Symfact Adds a Unique Outsourcing Value Management Solution to its Software Suite
SUGIEZ, Switzerland, May 28, 2019 /PRNewswire-PRWeb/ -- Symfact, the leading provider of Contract and Compliance Management Solutions has today announced an additional product to extend its suite: Outsourcing Value Management (OVM). The new offering, like all other Symfact solutions, runs on its single Software Portal Platform and can be deployed either on premise or hosted.
With over 150 customers internationally Symfact's current solutions cover:
Contract Lifecycle Management
Third Party Risk Management
Legal Entity Management
Intellectual Property Management
Policy Management
Custom GRC (Governance, Risk and Compliance) Management
The additional software extends this solution portfolio with:
Outsourcing Value Management
There is an accelerating trend for organizations to contract with external providers or Shared Service Centres to run important functions of their business operations. This market trend is thus driving the providers to accordingly expand the services they offer.
Outsourcing contracts can take months or years to define and negotiate, leaving both parties with hundreds of pages of Master Services Agreements, Local Service Agreements, Exhibits and Schedules. The goal is to define the expectations and the operations model for everyone involved of the outsourcing agreement.
The reality is that hundreds of obligations are buried within hundreds of pages of documents, and all of them must be met for the life of the agreement. The obligations can have different frequencies of commitment (e.g. one time, periodic, as requested), can have different formats (e.g. deliverable, report, audit), can have different locations of performance, can be assigned to different people based on the obligation and can require substantiation that the obligations are met.
Existing solutions fail to provide the level of accuracy and granularity needed to insure compliance with the agreement - for both parties involved. The consequences can be significant due to lost revenues, increased costs or penalties for non-compliance. General contract management systems are typically not built to define, manage and report to the level of details needed for outsourcing agreements. The outsourcing requirement is to manage each obligation as if it was its own mini contract. It is also important to know the source of the obligation within the contract documents.
About Symfact
Symfact is an international company with an industry leading software portal for enterprise management solutions. We focus to provide a single software platform to address the multiple domains of Contract and Compliance Management. Our software helps you deal with Governance, Risk and Compliance thereby reducing risk and increasing efficiency and productivity.
SOURCE Symfact
