Best-of-breed solutions on a single platform; modular, configurable, seamless

More than ever, organizations need increased agility, deeper capabilities, better resilience, and total collaboration to stay competitive. The Corcentric Platform is a source-to-pay platform that replaces data silos seamlessly by simplifying complex workflows through ease of configuration and business process management. Integrating data across people, departments, suppliers, and geographies, the Corcentric Platform opens new channels of communication and visibility that lead to improved savings, spend compliance, risk mitigation, and bottom-line performance.

Best-of-breed solutions  on a single platform; modular, configurable, seamless

More than ever, organizations need increased agility, deeper capabilities, better resilience, and total collaboration to stay competitive. The Corcentric Platform is a source-to-pay platform that replaces data silos seamlessly by simplifying complex workflows through ease of configuration and business process management. Integrating data across people, departments, suppliers, and geographies, the Corcentric Platform opens new channels of communication and visibility that lead to improved savings, spend compliance, risk mitigation, and bottom-line performance.

Workflow

Configurability

Collaboration

Third-party
applications

Intuitive &
responsive

Data &
document

Master data
management

Platform
analytics

Enterprise
integration

Security
& audit

ML & RPA

Missing data

Does lack of visible, verified master data slow processes, raise costs, and create risk?

No workflow

Do disparate point solutions impede workflow and disrupt collaborative efforts?

Systems integration

If your systems don’t integrate with your ERP, how much inefficiency is created?

Workflow

Seamless at go-live 

The Core Framework standardizes processes and approval workflows so your business stakeholders can manage purchase requisitions, contracts, supplier information, purchase orders, invoices, payments, or any other procurement task, seamlessly and quickly. Corcentric offers a differentiated business process-oriented workflow engine that enables the solution to incrementally build primary and secondary workflows over time and tie them together seamlessly in one platform.

Configurability

Model your business easily

Configuring your organizational structure and process on the Corcentric Platform is easy. Whether you’re a mid-market company or global enterprise, as a leading S2P cloud platform, the Core Framework allows you to model your organization and business process automation needs easily, including the ability to turn functions on and off (and control which users have access to which modules) depending on specific requirements. We provide IT an application environment that allows you to easily scale Corcentric Platform requirements up or down while delivering the highest level of performance and security in the cloud.

Collaboration

Remove the barriers with open
communication channels

Create conversation forums, internally and externally, using native business communication capabilities on the Corcentric Platform. Using forums and AI-infused Digital Assistant, Corcentric helps you effortlessly establish communication channels to track conversations and directly engage our platform to manage business topics that most impact you and your key stakeholders. The Corcentric Platform allows you stay connected without lifting a finger.

Third-party applications

Extend third-party content on a single platform

Reimagine how you create information by integrating third-party data on a single platform through our app design. Using Corcentric’s app store feature, you can plug into leading third-party data solutions (e.g., DocuSign, e-Attestations, Provigis, SOVOS and more) to enrich and enhance visibility, reduce risk, and improve compliance.

Intuitive & responsive design

Ease of use that speeds user buy-in

Realize a user experience intuitive enough to be used by everyone across business units and devices with minimal-to-no training, with dashboards for stakeholders and approvers to maintain situational awareness and process oversight.

Data & document management

100% visibility into POs, invoices, contracts, and other documents

Requisitions, purchase orders, and invoices are all just collections of line items with associated metadata. This approach may sound simple, but it is, in fact, what allows the entire lifecycle of a product (or service) to be tracked and managed from cradle to grave. Our approach allows for easy n-tier matching between goods receipts, invoices, purchase orders, contracts, and suppliers — all in one solution.

Master data management

A single source of data truth

Corcentric Platform enables master data management capabilities that support a range of reference data in a push/pull manner (within the system, but outside of it as well — e.g., to/from ERP). This is based on the power of our Core Framework to become your master data repository across suppliers, contracts, and other procurement information. Remove data blind spots and establish unlimited visibility and insights.

