Oracle Procurement Contracts Cloud - Overview

Oracle Procurement Cloud

Oracle Procurement Cloud modernizes procurement by standardizing, streamlining and automating the source-to-pay process through automation and social collaboration, while controlling costs and achieving higher margins.

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Oracle Procurement Contracts Cloud

Oracle Procurement Contracts cloud is built on Enterprise Contract cloud with Standardized contracts to enforce Business policies using pre-approved clause libraries, templates and approved alternatives. Procurement contracts cloud Identifies deviations from defined standards, highlight risks, and enforces appropriate document approvals and

Improves contract visibility with a secure and searchable contract repository, renewals management, amendment tracking, and complete audit history.

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Contract Life Cycle

The below diagram illustrates the complete Contact life-cycle in Procurement Contracts Cloud

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Overall Procurement Contracts Capabilities

Complete lifecycle management of all contracts

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Procurement Contracts – Key Features

Procurement Contacts Cloud helps Customers Gain complete visibility into agreements, shorten cycle-times, and manage compliance

1. Standardized Agreements: Establish standard language, compliant drafts, redline and compare against standards

2.Improve Visibility: Leverage a secure and searchable contract repository, renewal management, amendment tracking and audit history.

3.Ensure Compliance: Deviations reporting, exception-based approvals and contract deliverables.

Oracle Procurement Contracts Cloud – Potential Integration Approaches

Enterprise Contract Management (ECM) outbound integration can be leveraged for Integration with non-cloud purchasing systems. This integration consists of defining line level purchasing information on the ECM buy-intent contract such that it can be pushed out to one or more purchasing systems for execution.

Future Roadmap

• Real-time document redlining with MS Team/SharePoint

• Contract digitization, OCR and meta data extraction

• Contracts access via cloud Supplier portal

• Sourcing Award to Enterprise Contract

• Smart contracting with AI incorporated into key processes

• Improved Contract Expert Q&A guidance on identifying conflicts in business terms and Analyzing and extracting hidden obligations, liabilities and risks in existing contracts, or Optimizing discovery

 

 

 

 

 

 

 

Vijay Vasant

Written by Vijay Vasant

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