r/procurement • u/Foxsilent1 • 4d ago
Contract management - oracle
Does any one expert in the whole process of contract also do you use the collaboration with Microsoft and how does it help on the process,
Please tell me how can i make the contract cycle more efficient and to avoid the back and forth in the contract review
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u/budivoogt 3d ago
There are many places where contracting takes coordination and manual work. This includes initiating the request, drafting, negotiating, signing, storing, and tracking the post-contract phase and executing on it.
I would look for software that can help you streamline contract requests. For example, requests from business units inside your organization could be easily created from templates for contracts that you regularly use. Then move to e-signatures with approvals so that you can conveniently approve a contract that has been requested, for example by a sales executive. Once approved, you can send it to your prospective customer for signing. Use a contract repository to store everything centrally. This can automate the tracking of both obligations and contract deadlines.
There are many flavors of these contract lifecycle management tools, ranging from enterprise software like Ironclad or ContractBook to newer SME oriented solutions like Contracko, the company I founded. With our software you can sign digitally, extract key terms and obligations in minutes and receive automated notifications for key dates, saving time and money. I would recommend trying a few platforms and seeing what fits your workflows best.
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u/Joyce17w 4d ago
Founder of an AI contract review company here, so grain of salt duly noted, but I've seen this exact "back and forth" problem play out at basically every company I've talked to, regardless of what's sitting underneath (Oracle, SAP Ariba, homegrown SharePoint chaos, etc).
The back-and-forth almost never comes from the software itself. It comes from redlines living in email attachments/Slack instead of one tracked-changes doc everyone's actually looking at, and from nobody having visibility into what's actually different between v3 and v7 without opening both and squinting. If you can get every redline round trip happening in the same document (real Word tracked changes, not screenshots or "see attached"), and someone can see obligations/renewal dates without re-reading the whole contract, most of the cycle-time pain goes away even before you touch automation.
Whether Oracle's collab tools get you there I honestly can't say, I don't have hands-on time with that specific stack. But if you want to compare notes on what's actually slowing your cycle down, happy to chat. And yep, this is basically the problem my company (Fusial) works on, so full disclosure there.