Novatus For: Executives
As a member of the executive team, you’re focused on the financial health and well being of your company. As a result, you’re faced with ever-increasing pressures to develop and execute strategies that continuously improve performance, mitigate risk, and ensure fiscal accountability. That’s where contracts come into play. They are a driving force in business because they provide a means to measure an organization’s operational, financial and compliance goals. In fact, a typical organization may maintain tens of thousands of contracts at any given time, which may result in these challenges:
Difficulty Assessing Contract Risks
As we were told once by a senior banking executive, “We are most afraid of what we do not know.” Specifically, without the appropriate transparency it is difficult to accurately assess risk and implement the appropriate controls to mitigate that risk. With contracts forming the foundation of a firm’s formal business relationships, the lack of visibility into those agreements can result in confusion around the full scope of the firm’s relationships, obligations and associated risks. In addition, recent regulatory requirements have increased the personal and professional risk executives assume for gaps in an organization’s compliance or misunderstood obligations that could damage the firm or the larger economy as a whole.
The Novatus solution is designed to enable comprehensive contract transparency across the enterprise. With highly effective reporting capabilities, executives can proactively monitor and act on contracts and contract data with greater agility and speed, commensurate with the current business and regulatory environment. System data can be delivered in a variety of automated formats, including reports, alerts, workflows and messaging. Plus, with all data centralized in one location, everyone has quick and easy real-time access to contracts and contract data worldwide, improving responsiveness and maximizing leverage while saving money or avoiding unnecessary costs.
Lack of Actionable Intelligence for Decision Making
Having limited insight into your formal, contractual business obligations, disparate databases and paper files can result in poor decision making or expensive and time-consuming due diligence exercises to collect the data.
Whether you are going to access contracts and contract data directly in the system or through reports generated automatically by the system, the Novatus solution can provide the platform for ensuring actionable information is at the fingertips of executives, regardless of where you are.
Maximizing Revenue and Savings While Avoiding Unnecessary Costs
While companies spend a significant amount of time and effort creating, negotiating and finalizing contracts, its commonplace for them to spend too little time on their on-going management. As a result, your firm may be paying too much money for a number of fees and services, such as maintenance and subscription fees for software that is no longer being used. Or, your firm may be missing a revenue opportunity by overlooking price increase opportunities stated in your sales contracts.
The Novatus solution can have a dramatic effect on the bottom line by helping you maximize your revenues and savings, while avoiding unnecessary costs. Some of the key features include:
- Automated email reminders for contract expirations
- A configurable contracts database, enabling you to set-up payment and revenue fields to capture key data for reporting and integration with other financial systems
- Automated reporting, enabling contract data to be automatically generated in industry standard formats and delivered via email to decision-makers
- Value-based triggers that will alert key parties when a threshold is close to being achieved or has been surpassed
- Categorization of contracts by risk
- Improved supplier and customer management
Increased Audit and Compliance Risk
Today’s executives assume extraordinary personal and professional risk. Government regulations, such as SOX, GLBA, HIPPA and OFAC, have drawn more attention to the way businesses operate, often requiring firms to proactively implement and maintain systems, processes and expertise to ensure compliance. The consequences of non-compliance or poor compliance can range from costly fines to expensive and time-consuming audits and remediation projects, to criminal prosecution.
Designed to help you eliminate control gaps, lower your non-compliance and audit-related risks and reduce costs, the Novatus solution provides real-time monitoring capabilities to help you proactively identify and mitigate risks, as well as quickly and effectively respond to audit requests. Key outcomes include:
- Transparency across the contract portfolio, resulting in better oversight and management of risk
- Ability to quickly and efficiently demonstrate compliance
- Improved financial reporting and reconciliation of contractual terms and obligations to transactions
Watch an Online Presentation of Novatus Contracts
Register for a live web-based software demonstration of Novatus Contracts. Demos are held Monday, Wednesday and Friday at 9:00am or 2:00pm Eastern.
