Contracts 365 for Energy Companies and Utilities
Contracts 365 for Energy Companies and Public Utilities is a comprehensive solution to address the contract management, bid management, and supplier management challenges faced by organizations operating in these markets. Contracts 365, the leading contract management solution for Microsoft customers, is leveraged by numerous organizations in these important industries to address these business challenges.
Supplier Registration, Bid and Solicitation Management
Energy Companies and Public Utilities work in conjunction with numerous vendors, suppliers and contractors to bring their services to market. Attracting and managing this large number of disparate entities in a highly regulated marketplace is a challenge. Prior to engaging in contract negotiations, Energy Companies and Public Utilities need a streamlined approach to attracting, registering and qualifying the suppliers and contractors from whom it will purchase goods and services. Contracts 365 for Energy Companies and Public Utilities supports the following business requirements:
- Self-Service Supplier and Contractor Registration
- Supplier and Contractor Qualification Validation Process
- Secured Supplier Portal for Self-Service Maintenance and Bid & Solicitation Participation
- Automated Bid & Solicitation Management and Distribution
- Bid & Solicitation Meeting Management
- Bid & Solicitation Evaluations
- Automated Contract Creation for down-selected and awarded Bids & Solicitations
Contract Management & Compliance
Upon down selection, award or on an ad-hoc basis, Energy Companies & Public Utilities need a streamlined approach to create, negotiate and manage the contracts that will govern their procurement of goods and services. Contracts 365 provides an end-to-end contract management solution and supports automatic contract generation for both solicitation and non-solicitation based requests, automated contract approval workflows, a centralized repository for all contract related data, automated reporting and escalation, and both simple and complex compliance and obligation management. Additional business requirements which can be supported using Contracts 365 include:
- Centralized and Secured Contract Repository for all contracts and data
- Simplified Contract Request Management
- Standardized Template and Clause Management
- Dynamic Contract Approval Process with Automated Notifications and Alerts including Compliance Framework and CIP 013 Compliance capabilities
- Full Support for Electronic and Hard Copy Signature
- Comprehensive Dashboards, Reporting and Searching
- Contract & Board Resolution Integration
- Contract Retainage and Prevailing Wage Management
- Integration with Back-end Systems such as Microsoft Dynamics
Supplier Performance & Compliance Management
The conclusion of the selection and award process marks only an initial step in the overall supplier management challenges faced by Energy Companies and Public Utilities. The nature of these highly regulated industries requires both a proactive and reactive approach to ensuring the compliance of the selected vendors, suppliers and contractors. It is important for Energy Companies and Public Utilities not only to understand ongoing performance, but also to ensure compliance with the qualifications and attestations made during the registration process as well as the commitments made throughout the contracting process. When commitments are missed, a process to ensure that the appropriate parties are alerted and that the required information is escalated to management is critical. Contracts 365 for Energy Companies and Public Utilities supports the following:
- CIP 013 Compliance – as well as other compliance frameworks - including allowing for questionnaires to be issued to suppliers and contractors for completion. Once completed, these questionnaires can be risk-assessed and managed. Exception processing is supported as is issue resolution tracking and remediation.
- Tracking of key compliance requirements against pre-defined regulations that can be managed within Contracts 365
- Supplier and Contractor Performance Evaluation and Tracking
- Supplier and Contractor Qualification Expiration Notice and Management
- Supplier and Contractor Performance Dashboards and Visualizations
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Optimize Your Enterprise with the Best Energy Contract Management Software
Energy companies and public utilities have unique and complex challenges when it comes to contract management. Numerous state and federal regulations, unannounced audits, and complex supply chain and sourcing requirements underscore the importance of selecting the right contract management software. Contracts 365 is an end-to-end contract lifecycle management solution that simplifies every part of the contract management process. Robust workflow automation assists you with the creation, tracking, and management of contracts and their related obligations, ensuring you always remain in compliance. The supplier management portal eases the process of onboarding suppliers, issuing bid events, and ultimately awarding bids. The self-service capabilities of the supplier management portal allow your suppliers to register, update and maintain your required business information, making you more productive. Contracts 365 is the best energy contract management software and the best utilities contract management software for companies in these markets.
Select the Right Utilities Contract Management Software to Revolutionize Your Business
At Corridor, we have a long history of working with companies in the Energy and Public Utilities markets and we’ve intentionally adapted our solutions to address the needs of these organizations. The Contracts 365 platform is modular and can be outfitted to address Bid Management, Supplier Management, and Contract Management requirements with one comprehensive solution. Expand functionality over time as your needs become more complex. Workflow automation and intuitive self-service portals reduce manual effort in the areas of supplier onboarding and ongoing supplier compliance. Bid events are easily initiated, tracked, and evaluated up to and including awarding the bid. At which time the contract can be efficiently generated by Contracts 365.