Modernizing Procurement: 7 Key Strategies for Success with MSB Docs

Facing challenges like inflation, disruptions in the supply chain, and labor shortages, the procurement industry is navigating through demanding market conditions. As a result, there s a heightened urgency to automate the contract procurement process, ensuring agility, meeting crucial deadlines, and maintaining adequate supplies.

Digital procurement tools, notably electronic signatures, offer a range of advantages to streamline the procurement contract process. These tools enable enhanced visibility, remote functionality, and acceleration of various contract stages.

In this blog, we provide insights into leveraging electronic signatures and other contract solutions to streamline the contract procurement process. By implementing these strategies, suppliers can enjoy improved and quicker experiences, while vendors gain access to essential data and insights about contract contents before finalizing them.

Simplify the Signing Process

Amid supply chain disruptions, procurement teams frequently seek alternative suppliers promptly while aiming to meet cost-saving targets. MSB Docs eSignature ensures a seamless digital procurement agreement journey, facilitating accelerated vendor contracting with an easy-to-use signing process accessible on various devices.

Enhance Vendor Management Efficiency

Procurement teams juggle multiple responsibilities, from sourcing vendors and overseeing supplier performance to monitoring risks and ensuring compliance. When issues arise or changes occur, procurement collaborates with the organization’s legal team and vendors to address and amend contracts. Furthermore, when the organization decides to terminate a vendor relationship, procurement manages the exit process.

Manual management of these tasks consumes significant time. However, leveraging advanced capabilities of MSB Docs can alleviate this burden.

Enhance Negotiations and Contract Execution

In the realm of contract negotiation and execution, traditional methods often overlook the potential of data. Manual processes can extend contract signing to weeks, entailing numerous attachments and versions, leaving vendors and stakeholders dissatisfied.

MSB Docs solutions revolutionize procurement contract management. By automating and standardizing contract workflows, procurement professionals can expedite internal approvals, conduct thorough searches and analyses for risk and compliance, and more. MSB Docs also simplifies third-party contract reviews, and approvals. With seamlessly integrated solutions, organizations can effortlessly integrate these tools into their procurement workflow.

Simplify Consent Acquisition

MSB Docs offers a straightforward method for capturing agreement consent with a single touch. Its customizable visual presentation and acceptance choices empower organizations to adapt the consent capture format to their unique needs. This widely embraced solution is effortless to implement and particularly suited for scenarios such as nondisclosure agreements (NDA), data processing agreements (DPA), and code of conduct documents (e.g., environmental, social, and corporate governance policies like child labor, conflict minerals, and fair wages).

Employ Ready-Made Integrations

Integrate MSB Docs procurement solutions effortlessly with your organization’s current procurement sourcing tools, such as SAP Ariba, Oracle Procurement Cloud, etc. These preconfigured and customizable integrations ensure a quick and seamless integration of MSB Docs solutions into your procurement workflow.

Simplify Agreement Automation

MSB Docs introduces Rules, a feature within MSB Docs eSignature that enables administrators to easily set up rules for automating common post-signature tasks. This includes automatically archiving completed documents to popular cloud storage providers like SharePoint, Box, Dropbox, or Google Drive, exporting data to Google Sheets, and initiating workflows in MSB Docs.

With Agreement Actions, procurement teams can streamline processes such as vendor onboarding while ensuring that documents are stored in the appropriate folder at the right time. Administrators can create rules and conditions based on eSignature document fields, template type, and other metadata to trigger automatic post-signature actions.