Bid Farewell to Manual, Expensive Vendor Contracting Workflows

Inefficient vendor contracting processes pose challenges for procurement teams, hindering efforts to expedite deal cycles, mitigate risks, and support a robust supplier network. Market fluctuations can exacerbate these inefficiencies, straining workflows and sometimes halting procurement processes altogether. However, with a digital agreement platform like MSB Docs Agreement Cloud, procurement teams can revolutionize vendor contracting, creating an efficient, structured process that minimizes risk exposure, enhances contract visibility, saves time and money, and maximizes the utilization of existing technology.

Mitigate Exposure to Business and Legal Risks

Leverage AI-driven contract analytics to search contracts for specific terms, ensuring compliance with data privacy regulations and managing risks associated with third-party agreements. Eliminate errors linked with manual analysis.

Enhance Contract Visibility and Extract Insights

Access a centralized repository of all agreements and utilize intelligent search capabilities to extract essential information. Identify automatic renewals, breach event indemnification specifics, force majeure clauses, and dynamic pricing structures effortlessly.

Save Time and Money

Accelerate the entire contracting process, from preparation to review to final signing. Efficiently review key clauses to ensure favorable terms and never miss renewal or expiration dates.

Maximize Existing Technology Investments

Increase procurement’s value by integrating an easy-to-integrate agreement system, reducing and containing procurement technology stack costs. Leverage technology investments across the supply chain and various organizational functions.

Solution Brief: Vendor Contracting with MSB Docs

Vendor contracting inefficiencies result in significant losses for procurement teams. MSB Docs Agreement Cloud transforms slow, manual vendor contracting processes into efficient operations that prevent revenue leakage, expedite legal and compliance reviews, and optimize supply chain management.

Key Components:

• eSignature: Digitize the signing process and execute agreements efficiently with mobile-friendly forms.
• Collab: Automate workflows, collaboration, and a centralized repository.
• Insight: Analyze existing agreements, compare extracted clauses, and search agreements by concept using purpose-built AI models.
• Analyzer: Conduct quick, accurate analysis of inbound contracts using AI-based insights and negotiate efficiently with preapproved clauses.
• Integrations: Seamlessly embed MSB Docs into existing tools with pre-built integrations, including common CLM, ERP, and business entity management solutions.

Use Cases:

Strategic sourcing, Nondisclosure agreements (NDAs), RFx processes, Contract risk analyses, Vendor negotiations and contract execution, Third-party agreements, Vendor management, Renewal modeling, Mergers and acquisitions (M&A), and more.

With MSB Docs, streamline your vendor contracting processes and unlock the full potential of your procurement operations.

Results Achieved with MSB Docs:

• 97% Automation: Streamlined frequent analysis questions, significantly reducing manual workload.
• Identified 60 High-Risk Contracts: Detected critical contracts that posed substantial risk to the company.
• Mitigated Over 20 Risk Points: Successfully reduced multiple risk factors.
• Renegotiated Key Terms: Improved more than 5 critical value terms with top suppliers, enhancing contract outcomes.