A new system for effective and accurate management of all types of contracts has been launched in the UK following its widespread adoption by multinational organisations in North America.
UpsideContract has been introduced into Europe by Imperial Business Systems and is expected to find a wide application in large corporate and public sector organisations faced with a growing number of increasingly complex contractual agreements.
Developed by Upside Software Inc, the new web-based system provides a reliable and comprehensive solution for managing all types of contracts, licence agreements and business commitments and includes direct support for key functions such as legal, regulatory as well as sales and purchasing. It is easily integrated into existing ERP systems and any CRM solutions and, from user experience to date, typically delivers a full return on investment in less than 6 months.
UpsideContract ensures full contract visibility and full audit trails at all times, with user-defined alert functions to ensure terms, conditions, key performance indicators and all deliverables of even the most complex contractual obligation are monitored for compliance at all stages of the contract lifecycle. The system removes unknowns and the risk of contract violation as well as the problem of tracking all contract documentation, renewal dates and payments.
Contractual non-performance and piecemeal compliance procedures both represent significant areas of financial and operational risk for any large organisation. The solution removes this risk by ensuring all contracts comply consistently with defined internal policies and relevant regulations.
It also provides a complete picture of all contractual arrangements as well as real-time access to all contract data, so that contract managers have all the information they require to monitor or address variations and to control the progress of all contracts with confidence. This level of access and control enables the maximum benefit to be derived from every contract, eliminates the potential for oversights or errors and provides full risk management capability. The increased visibility offered by UpsideContract helps to satisfy even the most stringent demands for procedural transparency, such as the Sarrbanes-Oxley Act in the USA.
Contract Managers can see for themselves why companies like Microsoft, 3M, Smith & Nephew and a wide range of public sector organisations have adopted UpsideContract, by arranging a free on-site demonstration of the system.