PRINCETON, N.J., August 4, 2015- According to the President and CEO of an influential nonprofit organization for contract managers, contract management remains one of the most manual, under-systematized and ill-defined areas of business operations.
With more than a decade of experience in the procurement industry, Zycus has witnessed that rigidity in contract authoring platforms tends to be a significant deterrent to contract compliance. Zycus has always focused on addressing these challenges through innovations, thereby making life easier for contract managers.
With the latest July release, iContract makes it possible to do more extensive customizations in the existing workflow, along with creating workflow schematics from scratch.
Zycus’ iContract Authoring Solution ensures that all contracts go through a rigorous approval process before actually going to the next level of Contract Lifecycle Management. Users get the flexibility to configure the workflow on the basis of any metadata fields, BU, and even on the basis of custom fields.
The latest release showcases a whole new way to streamline the workflow by taking usability to the next level. Key new features of this release include:
- Adding Ad-Hoc approvers – This functionality allows adding ad-hoc approvers, like subject matter experts, for a selected set of contracts in addition to the existing workflow
- Delegating a contract review to forestall delays along the approval pipeline – Users can now choose which contracts they want to review. If a reviewer is unable to review any particular contract due to unforeseen reasons, they can simply delegate it to another reviewer for approval, leaving a systematic audit trail.
- Ability to create Out of Office for oneself and ones colleagues – This can be extremely productive as these assignments can be created in advance and the reviewer gets to choose who will be reviewing all their contracts in their absence.
- Escalations in the workflow – Escalations are especially beneficial when a company has defined compliance time frames for completing the contract approval process.
“Bringing these functionalities to the UI gives contract managers the freedom to include specialists by adding ad-hoc approvers in the approval process of a select set of contracts, while still benefiting from the already existing ones in the solution.” says Zycus CEO and founder Aatish Dedhia. “Such seemingly rudimentary features offer our users the capacity to save about 50% of the time organizations spend in configuring a new workflow every time they come across a different type of contract,” Dedhia adds.
Manager- Public Relations, Zycus Inc.
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