When contract management is directly linked to the ERP system, it becomes easier than ever to maintain full control over ongoing agreements. With Contract Capture, managing contracts becomes simpler, faster, and more secure.
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"By linking contracts directly to the ERP system, companies can identify unnecessary or redundant costs more quickly. This allows for renegotiating better terms or terminating unwanted contracts, leading to annual cost savings of 5-15%."
Contract Capture is a new feature in House of Control’s market-leading contract management software, Complete Control. CEO Lasse Sten says the solution represents a quantum leap in contract management:
"For almost 20 years, we’ve experienced continuous growth based on our customers’ need for full control over their agreements and obligations. Naturally, the value increases with the number of contracts added to the cloud solution. However, it can sometimes be challenging to register all contracts."
Detects recurring payments in the ERP system
This is where Contract Capture comes into play with its revolutionary and simplifying functionality. All costs are recorded and appear in the accounting system by definition. An ongoing contract implies that almost identical sums are recorded in the ERP system over time.
"Contract Capture is an algorithm that detects recurring payments to a supplier. It notifies Complete Control that the company should investigate the transactions. Is there a contract? Are the amounts correct? Should a new supplier or agreement be registered? Just as importantly, it allows the company to assess whether the service is still necessary," explains Sten.
Saves time and cuts costs by 5-15%
Contract Capture automates the discovery of recurring payments and contracts, potentially reducing the time spent manually searching and registering agreements by up to 50-70%. This frees up employees to focus on more value-added tasks.
"By linking contracts directly to the ERP system, companies can identify unnecessary or redundant costs more quickly. This allows for renegotiating better terms or terminating unwanted contracts, leading to annual cost savings of 5-15%," Sten says.
He adds that the most ingenious aspect of Contract Capture is how the algorithm significantly increases user value while saving time on searching for contracts across the organization.
Extracts data from the ultimate source of business costs
"The ERP system is, in many ways, the ultimate source of truth for a company’s costs. The challenge has been to leverage these data for better contract management. Complete Capture is the solution that makes this link possible. It has never been easier to gain full control over ongoing obligations."
Automated detection of recurring payments minimizes the risk of errors in contract management and invoicing. This ensures that contracts and financial obligations are correctly registered, avoiding unnecessary losses.
The customer will gain a complete overview of all active agreements, providing better control over obligations. This improves the accuracy of financial reporting and makes future investment planning easier. The company can also more easily track all contracts and associated transactions, which will simplify the auditing process.
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