5 Benefits Of Using Oracle NetSuite Contract Management Software

Content

• What is Oracle NetSuite?
• Why do you need Oracle NetSuite Contract Management Software?
• What are the benefits of Oracle NetSuite Contract Management Software?
• Purchase order management
• Vendor management
• Contract renewals
• Self-serve contracts within Oracle NetSuite
• Leverage two-way data sync
• Conclusion

Oracle’s NetSuite is one of the most popular ERP solutions for businesses of all sizes. Companies that require a variety of departments and processes to keep things running prefer this one-stop shop to handle day-to-day operations. It boosts productivity with its single cloud-based system to manage finance, inventory, customer relationships, vendors, and more.

Contracts are a common factor in all business operations, so upgrading ERP platform to handle contract management can be beneficial in more ways than you think. You will no longer have to waste valuable time and resources on manual data entry or reconciling vendor contracts across platforms. Everything from drafting legal agreements to managing vendors and finances is possible in a single system. Keep reading to explore more benefits of Oracle NetSuite contract management software.

What is Oracle NetSuite?

Oracle NetSuite is a cloud-based enterprise resource planning (ERP) software that helps organizations manage the various aspects of a business. These operations include financials, customer relationship management (CRM), inventory, supply chain, human resources, and e-commerce. The system simplifies procedures and perpetuates collaboration by combining the fundamentals of business operations into a single platform.

Financial Management: Oracle NetSuite allows users to manage accounting, financial reporting, budgeting, and planning. It provides tools for general ledger, accounts payable and receivable, expense management, and financial analytics.

Customer Relationship Management (CRM): It's CRM capabilities help businesses track and manage leads, prospects, and customers. It enables sales force automation, marketing automation, customer service management, and order management.

Inventory and Supply Chain Management: The platform helps optimize inventory levels, manage suppliers, and track the movement of goods across the supply chain. This includes inventory control, demand planning, and order fulfillment.

Whether it's finance, sales, or procurement management, all these operations can benefit from having easy access to the contract lifecycle. That is why integrating Oracle NetSuite with contract management software is a necessary step for businesses. Here’s all you need to know about it.

Why do you need Oracle NetSuite Contract Management Software?

Dock 365 contract management software integrates seamlessly with NetSuite, combining the functions of both platforms into a single system. Contracts are the lifeblood of business operations, efficiently managing and optimizing contracting processes is critical to the survival of every other department. And this integration allows organizations to manage the contracting process within the NetSuite platform. 

It paves the way for the vendor, finance, and sales department to contribute to the contract lifecycle management. They can oversee the entire contracting process from within the NetSuite system. Thanks to the integrated system, contracts and related data no longer exist as information silos. There is real-time information sharing between both systems to optimize the business processes. 

What are the benefits of NetSuite Contract Management Software?

Integrating Oracle NetSuite with contract management software isn’t just beneficial for the legal team. It brings complete visibility and control to the contract portfolios across the organization. Finance, sales, vendor, and other departments can contribute to the contracting process as well as use the access to better their operations. 

        1. Purchase order management

Purchase order management involves creating, processing, tracking, and managing purchase orders. Integrating Dock 365 with the ERP system enables users to create purchase orders electronically within the contract management platform. They can generate orders specifying the items or services needed, quantities, pricing, delivery dates, and other relevant details.

Users can monitor the status of purchase orders in either platform, from creation to fulfillment, ensuring transparency and visibility into the procurement and contracting process. It can provide insights into purchasing trends, supplier performance, and other key metrics to aid in strategic decision-making and cost optimization during the contract lifecycle. A comprehensive audit trail of purchase orders eliminates the need for manual work and helps organizations maintain better control over their vendor contracts.

          2. Vendor management

Contracts play a crucial role in vendor management, as they formalize the relationship between an organization and its vendors or suppliers. Easy access to vendor contracts at all times ensures that both parties understand their obligations, rights, and responsibilities. It helps to reduce the risks associated with vendor relationships and improve overall performance. 

NetSuite integration with contract management software enables the vendor department to create and oversee vendor contracts from within the ERP platform. It enhances visibility into contract terms, renewal dates, obligations, and performance metrics, allowing for better tracking and management. Users can auto-populate vendor details and contract terms into the ERP platform from CMS, reducing manual data entry and ensuring accurate information. They also make it easier to monitor vendor compliance with contractual obligations and enable data-driven decision-making when evaluating vendor performance.

           3. Contract renewals

Integrating contract management software with an ERP system accumulates vendor and contract data into a single centralized system. It ensures that all relevant information, such as contract terms, renewal dates, supplier performance data, and key contacts, is easily accessible and up-to-date for both teams. The procurement team can generate comprehensive reports using contract data to analyze historical performance, pricing, service levels, and other metrics. It helps them to assess whether to continue the relationship or explore alternatives.

NetSuite contract management software enables timely tracking of contract renewal dates and obligations. The organization can set up automated alerts and notifications within the integrated system to remind stakeholders about upcoming contract milestones, renewals, or compliance reviews. It helps to avoid missed deadlines and promotes proactive vendor management.

          4. Self-serve contracts within NetSuite

Contracts are integral to sales and procurement departments to onboard vendors and customers. But depending entirely on the legal department to churn out legal agreements can take a lot of time and delay the processes. Fortunately, the integrated system enables the procurement department to self-serve vendor contracts from within the ERP platform. They can use data from the ERP and CMS platforms to draft agreements instead of waiting for the legal department. 

The pre-approved templates and clauses made available through the integration ensure the legal viability and competence of the vendor contract. Additionally, since all information is accessible through ERP system, they can easily keep track of obligations and reporting. Through the contract management system, the legal department can oversee the procedure to ensure its enforceability.

          5. Leverage two-way data sync

However, when the legal department takes care of the contracts on a different platform, the rest of the organization is entirely cut off from its comings and goings. They are unable to contribute to or leverage the contract lifecycle. Integrating contract management software with Oracle NetSuite allows organizations to auto-sync data between the platforms.

Once the systems are synced, they should automatically update for any subsequent changes.  Any changes made to contract details, such as terms, conditions, or renewal dates, are immediately synced between the systems. It ensures that both ERP and contract management software have the most up-to-date and accurate information. Thus, facilitating better collaboration between departments, sales, finance, legal, and procurement teams can work seamlessly with a unified view of contract data.

Conclusion

Integrating Dock 365 contract management software with the ERP system creates a seamless flow of data and processes between the two platforms. The two-way data sync between the platforms reduces manual data entry and eliminates the need for duplicate data maintenance, freeing up resources to focus on more strategic tasks.

It enables users to import vendor profiles from the ERP platform into the CMS during the contracting process. Moreover, the procurement team can self-serve contracts using vendor and contract data from the contract management platform. The benefits of NetSuite contract management software for legal, vendor, and finance teams are endless. Schedule a live demo today to learn all about it.