Software aids contract creation, compliance, and reporting.
Press Release Summary:
Providing real-time insight into all contractual relationships, Selectica Contract Performance Management enables companies to achieve enterprise-wide control of contracts throughout entire lifecycle, from initial request and negotiation to on-going compliance and performance management. Program eliminates non-standard terms and pricing in revenue cycle, shortens sales cycle, and transforms paper-bound contracts into secure, centralized, searchable electronic repository.
Original Press Release:
Selectica Extends Power of Contract Performance Management Platform to Streamline Contract Creation, Compliance and Reporting
Latest Release Delivers Enhancements to contract Management Workflow, Clause Library and Security
SAN JOSE, Calif., April 16 /-- Selectica (NASDAQ:SLTC), a leading provider of enterprise contract lifecycle management solutions, today announced the upcoming release of the next version of its contract lifecycle management solution. Selectica Contract Performance Management (CPM) enables companies to achieve enterprise-wide visibility and control of their contracts throughout the entire lifecycle -- from initial contract request and negotiation to on-going compliance and performance management. As a result, Selectica customers are able to increase compliance, maximize revenue and limit risk exposure while reducing contract cycle time and related administrative costs.
Contract Lifecycle Management Gains Traction
With an expected release date of May 2007, Selectica's latest addition to the marketplace comes at a time when contract lifecycle management (CLM) continues to gain traction as a key strategic initiative in organizations eager to reduce risk and improve operational efficiencies. According to a recent Aberdeen Group report, the percentage of an enterprise's revenue that is dictated by a contract is likely to rise from 56 percent to 68 percent during the next two years. As the volume and complexity of contracts continues to accelerate, optimizing operational, transactional and regulatory compliance becomes paramount.
Selectica CPM automates and standardizes CLM processes to provide real-time insight into all contractual relationships to expose and better manage the inherent risk and value of each contract. Highly adaptive workflows and contract-data structures replicate internal processing requirements, ensuring greater control and compliance. At its core, Selectica CPM features a powerful workflow engine designed specifically to accommodate the inherent complexities of contractual data hierarchies. The high-performance solution empowers companies to:
-- Gain visibility and control of the contract management lifecycle
-- Eliminate non-standard terms and pricing in the revenue cycle
-- Shorten the sales cycle and decrease time-to-revenue
-- Transform paper-bound contracts into a secure, centralized, searchable electronic repository
-- Empower non-contract professionals to execute basic contracts
-- Create visibility into contract obligations not captured by ERP and CRM
-- Discover unrealized revenue buried in sales agreements
-- Expose off-contract (maverick) spending
Enhanced Self-Service, Standardization and Reporting Capabilities
The latest release of Selectica CPM offers advanced self-service, standardization and reporting capabilities to further improve the management of every strategic relationship across the enterprise, including purchasing, sales, operations, leasing, employment and intellectual property agreements. Key additions or enhancements include:
Questionnaire Wizard -- Gives non-power users the ability to initiate complex contract authoring activities by following wizard-driven prompts that guide them with a series of questions. Questions are completely configurable based on contract type.
Dynamic Contract Creation -- Reduces contract administration workload while increasing standards compliance by leveraging conditional logic and business rules from a variety of data sources to build contracts based on responses to Questionnaire Wizard questions and other key contract information.
Clause-level Approval Workflow -- Provides users with wizard-driven guidance during the clause drafting, approval and management stages, including the ability to auto-approve or flag certain language. Clause-level approval workflows increase control and standardization while driving company-wide efforts to normalize risk-mitigation practices.
Contract Validation -- Reviews and validates the inclusion of required clauses in outbound contracts and ensures that inbound contracts are flagged for inconsistencies to standard language. Contract validation enhancements improve language control during contract collaboration and negotiation processes.
Contract Reconciliation -- Streamlines contract negotiation and reconciliation processes with 3-way clause-level comparisons that highlight and list all business term and clause deviations to help users quickly review contract versions and make decisions based on those differences. All version changes and language-level changes are saved to a secure and immutable audit file.
Microsoft Word Integration -- Further extends Microsoft Word integration to provide ease-of-use during contract authoring, template creation and third-party-paper mapping. Rich editing improvements include a graphical term and clause tree, drag and drop capabilities for the insertion of values directly into the contract, and global search and replacement of terms.
Graphical Reporting -- Customizable pie charts and bar graphs make it easy to communicate and understand contract activities. Charts and graphs port to desktop applications such as Word, PowerPoint or Excel for management level reports.
Security Reporting -- This set of out-of-the-box reports helps companies comply with regulatory requirements, such as SOX and GLBA. The reports provide critical system access information, allowing administrators to maintain a documented trail on roles and permissions, and ensuring complete control over the contract management repository.
"Selectica CPM is a state-of-the-art CLM application that streamlines the creation, storage, management and analysis of contracts, while maximizing compliance and facilitating operational efficiency," said Terry Nicholson, COO of Selectica. "This latest version of Selectica CPM puts even more power into the hands of contract administrators and non-technical users alike to further drive usage, utility and desired business outcomes."
About Selectica, Inc.
Selectica, Inc. provides its customers with software solutions that automate the complexities of enterprise contract management and sales configuration lifecycles. The company's high-performance solutions underlie and unify critical business functions including sourcing, procurement, governance, sales and revenue recognition. Selectica has been providing innovative, enterprise-class solutions for the world's largest companies for over 10 years and has generated substantial savings for its customers. Selectica customers represent leaders in manufacturing, technology, retail, healthcare and telecommunications, including: ABB, Ace Hardware, Bell Canada, Cisco, Covad Communications, General Electric, Fireman's Fund Insurance Company, Hitachi, International Paper, Juniper Networks, Levi Strauss & Co., Rockwell Automation, Tellabs, and 7-Eleven. Selectica is headquartered in San Jose, CA. For more information, visit the company's Web site at www.selectica.com.
