Selectica’s contract management solution streamlines the entire contract lifecycle, from contract request, authoring, negotiation, and approval, through contract execution, on-going obligations management, amendment, and renewal.
The solution’s enterprise view of contracts and comprehensive reporting capabilities will allow Union Bank to automate the ongoing supervision of contractual relationships by consolidating and maintaining accurate contract data while also minimizing risk.
Union Bank’s contract management system selection process consisted of a rigorous evaluation of solutions from 40 vendors in both the contract management and vendor risk management spaces.
The complexity of Union Bank’s agreements and required contract oversight necessitated a solution beyond their previous homegrown systems.
Union Bank decided to utilize Selectica’s solution based on several criteria, including the flexibility of its authoring tools, the highly configurable nature of the system, and the ability to gain an effective view of the prevailing language and terms across multiple contract amendments.
Union Bank manager of contracts management vice president Cath Whistler said Selectica’s solution gives us the opportunity to demonstrate auditable consistency across contracts throughout the company.
