The Future of Contract Management: Best-of-Breed (BoB) in the Cloud

Category : Information Technology

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Why Leading Businesses are Turning to Dedicated Solutions

There is a rise in the best-of-breed (BoB) cloud-based applications today. This is because using BoB, businesses can create very differentiated applications at a much faster rate and sync them together with other best-of-breed applications. The BoB applications increase business velocity. They are extremely easy to configure because of their fine-grained and well-defined services avatar. BoB applications are also leaner and come with configuration options that are not limited by suite siblings, like other software applications.

The Business Case for Enterprise-wide Contract Management

Contract Lifecycle Management (CLM) is going to shift to the Cloud inevitably, not unlike other enterprise software. This is because all contracts are the core foundation of commerce. They play a part in nearly all business processes that include buying, selling, hiring, leasing, merging, acquiring and so on. If companies adopt a BoB CLM solution, it will allow them to integrate their business processes seamlessly with their existing contracts. This gives the company the chance to manage its business within the parameters of their governing contracts. This is very important when it comes to lowering risk and improving the overall business performance of the company.

How Best-of-Breed Impacts the Enterprise Architecture

More and more companies look at IT as part of their core transformation strategy. This means there are a lot of things they need to consider which they can incorporate into their evaluation criteria, such as:

Self Service

Each and every employee, executive, customer, suppliers or partner in the company want to reduce the waiting time in completion of their task and they do not want to wait for someone else to do it for them.

UI/UX

The UI and UX applications should be easy to use and they should be able to manage and improve company-wide adoption to ensure the longevity of use.

Effective Portal Creation

Portals are considered to be the launch pads to business processes. An effective business process should be created using BoB business services because just building a suite of applications that are connected will not guarantee the alignment with specific business processes in the company.

Key Takeaways:

  • When companies adopt BoB services they can create very differentiated applications at a much faster rate and sync them together with other BoB applications
  • BoB processes allow companies to integrate their business processes with their existing contracts seamlessly
  • It also helps with enterprise architecture by improving the self-service modules, creating effective and long-lasting UI/UX applications along with portal creations for integration

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