Concord recently announced the launch of self-service automation tools that remove silos, complexity, and bottlenecks conventionally associated with contract initiation. These tools will enable authorized users from any department within an organization, like HR, sales, and procurement, to use pre-populated templates or request a contract initiation via a unified, digital, and smooth platform. By delivering an open environment with complete visibility into contract status, the cross-functional collaboration these new tools facilitate will allow organizations to speed up procurement, hiring, and time to revenue.
The introduction of these tools means that procurement departments will be able to make contract initiation requests via the Concord platform with templates pre-populated with fields from e-procurement systems like Coupa, SAP, and Ariba using Concord’s open API. This helps make sure that contracts show vendor procurement requisitions, reduces ‘rogue spending’, and offers a way to maintain, monitor, and report on compliance requirements as well as metrics like vendor diversity. Whereas for big organizations, the tools help increase speed, scale, and ease of procurement contracting. It also frees up procurement teams from block-and-tackle administration to concentrate on high-value activities like vendor negotiation.
Matt Lhoumeau, Co-founder and CEO, Concord, said, “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.”
The company noted that its latest range of tools will also enable hiring managers to access the Concord platform to request draft employment agreements that will automatically take them through a pre-established set of steps so as to ensure compliance on issues like making sure a hire is approved and that a salary is within the approved salary band. Besides accelerating the hiring process, companies will also be able to easily transport Concord data into their HR systems to monitor employee lifecycle statistics like hire, exit dates, and review.