Effective supplier management is key to maintaining operational efficiency and fostering strong partnerships in today’s fast-paced business landscape.
As part of the larger Workday Supply Chain ecosystem, the Contract Management module offers a centralized platform that empowers customers to manage contracts, mitigate risks, streamline contract management processes, and drive greater value from supplier relationships.
In this article, we’ll discuss the transformative capabilities of the Workday Supplier Contract Management platform, exploring how it empowers businesses to improve procurement efficiency, maximize the impact of their supplier engagements, and achieve greater savings.
What is Workday Contract Management?
Workday Supplier Contract Management provides a comprehensive platform for authoring and optimizing supplier contracts, minimizing tedious manual tasks, reducing risks of error, and avoiding unexpected terminations or renewals.
With a centralized repository for contract information and seamless connections with the Workday Strategic Sourcing Contracts platform, organizations can improve visibility into every stage of the contract lifecycle, enabling key stakeholders to stay up-to-date throughout each phase and make better contract-related decisions.
How Does it Help Customers Stay Ahead of the Curve?
Workday’s Contract Management platform leverages natural language processing and semantic search capabilities to help users save time by streamlining contract authoring, revision, management, integration, and exchange across the enterprise landscape.
By consolidated contracts and their related data into a single, unified platform, Contract Management helps organizations enhance collaboration, improve risk management, maintain global supplier relationships, and maximize the benefits of an integrated contract ecosystem.
With the intuitive Contract Management solution, users can do the following:
- Accelerate negotiations to further improve cost savings
- Search and find contracts and related documents through Workday AI semantic search functions
- Leverage centralized collaboration tools to improve contract management efficiency
- Automate notifications to keep stakeholders up-to-date and eliminate costly delays
- Access clause management tools to reduce compliance risks and improve contract consistency
- Utilize advanced visualization features to visualize supplier contract hierarchy
- Facilitate integrations with Microsoft 365, DocuSign, Adobe Acrobat Sign, and more
Key Capabilities of the Supplier Contract Management Platform
Here’s a closer look at the main features of Workday’s connected Contract Management solution:
Integration
With pre-built integrations between Workday’s Contract Management solution and other Workday and non-Workday systems, such as Workday Financial Management, DocuSign, and Microsoft 365, users can streamline critical contract management processes and improve operational efficiency.
Centralization
The Contract Management solution offers a centralized repository for all contract data and related documentation, enabling organizations to establish a single source of truth and maintain data consistency across the entire enterprise.
Automation
Automated notifications and workflows allow key stakeholders to ensure correct contract creation, transfer, and approval processes and receive real-time notifications whenever a contract is received, renewed, or terminated.
Clause Management
By centralizing and simplifying clause management processes, Workday’s Contract Management solution enables better data consistency, streamlined process efficiency, and reduced errors.
Advanced Search
With Workday AI semantic search capabilities, users can quickly and easily locate contracts and related documentation and reduce the risk associated with unauthorized access to contract data.
Contract Templates
Users can leverage templatized contract features to search contract obligations and agreements with a similar template to avoid repetition and improve efficiency when creating new contracts.
Unification
By consolidating data from executed contracts, purchase orders, and invoices in a unified platform, users can improve collaboration across critical Workday product suites, such as Workday Supplier Contract Management, Workday Financial Management, Workday Procurement, and more.
Contract Hierarchy
Workday’s Contract Management tool empowers users to create parent-child relationships, which improves the visualization of contract hierarchies within each supplier source.
How Can We Help?
Surety Systems can help you outline plans for a new Workday implementation project, streamline integrations between Workday Procurement and Supplier Contract Management, navigate complex contract obligations, or maintain communication between internal employees. Simply put, we’re here to help you make the most of your existing Workday investment.
Our senior-level Workday consultants have the skills and experience to handle your most important project initiatives and prepare your internal teams for continued success in the long run.
Contact Us
For more information about our Workday consulting services or to get started on a project with our team of expert consultants, contact us today.
