05/17/2004

Action Technologies, a software firm specializing in Business Process Management, today announced the release of a new module that extends the functionality of the company's award-winning ActionWorks BPM software suite. Action says, “ActionWorks Contract Life Cycle Manager reduces transaction costs and risks by automating all aspects of contract development and execution, including formulation, negotiation, documentation, fulfillment, monitoring and enforcement.”

The vendor supplied the following details:

Typically, less than a quarter of a company’s transactions, governed by complex contracts, represent 75% of the total economic value of all operations. Many corporations have a few large contracts with major partners or accounts that represent a large proportion of their anticipated revenues—and liabilities. Managing these important contracts can create many opportunities for errors that can lead to missed business opportunities and lost revenues.

"Unfortunately, many companies sign contracts and think that their job is finished," according to Bill Welty, CEO of Action Technologies. "Organizations often forget that monitoring is a critical aspect of contract management, but this phase is often ignored or treated in a haphazard manner. The end result is that terms are not successfully fulfilled, and companies lose revenue opportunities."

Based on Action Technologies' patented Business Interaction Model, ActionWorks Contract Life Cycle Manager coordinates preparation and negotiation of commitments, identifies where action is needed, records offers and counteroffers, and manages all documentation. The module then tracks, monitors, and manages all commitments - whether conditional, event-driven or date-driven - and automatically notifies the appropriate parties whenever action is necessary. Only after all relevant parties accept work is it considered complete.

ActionWorks Contract Manager creates tangible business benefits for users:

--Ensures that organizations receive the goods, services, and compensation they expect

--Ensures that organizations deliver the goods, services, and compensation they have committed to provide

--Optimizes transaction costs, increasing the overall productivity of the team responsible for developing, managing, delivering, and tracking these contracts by 55%

--Minimizes and mitigates risk by up to 80%

--Increases customer and supplier satisfaction and trust

--Ensures alignment with company contracting policies and best practices