Platform analytics

Make business decisions based on real-time and historical data

A wide range of on-demand reporting and dashboard capabilities provides the information necessary to gain greater control over spend, contracts, suppliers, or any sourcing or procurement data created and maintained within the Corcentric Platform.

Enterprise integration

All systems go!

The Corcentric Core Framework is designed to integrate seamlessly with any ERP, finance, accounting, and other systems to break down barriers between business units so you achieve visibility and process efficiency across the enterprise.

Security & audit traceability

Defend your data and processes

As a leading global platform, Corcentric delivers a level of scalability and complexity without compromising on data security. At its heart, the Corcentric Platform delivers ongoing business monitoring to keep you abreast of fraud or IT risk, while meeting global data compliance and integrity requirements through enhanced platform auditing and reporting capabilities.

Artificial Intelligence, ML + RPA

Leverage deep learning processes to improve decision making, enhance automation, and drive efficiency

Corcentric optimizes your O2C and S2P processes by infusing our software solutions with advanced AI-augmented technology. In a dynamic industry, the ability of our platform solutions to intelligently learn and improve processes in real time, predict probabilities, and forecast outcomes provides a distinct competitive advantage.

Workflow

Seamless at go-live 

The Core Framework standardizes processes and approval workflows so your business stakeholders can manage purchase requisitions, contracts, supplier information, purchase orders, invoices, payments, or any other procurement task, seamlessly and quickly. Corcentric offers a differentiated business process-oriented workflow engine that enables the solution to incrementally build primary and secondary workflows over time and tie them together seamlessly in one platform.

Configurability

Model your business easily

Configuring your organizational structure and process on the Corcentric Platform is a snap. Whether you’re a mid-market company or global enterprise, as a leading S2P cloud platform, the Core Framework allows you to model your organization and business process automation needs easily, including the ability to turn functions on and off (and control which users have access to which modules) depending on specific requirements. We provide IT an application environment that allows you to easily scale Corcentric Platform requirements up or down while delivering the highest level of performance and security in the cloud.

Collaboration

Remove the barriers with open
communication channels

Create conversation forums, internally and externally, using native business communication capabilities on the Corcentric Platform. Using forums and AI-infused Digital Assistant, Corcentric helps you effortlessly establish communication channels to track conversations and directly engage our platform to manage business topics that most impact you and your key stakeholders. The Corcentric Platform allows you stay connected without lifting a finger.

3rd-Party Applications

Extend third-party content on a single platform

Reimagine how you create information by integrating third-party data on a single platform through our app design. Using Corcentric’s app store feature, you can plug into leading third-party data solutions (e.g., DocuSign, e-Attestations, Provigis, SOVOS and more) to enrich and enhance visibility, reduce risk, and improve compliance.

Intuitive + Responsive Design

Ease of use that speeds user buy-in

Realize a user experience intuitive enough to be used by everyone across business units and devices with minimal-to-no training, with dashboards for stakeholders and approvers to maintain situational awareness and process oversight.

Data + Document Management

100% visibility into POs, invoices, contracts, and other documents

Requisitions, purchase orders, and invoices are all just collections of line items with associated metadata. This approach may sound simple, but it is, in fact, what allows the entire lifecycle of a product (or service) to be tracked and managed from cradle to grave. Our approach allows for easy n-tier matching between goods receipts, invoices, purchase orders, contracts and suppliers – all in one solution.

Master Data Management

A single source of data truth

Corcentric Platform enables master data management capabilities that support a range of reference data in a push/pull manner (within the system, but outside of it as well — e.g., to/from ERP). This is based on the power of our Core Framework to become your master data repository across suppliers, contracts, and other procurement information. Remove data blind spots and establish unlimited visibility and insights.

Platform Analytics

Make business decisions based on real-time and historical data

A wide range of on-demand reporting and dashboard capabilities provides the information necessary to gain greater control over spend, contracts, suppliers, or any sourcing or procurement data created and maintained within the Corcentric Platform.

Enterprise Integration

All systems go!

The Corcentric Core Framework is designed to integrate seamlessly with any ERP, finance, accounting, and other systems to break down barriers between business units so you achieve visibility and process efficiency across the enterprise.

