Framework Articles
STOP PRESS: Software Europe unveils the latest release of Framework
This new release has taken the evolution of Framework to the next step, delivering extensive new features that have been designed to make managing contracts and suppliers as effective as possible. With each new release Framework further advances as one of the world’s leading contract management solutions.
Time management is imperative for contract management
Generally contract management is a mammoth, time consuming task that requires fundamental knowledge of each clause and attribute of each contract, as well as access to any relating documentation and information.
Accurate reporting is vital in making informed business decisions
If you can’t quickly access pertinent information, such as forecast costs or cancellation/renewal dates you could be opening your company up to a number of financially destructive implications.
Producing accurate, reliable and timely information, on the status of a company’s contractual obligations, suppliers and the costs that govern that relationship, plays a vital role in your company’s profitability.
Murphy’s Law of Contract Management
Murphy's law broadly states that, given a chance, anything that can go wrong will go wrong. When it comes to managing contracts, it is vital that companies have effective procedures to ensure they are not exposed to Murphy’s law of contract management.
Are you sure you should be paying that?
Accurate invoicing with contract management
It has been recently reported that around 15% of supplier invoices are inaccurate, which highlights the costly risk of not reconciling invoices with terms negotiated on supplier contracts.
Transaction Analysts (TA) recovered £750,000 in temporary labour contracts
A major construction company contracted TA to review up to 18 months spend on temporary staffing costs across 25 suppliers (prior to the 18 month period no contracts had been in place).
Ensure Automatic Notification of Contract Milestone Events
Framework automatically notifies the correct personnel when contract related milestone events, such as contract termination or review periods, are imminent allowing the correct measures to be undertaken.
This is achieved through an email alert triggered by a specific action pre-determined within Framework.
Flexible reporting with Framework
Framework provides managers, at all levels, accurate and up to date information on company wide contract and supplier spend.
Along with a suite of standard reports, the easy to use reporting within Framework ensures that dynamic management reports can be easily created, accessed and manipulated, allowing management personnel to make better and informed decisions.
Say goodbye to the traditional spreadsheet
A browser-based contract management solution gives contract managers an inherent advantage to efficiently and effectively manage their contracts.
Historically, spreadsheets have played a centric role in this administration but it has many failings. Most notably the physical contract and related documentation is not easily locatable, but it is also limited in it’s flexibility.
The framework of Framework
A contract management solution is, by its very nature, designed to make the management of contracts, suppliers and products/services easier.
With a fully configurable and intuitive system, like Framework users can maximise the control and visibility they have on all contracts.
Tailor a risk profile for your contracts with Framework
All contracts, by their very nature, mean that the company is taking a potential risk, otherwise a contract wouldn't be required. As a contract manager creating a ‘Risk Profile’ for each contract ensures that you have the tools in place to monitor and analyse contract risks, and react to any situation that could arise.
BSkyB v. EDS – how can Procurement help major outsourcing projects avoid the courtroom?
There has been enormous press coverage of the BSkyB v EDS trial, where EDS were required to pay over £200m for fraudulent misrepresentation on an outsourcing contract. BSkyB’s budgeted £46m for the project, but ultimately paid £270m for an incomplete delivery at significant delay. Although EDS were vilified, the case raises the obvious question for procurement – how can we avoid time and cost overruns of this magnitude on major procurement projects?
Check up on suppliers & review your contracts
The term "credit crunch" has been so widely used over the past year that it has been added to the latest edition of the Oxford English Dictionary. It is a phrase depicting the current social and commercial economy; but for someone involved in managing the contracts at your organisation, it is something you can help control.
De-risking IT Services & Software
A recent survey of 3000 IT decision makers by Forrester showed that 30% intend to spend their IT budgets over the next 8 years on developing new applications and programmes rather than on maintaining older systems.
Effectively review & monitor contracts that need cancelling
Managing contract renewals is an intricate and challenging process, requiring you to understand if the organisation still obtains value for money from the contracted products or services.
If the contract is not terminated prior to the cancellation date your company may still be financially obligated to the supplier. Failing to effectively manage contracts and renewals can directly impact the company's bottom line.
Assessing & managing contract risks
Managing contract risks means identifying and controlling factors and potential threats that may have an impact to the successful delivery of the contracts, products or services. Risks can relate to many aspects of the contract, including changes in pricing, timeframes, requirements and processes.
What cost-cutting measures are you implementing?
A recent study by Ernst & Young has discovered that companies across the globe are expediting measures to find methods to cut costs across the company.
Hard copy documents are turning soft
OCR is fast becoming an invaluable business application. Turning hard copy documents into soft copy documents that a computer can easily read and manipulate, OCR improves the efficiency and productivity of resources.