KMD WorkZone CLM: Complete contract management from cradle to grave
KMD WorkZone CLM is a tool that digitizes the lifecycle management of sales and purchase contracts in the organization. With a centralized overview of entered agreements, you can proactively comply with terms across a vast and diverse contract landscape and realize cost reduction potential in every agreement.
The way organizations manage their sales and purchase contracts may vary greatly. Some are already deep into automating the workflows that govern signed documents from customers and suppliers. Other organizations primarily use spreadsheets, Outlook, the desktop and notepads to manually handle every step of a contract’s lifecycle.
Regardless of Contract Lifecycle Management (CLM) maturity, there are plenty of commercial benefits to reap from introducing a strong digitization engine to manage contract signing and compliance.
Effective and resource saving contract management
KMD WorkZone CLM is a tool that builds on the digitization principles in KMD WorkZone and uses them to optimize and streamline the organization’s contract management.
KMD WorkZone CLM delivers several business advantages:
- Structure and control. Instead of employees using their own and possibly outdated contract templates, the organization will have one tool to streamline the production of any contract and ensure that employees always work on updated document versions
- Reporting. With numerous ways to draw reports with contract data, the organization can increase its overview of sales and purchase contracts within a specific area. This strengthens, for instance, the basis for decisions in negotiations when new contracts are entered into or existing ones are extended
- Cost reduction. If the organization is not in control of the obligations in a contract and, for instance, misses a deadline, it often leads to additional expenditure outside of budget. With the greater overview of all contracts and a chance to extract the obligations and make them visible for each contract manager, an organization can realize large cost reductions
- Compliance, security and governance. With a more digitized contract handling process, organizations can strengthen their compliance, security and governance structure withrole and access rights management among other features
- Cloud-based. KMD WorkZone CLM is a cloud-based solution that is operated from a hosting center within the EU
Built on KMD’s domain knowledge
KMD has extensive knowledge within document handling, tagging of metadata and solutions that deliver effective process support. All that knowledge has gone into KMD WorkZone CLM and enables organizations to break down the parts of a contract into search criteria such as payment, demands, obligations, dates, deadlines, reminders, expiration, prices, key figures, discounts, appendixes, correspondence, meeting minutes, addresses, contacts, number of contracts per customer/supplier, sales team, steering group and much more on each individual contract.
KMD WorkZone CLM can support the digitalization process of contracts all the way from the most distant sales area in the CRM system to the creation of a contract and the handling of obligations along the way. Especially contract obligation management is an important focal point of CLM. In some organizations it is the case that when an agreement is entered into the deliveries of that contract disappears from the radar. The lack of attention to detail in a contract can impact the collaborative relation negatively, harm delivery quality and be cost heavy when important parts of the contractual relationship are overlooked or forgotten. With KMD WorkZone CLM you can not only manage the creation, but also the administration of a contract with a clear indication of task responsibility, SLAs, deadlines, fine overview etc.
Just like the rest of the KMD WorkZone platform, the CLM tool can be configured according to flexible principles, allowing organizations to model contract support to best suit them. You can, for example, add metadata, fields or values, or you can build your own personalized dashboard, creating a tool that very precisely expresses the organization’s specific business needs.