Oracle has expanded its contract management software suite with new applications for sales contracts and contracts intelligence.
Oracle Contracts, a major component of the Oracle E-Business Suite, is a family of applications designed to automate and simplify the creation, negotiation, management and renewal of complex business agreements with customers, suppliers and partners.
"Historically, contracts have been manually written and frequently customised, requiring a significant amount of human capital to manage the process," says Oracle product manager, Roger Mayes.
"As business relationships between customers and suppliers become increasingly complex, companies must standardise these business processes in order to gain bottom line efficiencies."
Mayes says Oracle`s new offerings expand its existing suite of contract management applications that includes the core contract management applications and specialised applications for managing service contracts, project contracts and contracts for rights.
"By fully automating the contract negotiation processes, Oracle Sales Contracts enhances the effectiveness of the sales organisation and reduces costs through increased contract renewal rates, improved order accuracy and compliance with regulatory guidelines," he says.
"Contract negotiations are streamlined and improved forecasting augments up-sell and cross-sell opportunities."
Oracle Contracts Intelligence provides executives with "daily business close" information by converting transactional data into key business metrics, enabling executives to manage by facts.
"Companies using Oracle Contracts Intelligence can increase the accuracy of their business decisions and make more precise revenue forecasts based on up-to-the-minute, global information," adds Mayes.
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