Companies often need help with the one thing that assists them in almost every internal and external operation: contracts. Contracts are at the core of business functions, but managing them in today’s age requires a robust platform. Zycus, Inc., a pioneer in Cognitive Procurement software, aims to transform the contract landscape by reforming contract management. Zycus is changing the game for all organizations and industries as a top contract negotiation solution provider.
Companies need a contract management system that caters to individual objectives and is flexible enough to adapt to changes and new goals. With this in mind, Zycus designed an adaptable platform compatible with strategic goals (efficient contract authoring, minimized revenue leakage, internal resource optimization, and compliance management) and operational plans (performance management, standardized contract language, expiry/renewal, audits, enhanced CLM productivity, and managing supporting documents).
Regardless of the industry, almost every company deals with rising operational costs and high compliance risks. Zycus’ contract management software assists all sectors, generally and specifically. It reforms the contractual landscape of every industry, from automotive and healthcare to banking and high-tech, media and pharmaceuticals to real estate and manufacturing, and telecommunications to transport and logistics. Zycus’ products also reduce risks and boost compliance according to business roles, such as legal, procurement, sales, and IT.
Zycus’ iContract is an automated contract lifecycle management (CLM) system that optimizes the entire contract journey, from contract requests to renewal. It enables seamless collaboration across teams by maximizing contract utilization and preparing them for potential threats and unprecedented risks. iContract simplifies complex workflows and negotiates with multiple parties to accelerate frictionless contracting.
Contract management comes with internal and external risks, and Zycus iContract mitigates those risks. It takes advantage of actionable metadata and advanced analytics to enable unprecedented visibility into contract risks. Its no-code workflow creation gives users an edge over complex processes, empowering them and increasing productivity. Furthermore, it secures digital contracts by organizing them in a secure, centralized repository that allows configurable access and keyword search.
“It is very important to look at procurement, needs, and goals, which can be provided by a specialized provider. Agility and ease of use—those are characteristics, which are very important in today’s age when you have digital transformation and are moving very fast,” said Ashish Dedhia, CEO of Zycus, Inc.
In addition to creating a secure environment, Zycus uses geographical and industry-specific templates and clause libraries with user-friendly UI for quick authoring and increased contract creation efficiency with WordConnect. Regardless of location, all team members can participate, collaborate, and negotiate using parallel and ad-hoc review capability, configurable access controls, detailed audit trail, version management, and side-by-side version comparisons during negotiations.
Zycus iContract digitizes and stores contracts on a single secure storage medium that enables enterprise-wide quick access to contracts, supports a smart contract warehouse with user-specific access controls, and allows users to locate clauses and phrases within contracts using free text and metadata search features. Zycus empowers its clients to track contract obligations effectively, drive savings by boosting compliance, and prepare for financial obligations.
With its Contract Repository software, Zycus allows companies to configure alerts and reminders and notify stakeholders of upcoming contract expiry or renewals. It provides centralized storage to safely, securely, and accessibly store agreements and supporting documents while allowing users to quickly locate contracts and phrases within them. Furthermore, Contract Repository software takes requests for new contracts via CRM, Intranet-style portals, and Microsoft Outlook.
Another Zycus tool, Contract Authoring software, integrates with MS Word to instantly create contracts using templates and a clause library. Its standardized contract language, version control, and configurable workflows help streamline the contract process, minimize compliance and legal risks, and benefit organizations per their specific needs.