Security + Audit Traceability

Defend your data and processes

As a leading global platform, Corcentric delivers a level of scalability and complexity without compromising on data security. At its heart, the Corcentric Platform delivers on-going business monitoring to keep you abreast of fraud or IT risk, while meeting global data compliance and integrity requirements through enhanced platform auditing and reporting capabilities.

Artificial Intelligence, ML + RPA

Leverage deep learning processes to improve decision making, enhance automation, and drive efficiency

Corcentric optimizes your O2C and S2P processes by infusing our software solutions with advanced AI-augmented technology. In a dynamic industry, the ability of our platform solutions to intelligently learn and improve processes in real time, predict probabilities, and forecast outcomes provides a distinct competitive advantage.

See the benefits of seamless, integrated solutions

“Corcentric also has a powerful configuration engine which could benefit those organizations with a strong need to support unique business rules and workflow requirements either locally or globally.”

“Standardization typically represents significant savings costs of anything between 10% and 30% but is only possible if MDM is consistent, reliable, and robust.”

Capgemini – Procurement Master Data, “The Bedrock of Success”

“Corcentric also has a powerful configuration engine which could benefit those organizations with a strong need to support unique business rules and workflow requirements either locally or globally.”

“Standardization typically represents significant savings costs of anything between 10 and 30% but is only possible if MDM is consistent, reliable, and robust.”

Capgemini – Procurement Master Data, “The Bedrock of Success”

See What It Takes to Make Your Contracts Work Harder than Ever

See What It Takes to Make Your Contracts Work Harder than Ever

Why you need CLM?

60%

of corporate litigations are related to contract disputes.

73%

indicated “price changes” as the most common dispute.

12%-15%

of contracts are lost or unaccounted for in organizations.

Get all your people, processes, and data in alignment on the Corcentric Platform

Product Tour

Contract Lifecycle Management FAQs

Just about every contract, including 3rd-party and internal agreements in areas like procurement, employment, services outsourcing, leases, sales, NDAs, intellectual property (IP), facilities, and others – regardless of how simple or complex – goes through the same basic set of stages. These contract stages are:

  • Contract Request
  • Contract Authoring
  • Contract Negotiation
  • Contract Approval Process (with electronic signature capability)
  • Contract Execution
  • Contract Obligations Management
  • Contract Renewals
  • Contract Audit + Reporting
  • Contract Amendment

There really isn’t one precise model of what’s included in the contract lifecycle, but the stages in the previous FAQ are a good working guideline to what you should expect in a CLM system. With the right digital contract lifecycle management in place, users can quickly and easily request, initiate, track, measure, and execute contracts and related documents by leveraging the user-friendly features located in the dashboard of your contract automation software. Permissions will vary according to company needs, but generally a user will either open an existing contract or create a new one starting with a pre-approved contract template. The contents of the contract, assuming the vendor contract management software includes data integration with ERP, CRM, financial, and other systems, can then be easily populated using a few clicks and drop-down menus, including the clause library. A good CLM system features automated workflow for contract review and approvals, integrated document creation – such as MS Word – and email for negotiations, as well as electronic signature capability. Once executed, managing contract milestones, obligations, KPIs, and automated alerts are built-in to better control contract compliance and performance measurement.

Contracts house valuable data needed for companies to remain compliant with regulations and prevent or respond to legal disputes. But the number of contracts, their complexity, and the volume of data associated with them have grown beyond what companies and stakeholders can manage without the assistance of CLM technology. A contract management platform makes it fast and simple to find and administer contracts, measure performance – such as supplier procurement KPIs – ensure compliance, monitor risk and alerts, enact reporting, and other tasks that are arduous or impossible with manual methods. The first objective of digital contract lifecycle management is to increase visibility into the company’s entire contract assets. With litigation – and data proliferation – on the rise, not going digital in your CM practices will cost you more time and likely more money if you are still using manual contracting processes versus digital.

