Novatus Contract Management is designed to handle strategic sourcing and supply-chain management tasks for your business. It uses your contracts to monitor the acquisition process. This cloud-based software program offers vendor registration and negotiation tools that provide you with data to make sound business decisions during the contract creation process. After the contract is in place, Novatus Contract Management keeps you informed of its progress and vendor status using automated tracking and notification features. It also has reporting tools that provide you with data to help you comply with various contract and regulatory agency rules and requirements.
This software is built around a negotiation portal, a secure collaborative environment for buyers and sellers. You can use this virtual location to publish or edit contracts, negotiate with vendors and suppliers, or execute contract agreements. An extensive contract template library and wizard-based contract creation make it simple to create the right contracts for your business. Novatus supports independent supplier registration and lets you set qualifications so you get the suppliers best suited to your sourcing needs. You can also set up expirations on vendor listings so the information you're using is current and accurate. The entire contracting process is configurable so that you can add needed checks and approvals. You can track contract progress through the real-time dashboard or via user-defined reports. Reporting features can be configured to ensure compliance with government regulations such as Sarbanes-Oxley and HIPAA.
Once your contract is in place, Novatus' software provides additional tools to manage your sourcing strategy. Centralized document control provides fast access to all relevant contract details while security controls prevent unauthorized access.
Novatus uses automated alerts to notify you of contract events and deadlines, even if you're away from your desk. It can push notifications to your mobile device if you're on the road, or you can take advantage its cloud-based design to log in from home.
Novatus Contract Management offers your sales force the same contract support your business enjoys on the buyer side. Sales users can initiate requests for contract documents and monitor the entire contract approval process. Novatus integrates directly into Salesforce.
The Novatus Contract Management system combines a cloud-based solution with a contract-focused software model.
The negotiation portal provides vendor registration and qualification plus contract creation and approval tools. Signed contracts are used as tracking documents for vendor performance and ongoing compliance reporting. All phases of the contracting process include automation features that keep you up to date on contract and supplier status. While it doesn't have the accounting features offered by some strategic sourcing solutions, its reporting and compliance components are robust.