The company's Contract Lifecycle Management (CLM) version 6 release includes a host of additional features, including advanced integrations with DocuSign and Salesforce, added support for Microsoft Office and new contract packages that enable users to create and version multiple contracts with a variety of templates as well as check-out, check-in and compare documents simultaneously.
It also offers a variety of customer experience enhancements, including improved search, faster navigation and an improved user interface.
From Inception to Execution
"Selectica is a contract management solutions company. We help large enterprises manage the complete lifecycles of their contracts and their contractual relationships with other companies. It is really a content management system (CMS) on steroids," Mathieu told CMSWire. "We help companies manage everything from the inception of the contract through the authoring and negotiation phases to the final execution and signing of the contract into the management of the contract, once it is all complete."
Contracts are complex to manage because they have more than start and end dates. They typically include one or more events during the term of the deal, which have to be acknowledged, reported on and acted on. "For companies with fairly complex contract management needs, we provide a complete solution," Mathieu said. "Our solution helps companies mitigate risk and reduce exposure."
Mathieu noted that large companies tend to have a lot of contractually enforceable relationships with other companies, explaining:
Some of them literally have tens of thousands or even millions of these contracts in existence. The old way of managing those contracts was simply having them spread around in tools like SharePoint or Documentum, or, more likely, just spread around various hard drives and file systems. If you're a a CFO or general counsel for one of these companies, the risk exposure of managing all these contracts is huge."
One of the Top Vendors
Last October, Capterra, an online software review service, ranked Selectica the fifth most popular contract management solution based on total number of customers, active users and online presence. Only Prodagio, Agiloft, GEP and Contract Assistant ranked higher.
Contract management is "not one of the first types of software that comes to mind," said Capterra President and CEO Mike Ortner. "But it's powerful and more and more companies are realizing the impact it can have on their business."
A 2007 study by the Aberdeen Group noted that top-performing enterprises "manage their contracts effectively by blending technology with standardized policies and organizational structure." It added that contract management automation improves compliance, reduces costs, enhances contract renewal rates and improves revenues, among other benefits.