AMERICAN FORK, UT--(Marketwire - Sep 11, 2012) - BidSync, a national leader in e-procurement solutions, announced today a strategic partnership with Novatus Contract Management. This partnership will allow public sector customers to maximize the value of their existing contracts. Major functionality includes: easily creating and negotiating new contracts, tracking spend against contracts, managing contracts by spend categories, and monitoring a complex portfolio of contracts through a single, integrated solution.
Contract Lifecycle Management (CLM) can be provided as a standalone solution or as an extension to BidSync's full source-to-pay solution. As an increasing number of state and local governments, agencies, and educational institutions are migrating their procurement and purchasing to an online environment, BidSync and Novatus recognize the need to invest in next-generation, customizable solutions that provide complete contract management from beginning to end, which tightly integrates with sourcing and purchasing processes.
"Government entities across the country are seeking more efficiency, flexibility and accuracy in the creation and management of their contracts," said Sabrina Stover, CEO of BidSync. "The core competency of Novatus is Contract Management and their technology seamlessly integrates with the BidSync SaaS platform. This is a natural extension of our BidSync solution."
The Novatus Contract Lifecycle Management system is the only completely configurable and browser-accessible CLM in the industry. In conjunction with BidSync's eProcurement platform, the Novatus partnership provides a more complete solution to help the public sector reduce their reliance on paper-based processes.
"The moment we met the BidSync team, we were inspired by their dedication to providing the best solution for their clients," said Bob Gambotz, CEO of Novatus. "Contracts are the lifeblood of an organization and government agencies are certainly no exception. The partnership with BidSync has proven to be a great fit for us in every way from shared values, to technology and market opportunities."
Through this alliance, BidSync will provide the following:
- Contract Repository: a (Software-as-a-Service) SaaS solution where digital copies of contracts are stored and managed
- Contract Creation: the Contract Creation Wizard enables users to craft contracts through a rules-driven question and answer portal
- Workflow: the contracts can be routed for internal approvals and to external counter-parties, automatically storing and managing all versions of the agreement
- Event Management: the system provides a sophisticated event engine to manage date-driven action items and milestones and effectively administers the provisions, contract rights and obligations
- Compliance: issues involving compliance, custom compliance checklists with dates and responsible parties are tracked and distributed through performance evaluation scorecards via automated system notices
- Dashboards: users can monitor events and manage tasks from the dashboard, as well as create custom widgets with visual data and statistics for easy viewing, enabling users to quickly navigate through contract and company information
- Reporting: powerful standard and ad hoc reporting allows users to get the relevant information out of the system they need to manage, monitor, and report on contract activity. Real-time access to financial and legal compliance reporting streamlines productivity and profitability through various departments and throughout entire organizations
- Implementation & Support: BidSync will implement and support their own customers so customers have a single point of contact
As a leader in the e-procurement industry, the BidSync solution has been used by more than 1,000 government agencies. BidSync also maintains a database of over 700,000 suppliers nationwide, classified by NIGP commodity codes. The BidSync platform is a Software-as-a-Service (SaaS) solution that requires no additional investment in hardware, software or specialized technical resources. The solution provides a complete array of procurement processes that are simple to learn and easy to use. BidSync suite of solutions includes ProcurePointe™, BidSync eProcure™, BidSync Builder™ and BidSync Links PLUS™. Learn more about BidSync at: www.bidsync.com or call 800.990.9339.
Novatus was founded by former contract managers who are well‐respected and globally recognized contract and supply chain industry professionals. The entire Novatus team is passionate about providing results-oriented contract, compliance and supplier management web‐based SaaS software solutions and un‐matched customer support resulting in measurable, positive business impacts for corporate clients across the globe.