ESM Contract

ESM Contract is a contract management solution designed to help organizations efficiently and securely manage their contracts throughout the entire lifecycle. According to the vendor, ESM Contract provides a centralized repository for storing and managing contracts, catering to organizations of all sizes, including educational institutions such as higher education institutions, K-12 schools, school districts, colleges, and universities.

Key Features

Convenience: ESM Contract offers a central contract repository where contracts can be stored and managed more efficiently and securely. The system provides approval, alert, and notification workflows to streamline the contract lifecycle. Users can access and manage contracts from a centralized location, aiming to eliminate the need for paper contracts and manual tracking.

Intelligence: According to the vendor, ESM Contract provides deeper visibility into contractual agreements, enabling organizations to manage spend more intelligently. Users can establish alerts and notifications to monitor contract values, renewals, and expiration dates. The system offers insights into the terms, pricing, and service obligations of approved contracts, aiming to support better decision-making.

Community: ESM Contract promotes collaboration across the institution by granting secure access to negotiated contracts for stakeholders. Users can search for and view approved contracts, gaining insights into authorizations, preferred terms, pricing, and service obligations. The system facilitates improved communication and collaboration between different departments and stakeholders involved in contract management.

Mission: According to the vendor, ESM Contract aims to minimize risk by eliminating paper contracts and implementing appropriate controls throughout the contract lifecycle. The system ensures compliance with contract management processes, aiming to reduce the risk of errors, oversights, and non-compliance. By digitizing contract management, organizations can potentially improve performance, increase compliance, and reduce institutional risk.

Review, approve, and manage contractual agreements: ESM Contract provides digital capabilities for reviewing, approving, and managing contractual agreements. The system eliminates the need for paper contracts, Excel spreadsheets, and shadow databases, potentially improving efficiency and reducing errors. Users can easily track contract progress, manage approvals, and ensure compliance with organizational policies and procedures.

Automated workflows: ESM Contract offers automated workflows to facilitate the necessary approval processes and proper management of contracts. This feature aims to streamline the contract lifecycle and reduce the risk of delays or missed deadlines.

Improved visibility: ESM Contract provides enhanced visibility into contractual agreements, aiming to support better understanding of terms, pricing, and service obligations. This feature may enable more informed decision-making and identification of cost-saving opportunities.

Secure access: ESM Contract grants secure access to negotiated contracts for stakeholders, aiming to promote collaboration and transparency within the organization. Users can search for and view approved contracts, gaining insights into authorizations, preferred terms, pricing, and service obligations.

Compliance: According to the vendor, ESM Contract ensures compliance with contract management processes, aiming to reduce the risk of errors, oversights, and non-compliance. By digitizing contract management, organizations may potentially improve performance, increase compliance, and reduce institutional risk.