IN #LEGALNEWS: CONCORD AUTOMATES COLLABORATION, ELIMINATES CONTRACT-CREATION COMPLEXITY AND BOTTLENECKS, ACCELERATES BUSINESS OUTCOMES
SAN FRANCISCO, DECEMBER 18, 2018 – Concord, the fastest-growing contract management platform company, has introduced self-service automation tools that eliminate the silos, complexity and bottlenecks typically associated with contract initiation. This industry first means that authorized users from any department within an organization, such as procurement, HR and sales, can now use pre-populated templates or request a contract initiation through a single, digital and frictionless platform. By providing an open environment with full visibility into contract status, the cross-functional collaboration these new tools provide will help organizations accelerate procurement, hiring and time to revenue.
Said Matt Lhoumeau, Concord CEO and Co-Founder, “This is digital transformation at its best. Until now, the Concord platform was typically used by 30% of an organization. By creating automated collaboration tools for the contract inception process, it brings 100% of an organization onto the platform. Digitizing and automating the contract inception process, and integrating it into the entire contracting workflow, brings far-reaching efficiency, productivity, collaboration, scale, compliance and visibility benefits to an organization.”
For procurement departments, contract initiation requests can now be made via the Concord platform utilizing templates pre-populated with fields from e-procurement systems such as Ariba, Coupa and SAP using Concord’s open API. This ensures that contracts reflect vendor procurement requisitions, minimizes ‘rogue spending’ and provides the means to maintain, track and report on compliance requirements and metrics such as vendor diversity. For large organizations, Concord increases the speed, scale and ease of procurement contracting. It frees procurement teams from block-and-tackle administration to focus on high-value activities such as vendor negotiation.
Hiring managers can now access the Concord platform to request draft employment agreements that will automatically take them through pre-determined steps to ensure compliance on issues such as ensuring a hire is approved, and that a salary is within the authorized salary band. As well as accelerating the hiring process, companies can easily transport Concord data into their HR systems to track employee lifecycle statistics such as hire, review and exit dates.
Because all contract initiation requests are generated through automated and pre-populated forms, legal teams will have all the necessary compliance criteria, correct data and formatting requirements to create contracts. This reduces a big administrative burden and bottleneck from the contracting process. With the entire process managed and executed on the Concord platform, it transforms the speed, visibility and scale that a business can operate on.
Unlike other contract management systems, Concord provides a single and completely digital environment for the inception, origination, negotiation, execution and renewal of all contracts, including all parties, all edits and all signatures. Concord eliminates the need for third-party e-signature providers, email and Word. This removes fragmentation from the contract process and eliminates potential compliance gaps and vulnerabilities.
Founded in 2014 and headquartered in San Francisco, Concord enables over 200,000 companies around the globe to connect all their people, processes and contracts in one place. Built with intuitive features, like online negotiation and editing, deadline alerts, and approval workflows, Concord gives users everything they need for the entire contract lifecycle–making growth and compliance synonymous.