Omnicom Features, Functionality, and Benefits
The World’s Premier Enterprise Contract Management Software
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Omnicom provides a centralized contract repository of all contractual agreements, including products, services, labor, and intellectual property. We put a complete history of all contracts and details at your fingertips
- Greatly reduces contract creation/authoring/preparation time
- Provides structure and enhanced processes for contract creation, negotiation, and approvals
- Handles both buy-side and sell-side contracts
- Handles tenders, auctions, and bid management
- Lets contract preparers pull contract terminology from pre-approved templates to speed contract development. Provides a library of your pre-approved standard clause language to ensure contract consistency and accuracy
- Allows authorized users to quickly access any contract in seconds
- Ensures the proper contract approval chain is maintained
- Enhances collaboration between individuals, departments, and senior management
- Tracks which staff can sign off on which specific products and services
- Manages all types of contracts, bid documents, and any other template driven correspondence
- Identifies instances where someone has deviated from approved contract language
- Stops contracts from auto-renewing without you having the opportunity to determine if changes are needed, or if you wish to continue obtaining a particular product or service from a specific suppler
- Enhances audit readiness. Can dramatically lower the costs of audits since key information is readily available
- Maintains and provides complete version control tracking since the same contract will often go through numerous revisions, modifications, and negotiations, and many approvals may be needed
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Monitors and sends customizable, automated alerts, triggers, and email notifications to remind personnel about upcoming contract expirations dates, renewals, renegotiation dates, and much more. You can create alerts for an endless amount of situations, such as: Has money in a project dropped below a pre-specified level? Has a pre-determined spending limit been exceeded? Has a person/department exceeded their budget? etc.
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Provides complete vendor history, such as which bids did a particular vendor respond to? Which bids did they win? How did they perform on the jobs they won? Did their final pricing fall within the pre-assigned budget?
- Helps monitor and take advantage of vendor discounts and rebates
- Greatly reduces the potential for fraud and exposure
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Identifies opportunities where your company can save money and stop lost profits from falling through the cracks. For example, lets users take advantage of master services rates, volume discounts, etc.
- Greatly reduces “maverick” spending
- Stops individuals from making unapproved contract changes
- Helps companies accomplish more work with less headcount, and/or lets existing users get more work done in less time
- Minimizes unnecessary penalties and problems. For example, Omnicom can notify you when insurance renewal dates are coming up
- Ensures agreed-upon standards are maintained for language, terms, pricing, etc.
- Manages contracts for the purchase of labor, including employees, 1099s, consultants
- Ensures suppliers comply with negotiated contract terms
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Provides superb reporting capabilities, including user-defined ad hoc reports, canned reports, and dashboards. Gives you a wealth of mission-critical information for analysis and reporting purposes. Reporting options include: by project, by supplier, by contract owner, by contract negotiator, by contract type, etc.
- Provides purchasing systems with accurate and current contract information
- Facilitates your ability to measure supplier performance
- Integrates with virtually all ERP and financial software systems, including Oracle, PeopleSoft, JD Edwards, SAP, etc.
- Provides the lowest total cost of ownership
- Excels at change management issues, including changes to POs, contracts, amendments, renewals, extensions, etc.
- Handles intellectual property agreements, such as licensing, trade secrets, patents, trademarks, and more.
- Enhances vendor registration and vendor management
- Provides the ability to track contract spend, budget, invoicing, and funding
- Offers multiple levels of security and authorization levels for different employees
- Generates POs and be used as a procurement contracting system, as needed
- Handles the entire RFP process, including allowing prospective vendors to submit RFPs on-line
- Can be used by departments of transportation and other enterprises as a project management system
- Lets you integrate with and/or import data from legacy systems
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