you in building strong contracts, building fruitful relationships with suppliers, and speeding up contract related processes.
IBM Emptoris Benefits
IBM Emptoris makes the process of managing your supplier contracts a breeze. Take a look at some of the major benefits of this procurement software below.
- Simple, streamlined contract management: IBM Emptoris acts as a central storage location for contracts, making it easy to locate the contracts of various suppliers with little hassle. This procurement software plays a role at all points in the contract process. You can create, approve, negotiate, execure, and ammend contracts.
- Manage different contract types: Whether you want to draft an enterprise contract, or a procurement and sales contract, IBM Emptoris is capable of handling this. Moreover, this software is capable of automating all contract related processes which saves time thus improving revenue and building strong customer relationships.
- Improve contract management workflows: With this procurement software, you can make your contract management workflows faster and more reliable. You will be able to have total visibility over all of your contracts with this software. It provides you with functionality which optimizes your contracts, ensuring that you’re following industry standards, enforcing best practices and meeting legal requirements.
- Relationship management: The tools provided by IBM Emptoris, help you to build and foster fruitful relationships with your suppliers. With growing relationships you will need all the help you can get. IBM Emptoris keeps this in check and ensures that compliance is in place, reducing operational risks with regard to your procurement processes.
IBM Emptoris Features
IBM Emptoris implements a rich feature set in order to let you master your contracts. We will review the main features below.
Create Contracts, Amend Contracts, or Create Quotes
After creating a contract, you can easily amend it in IBM Emptoris. You can also create quotes.
Contracts are agreements between 2 parties which are usually enforceable by law. An amendment, is a contract that includes changes to an already executed contract. These changes may include the addition, deletion, and/or modification of the terms and conditions of an initial contract.
Amendments are of the same category as their original contracts. In addition, they contain all of the features that are available in the original contract. Links are included to the original contract. Amendments can also be used to account for extensions, addenda, or change orders that extend, change, or supersede original contracts.
Quotes are sales agreements that contain a price for products. Quotes are usually specified for a limited period of time.
Support for 3 Contract Categories
Depending on what you are using it for, you will need to create a different type of contract. In IBM Emptoris, the contract category determines the type of transaction lines which you can include in a contract. This also determines if a contract can be renewed or not.
Purchase agreements are documents that are prepared which you will supply to a supplier or vendor. With this type of contract lines which represent products are services to be purchased at specified prices, in specific quantities, and according to certain terms are included. This type of contract also contains lines that can describe the purchase in some other way.
Sales agreements are contracts presented to prospective customers, or recurring customers. They can be renewed and contain lines with regards to products are services to be sold at specified prices, in certain quantities, and under certain terms. It can also contain lines that describe the sale in some other means. It may also lines related to renewal terms.
Your business can also create contracts under the other category. These are used for purposes outside of sales agreements and purchase agreements. Usage really depends on the needs of your business.
You can assign varying levels of permissions to the different members of your organization. The permissions that a user is given determines the types of tasks that they can carry out.
Create Multi-party Contracts
Multi-party contracts involve more than 2 parties. This type of contract may include multiple internal parties, a single internal party with multiple external parties, or multiple internal parties with multiple external parties.
IBM Emptoris only allows for this contract to be sent through email or offline. If it is sent online, it is only presented to the primary contacts of the primary internal and external parties.
Contract Summary Tab
The contract summary tab allows you to do a quick check of the fields that will be displayed for a particular contract.
In IBM Emptoris, an interview is a collection of forms with questions related to the information that is needed to create a contract.
The interview wizard lets you customize and simplify the contract creation process. Internal users can run interviews with the wizard. They will answer a series of questions, and based on the answers, a new contract will be created.
Here are the features provided by the interview wizard:
- User and business process-oriented contract creation process
- Configuration of a logical flow for the contract creation process in which contract creation steps logically depend on the user’s response to previous steps
- Concurrent contract creation activity with minimal impact on performance
- Contract creation with the help of existing objects in Administration by comparing input requirements with existing objects
- Duplication of interviews that are completed or in process
- Review of completed interviews
- Reduction of errors in the contract results
- Recording of interview responses for future reference
- UTF8 data entry support
- Language support – English, French, German, Portuguese, Spanish, Italian, Japanese, Chinese (Traditional), and Chinese (Simplified)
Set Contract Locks
Locked contracts can’t be modified by more than one user at the same time. contracts are locked when the 1st user of the party that has modification permissions opens it, when an action is performed which implies the transfer of a lock, or when a contract is presented to an external party for negotiation.
Contracts are unlocked when the contract holder closes the contract or when a session timeout occurs.
Some actions do not affect existing locks. These are:
- Viewing or printing visible properties of a contract, such as language, attachments, revisions.
- Saving the language to an external file.
- Managing existing tasks.
- Requesting a review or finishing a review.
- Sending email notifications to other users of the contract.
- Adding comments.
- Adding or updating notes.
- Approving or rejecting clauses without changing them.
- Changing folders.
- Updating contract folders or the internal contact of a set of contracts in the Repository.
- Changing the security of a contract.
- Creating new relationships for the contract.
IBM Emptoris allows users to assign tasks to other users. This is achieved by setting up rules which let you assign tasks accordingly. The new owner of the assigned task is given these privileges temporarily and is allowed to act on your behalf. Delegation can be applied for a single task, or it can be applied for all tasks.
Pricing is provided by quotes only. This means that you will need to contact the IBM Emptoris contract management team in order to get pricing information.
IBM Emptoris is offered through a web based interface. It is offered in English. It is cloud-hosted which means that you can access the application from any device with an internet connection.
Support is provided via email and phone. A comprehensive knowledge center is also provided. The knowledge center is searchable and contains information on topics such as contract locks, and non-locking activities. This is probably your go to first choice for resolving issues. Usually issues can be resolved quickly by searching the knowledge center database. There is also an online community which is a wealth of information.
The procurement process for your business will inevitably include contract management. IBM Emptoris allows you to cover your bases, allowing you to create contracts which are legally sound, compliant, and match the requirements of your business.
It contains streamlined workflows and is easy to use. You can create purchase agreements, sales agreements, or other types of contracts, with this solution. The interview wizard makes creating contracts a breeze, taking some of the grunt work out of the process, simplifying it by asking the creator of the contract a series of questions from which the contract will be created.
Different users in your business will play different roles and Emptoris takes this into consideration. you can give users different levels of access, and even delegate tasks to users.
One of the most important features to consider is the storage of contracts. IBM Emptoris also acts as a permanent central storage location for your contracts, making it easy for businesses to access contract data without having to go through the hassle of searching through several physical files.