Procure real value out of your third-party vendor agreements.

As large organizations continue to rely on an increasing number of third parties to get jobs done, the number of agreements that the procurement team needs to approve, track, and manage also rises exponentially. Even the most sophisticated organizations still find themselves surprised year-after-year with unforeseen obligations and risks buried within many thousands of agreements. These surprises often translate to lost money and opportunities. In some situations however, breaches or infractions occur from oversight that can be permanently damaging to a firm’s reputation and business.

Companies are doing their best to rise to the task – leveraging new technologies and processes to help stay in compliance and on budget. Nonetheless, if you ask your company’s C-suite, you’re likely to hear about costly and dangerous mistakes made every year previously made due to poor contract management. To be successful, your team needs to speak with department heads and conduct a needs assessment on the services and tools needed to maximize each resource and minimize unpleasant surprises related to vendor agreements.

As your company continues to grow, contract
management get more complicated each year.

With Heretik, your team is able to leverage structured contract data to build a common language amongst your company when it comes to understanding the impact of new or existing vendor agreements. Features like Heretik Compare, configurable reporting, and data visualization empowers your team to remove emotion out of conversations and allow them to be data driven. After the agreements are made, your team is able to ensure cost and policy compliance are maintained with workflows already familiar to your internal teams. Execute and maintain the sourcing of third party products and services in a way that meets all of the quality and compliance expectations of your company.

Supply Chain Executives spend almost around 50% of their time sifting through spreadsheets, emails, and databases to keep track of their agreements. Heretik helps reduce manual review with these features:

Let Heretik structure your data by classifying all contracts and sections by type.

Filter, batch, or compare sections across the entire corpus of contracts.

Meet the unique needs of your project by configuring fields in a myriad of ways to store your contract data.

With transparency into analysis results & confidence scores, detect which contracts are ready for review vs. quality control.

Easily group amendments to original contracts & review them in one unified experience.

Visualize all differences among versions of the same contract or among a given section across all contracts.

Review contracts in our modern interface to navigate sections, search keywords, & one-click send text to field.

Understand what’s in your data with dashboards & widgets to display tables & various chart types.

Handle projects of any size, complexity, or number of concurrent users with best-in-class security.

Share results with your team in Word or Excel & never be afraid of “can you just add this one piece of info?”

Connect Heretik to popular data repositories like OneDrive or Intralinks to feed it contracts for analysis.

Start and stop contract review projects in one solution with a single audit trail. No more risky, inefficient data transfers or duplicate data.