5 Tips to Streamline Procurement Contract Processes
Automating procurement contract workflows is an easy way to improve the effectiveness of procurement teams. It’s also an important step in evolving that function from merely a tactical executor to a strategic driver. Redesigning procurement workflows to take advantage of new technology is a tall task, but with a well thought-out blueprint, teams can assemble a cutting-edge system quickly.
Don’t worry, DocuSign has plenty of advice to help build a modern agreement procurement workflow. Here are some important tips to keep in mind when designing a system of agreement.
Automate manual processes to eliminate human errors
A technology upgrade shouldn’t replace the people on a procurement team, it should replace the parts of the procurement function that don’t improve with the human touch. For example, automation should populate information into an agreement or kick off the next stage of a workflow. Humans don’t add value to those processes; it’s far more valuable to let the technology handle those parts of the processes while the people manage strategic responsibilities such as sourcing new suppliers, negotiating terms and managing relationships.
Empower stakeholders with visibility into the process
How many times throughout an agreement process does someone reach out to the procurement team for a quick status update? How often does an agreement get stuck in the signing process because the stakeholders aren’t sure of the correct order to sign? By giving each involved party visibility into the contract status, everyone wins. The process moves faster, no one has to ask what happens next and the procurement team avoids status questions that slow down their workflow.
The DocuSign Agreement Cloud for Procurement even adds mobile functionality to the platform, meaning signers can redline, sign or complete other necessary actions from almost anywhere at any time. Alerts can be scheduled automatically to ensure that every stakeholder is notified the moment something important happens with a relevant document.
Focus on ease of use and remove barriers to adoption
An updated system of agreement won’t help any organizations improve procurement processes unless people actually use it. DocuSign has established itself as a provider of easy-to-use technology, currently offering category-leading apps on the iOS App Store and Google Play. DocuSign’s commitment to customer success is illustrated by a Net Promoter Score of 66, one of the highest ratings in the technology industry. Customers love using DocuSign technology because it’s so simple to use. Adoption happens immediately because agreements are completed faster, cheaper and with fewer errors.
Leverage existing investments
The purpose of planning a modern system of agreement isn’t to introduce an entirely new technology platform into your organization. It’s to organize the technology that you’re already using so that work isn’t duplicated and the individual pieces act as part of a uniform stack. The DocuSign Agreement Cloud has more than 350+ integrations with leading ERP and SCM systems, like SAP Ariba, Fieldglass, Oracle and Coupa.
Manage regulatory compliance
Regulatory changes such as GDPR, CCPA and Brexit provide a legal landscape that is always in flux. Procurement teams have to ensure that all parts of an organization—including all vendors and the entire supply chain—comply with new regulations. Many procurement professionals don't know where to start or the appropriate tools, programs and systems to collect relevant information and meet regulatory requirements. The easiest way to meet compliance standards in the current landscape of ever-shifting regulations is to utilize a platform that gathers all of the necessary actors (suppliers, IT, legal, etc,) and allows them to interact with full transparency. The DocuSign Agreement Cloud is a simple tool to facilitate these interactions. It also allows teams to utilize templates, clause libraries and other safeguards to ensure that the proper actions are happening in the correct order during an agreement.
To learn more about the tools used in today’s most effective workflows, read Building a Modern Agreement Workflow for Procurement. It’s full of information about the benefits of new technology, the agreements that are part of each important procurement stage and how modern organizations are revolutionizing procurement work.