1. Initial Request
The process begins with an initial request for a contract. The Nimblex platform allows for document automation, which makes this step a breeze.
Next, the actual contract needs to be drafted. This can potentially be a lengthy and laborious process, but with the Nimblex Contract Assembly Tool you can do it in a flash – simply press a button and documents will be created based on set templates and layout formats. Contracts can be produced much faster and without any nasty typos.
The Nimblex Platform can be configured to ensure all the necessary information is captured relating to this phase and relevant to your procurement policy. This may include all the steps relating to the evaluation of vendor submissions, scoring of capabilities, vendor presentation meetings, initial price submissions, negotiations and contract establishment.
The Nimblex Platform makes it easy to demonstrate to any auditor that the correct approval procedures for contracts in line with your organisation’s procurement policy have been followed.
With hundreds of contracts, various contract managers and spreadsheets in circulation to manage execution will only add to the risk of corruption, non-compliance, waste and inefficiencies. The use of the Nimblex Platform can eliminate this risk.
6. Obligations Management
This stage ensures that deliverables are being met and that value isn’t leaking from contracts. The Nimblex platform’s action and reminder schedulers will ensure that you get the most out of contracts and that you remain compliant.
Automated systems provide a single, effective view of a business relationship across multiple contract amendments.
8. Auditing and Reporting
The Nimblex Platform allows for flexible workflow and reporting. Customised dashboards and tabular reports will ensure that you have real time management information at your fingertips – at all times.
The Nimblex Platform’s automated reminders will let you know when it’s time to renew a contract. The platform also makes it easy to draft a new contract based on the previous one. A contract management system like the Nimblex platform makes it possible to monitor all your contracts from inception to renewal. When you are aware of what is happening every step of the way, compliance becomes easy and corruption can be eliminated.