Many businesses lack the technology and resources to effectively manage contracts. Premikati leverages Ariba® Contract Management Professional™ to overcome issues such as lack of tracking for expiration dates, renewal terms and price increases, service level agreements, notice provisions, countersignatures and more. Uniquely designed to eliminate the paper and ink from the creation, execution and management of any type of contractual agreement, the offering enables companies of all sizes to efficiently automate and accelerate the entire contract lifecycle, standardize and control contract development, collaborate with all stakeholders, and strengthen operational, contractual and regulatory compliance.
What Do You Get with Premikati’s Legal Process Outsourcing?
Abstractions
Contract abstraction is the process of “abstracting” key dates, clauses, options and other pertinent information from a contract into data for analysis and summarization. This may be done in preparation of loading company-wide contract data into an electronic contract repository, or during a large project or lawsuit for which your company needs complete data on your legal relationships with suppliers. Premikati can take either paper copies or electronic documents and assist with the gathering of contracts on-site, as it can be challenging to find all the places where contracts are stored.
Contract Drafting, Negotiations and Training
Our deep experience in the procurement field uniquely positions Premikati to provide early advice and support in the contract cycle. Our professionals work in conjunction with your legal resources and procurement staff to understand your preferred terms and conditions. We evaluate alternative positions and level of risk tolerance as well as other factors relevant to your specific contracts, then we negotiate with your suppliers to draft the contract. We continue the negotiation with your suppliers until completion, providing our expertise at all steps of the process.
Mergers and Acquisitions
During a merger or acquisition, it’s important to capture increased efficiencies due to procurement synergies. This requires an extensive analysis of each companies’ procurement contracts. Beyond simply comparing rates, we analyze various contractual terms to determine additional benefits or liabilities. We provide a matrix summary for each commodity or service analyzed and administer a go-forward strategy to optimize cost and risk levels. Additionally, we flag for an end of contract (EOC) negotiation any weak contract that may not need addressed immediately.
Contract Management Function
Once the contract is finalized, many businesses fail to monitor and oversee the implementation of terms. This failure can lead to missed savings, expensive litigation and broken partnerships, while effective contract management ensures better relationships, enforced compliance and lower risk. Premikati can design and implement a contract management function specifically tailored for your business and unique company culture. Additionally, we can operate that function, either on an interim basis while helping to ramp up internal resources, or as a permanent service.
Need Other Procurement and Supply Chain Consulting Services?
We believe that a company should put its best talent to work on the relationships with its internal customers and suppliers, with procurement acting as a mediation group between the two. Our strategies place this relationship into the core of procurement at the intersection of legal, finance, risk management, treasury and business units. Premikati has the experience and staff to guide your company through a complete transformation project, helping you get the most ROI from your processes and technology through change management, process improvement and technology implementation.
Premikati and SAP® have designed a solution for SMBs providing SAP Ariba™ Buying as a BPO service – reducing monthly costs and eliminating the need for implementation. As one of only six SAP Ariba BPO Partners globally, we offer a comprehensive solution that combines world-class procurement software with the professional services needed to run and administer the technology. By offering both services and technology, we’re able to help organizations deploy a complete solution in a fraction of the time.