A contract management – or contract lifecycle management (CLM) – software solution provides full-time, automated contract monitoring and helps optimize each stage of the contract lifecycle. Automated processes include: Workflows for contract review, approvals, and signatures, making it easy for anyone in an organization to initiate contracts from within familiar applications and devices; Creation tasks, like dynamically inserting required language for specific clauses and terms, and tracking clause- and provision-level changes, with a goal of total compliance with minimum effort; Identifying changes between versions that have not been redlined, discouraging “stealth” changes that can undermine contract integrity; Configuring parallel and serial approval workflows to match the idiosyncrasies of any contract to eliminate bottlenecks and minimize costly delays; Uploading of hard copies through OCR and other technologies; Fulfillment tracking and automated alerts linked to expirations, renewals, and key events, post-execution workflows; Identifying contract renewal candidates, alerting managers in time to act and / or automatically creating new contract drafts based on the contract in force.

There are a lot of moving parts to any business deal—a lot of places for legal risk to creep in and opportunity to fall through the cracks: Procurement needs to manage and monitor relationships across the supply chain, as well as ensure compliance with spend management policies; Sales wants to speed the cycle to keep business moving monthly, quarterly, and yearly without delays and bottlenecks; HR has to manage a shifting and growing workforce of full-time and contract employees; Operations has ongoing maintenance and replacement requirements for fleets, facilities, and equipment; and, of course, Legal needs to ensure adherence to an expanding and changing list of regulatory and industry rules. All of these areas require fast, easy, and full access to new and existing contracts, something that is only possible with cloud-based contract management software technology integrated across enterprise systems – like ERP and CRM – that leaves no room for anything but efficiency, productivity and compliance.

As a Source-to-PayOrder-to-CashFleet Solutions or other professional, you to focus on making better, more informed decisions and delivering sustainable bottom line impact – not get distracted by clerical contract issues. That’s why so many leading companies around the world rely on Corcentric’s modular, integrated, SaaS platform-based best-of-breed repository system and other solutions. Our unique format enables companies in highly-regulated industries to implement as few or as many solutions as they need for accessible cost of entry, lower TCO and faster ROI. Corcentric Contract Lifecycle Management provides:

  • A single source of verified contract data for complete spend and risk control
  • Dynamic contract workflows for agility and collaboration
    Total adaptability to existing processes and contract rules
  • Complete contract self-service user configurability without the need for costly IT resources
  • CLM solution technology that meets your contract and risk goals now, with the flexibility to add on additional Procurement, Sourcing, Supplier Management, and other functionality quickly and easily as business needs grow

As business in general and contracts in particular become more integrated, complex, and sophisticated, Corcentric is thinking ahead to advanced technology features based on artificial intelligence (AI), block chain, RPA, and other machine-learning tools. Learn more – download our CLM Starter Kit.

Resources

Related Source-to-Pay Resources

INFOGRAPHIC

Digitizing the Procurement Process

CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.

REPORT

IDC MarketScape: Worldwide SaaS + Cloud-Enabled Procurement Applications 2023

Corcentric named a Major Player in the procurement applications space in 2023 Procurement IDC MarketScape assessment.

PODCAST

Corcentric Conversations: Bespoke Transformation—Why Success is a One-Size-Fits-One Strategy

Joe Payne and Jennifer Ulrich at Corcentric discuss what it takes to achieve transformative success, and how our approach is comprehensive and unique.

VIEW ALL RESOURCES

Resources

Related source-to-pay resources

INFOGRAPHIC

Digitizing the Procurement Process

CFOs know that investing in digital technology for procurement is the best way to mitigate supply chain disruptions in the future.

REPORT

IDC MarketScape: Worldwide SaaS + Cloud-Enabled Procurement Applications 2023

Corcentric named a Major Player in the procurement applications space in 2023 Procurement IDC MarketScape assessment.

PODCAST

Corcentric Conversations: Bespoke Transformation—Why Success is a One-Size-Fits-One Strategy

Joe Payne and Jennifer Ulrich at Corcentric discuss what it takes to achieve transformative success, and how our approach is comprehensive and unique.

VIEW ALL RESOURCES