Xybion contract compliance solution automates the following activities. Our solution helps improve the procurement/contract team productivity by up to 70%. A typical SOW may take 30 minutes to review manually, but Xybion’s solution can review and compile the status report in under one minute.
- SOW/MSA/contract review
- Vendor SLA review
- Invoice review and invoice compliance with SOW
- Rate card comparison
- Vendor quality scorecard
- Supplier risk management
- Supplier audits
Why the procurement review process digitization?
While every company wants to standardize the contracting process, it’s still too far from reality. Procurement teams or contracting teams spend a lot of time going through the master services agreement, statement of work, service level agreements, rate cards, and payment milestones every time a new project is initiated, or a change order is created. The good news is that the Xybion contract compliance solution can automate most rules-based checks to reduce the manual bandwidth needs by up to 70%.
The high-level workflow
Procurement documents can either be stored in a folder which is monitored by Xybion product to review or this can be configured through the email system eliminating the step to download and store the document in the folder. Xybion solution sends reports through email with all the pass/fail results and the user would have the option to log in to the system to manually adjust results citing the valid reasons.
Core solution functionalities
|1.1||Finds and Store contracts in a single location|
|1.2||Provide options for Search and Comparison across file types|
|3||Management Dashboard / Analytics / Data Visualization|
|3.1||Payment terms across all vendors and AP alignment with contracted terms|
|3.2||Numbers of vendors across regions presented graphically|
|3.3||Percentage of client contracts with unique terms, pricing, incentives|
|4||Impact analysis of a security breach in all contracts|
|4.1||Obligations Compliance Report on Individual vendors on:|
|4.2||Extract key clauses from lease agreements that provided opportunities to reduce costs|
|4.3||Contract analysis to track supplier’s payment terms|
|4.4||Revenue opportunity and savings with tracking of contracts with unfavorable payment terms and those with auto-renewal language that would have gone unnoticed|
|5||Predictive Contract Obligation Compliance Reports|
|6||Impact Analysis of contract health based on vendor SLA reports|
|7||Automated Compliance Monitoring and Reporting|
Vendor compliance report
Xybion procurement solution monitors vendor SLA commitment and actual results from the weekly/monthly/quarterly project status reports. This is compared over time to create the vendor quality scorecard.
Vendor/Third Party Audits
As all the suppliers need to be qualified for their work, most companies use quality, compliance and security audits to ensure their relationship is derisked. Xybion third-party audit solution helps companies to automate the audit process, standardizes ways of getting audits done, ensure follow-ups and closure. A lot of pre-work is done using Xybion automation tool to find of the high-risk audit areas which helps the auditor to prioritize. Xybion solution offers documentation and CAPA solutions, as required.