Contract Sentinel is a groundbreaking new cloud-based contract management platform that enables total monitoring of service agreement performance and cost, and presents all the information in an easy-to-use, single-view dashboard.
This unique automated system is a game changer because, unlike most contract management systems which are merely repositories for information, Contract Sentinel is dynamic, intuitive, intelligent and able to continuously capture and analyse performance and cost, show how multiple contracts are linked, and provide real-time data throughout the entire contract lifecycle.
Contract Sentinel chief technology officer, Richard Savage, says: “Contract Sentinel is the missing piece of the jigsaw, and we believe it’s the future of contract lifecycle management.
“Delivery of multiple service contracts is becoming more and more scrutinised and complex in terms of cost, performance, security and compliance, so our aim was to create a system that could help both clients and suppliers to meet these ever-increasing demands.
“Many companies running service contracts struggle to deliver effectively because of the sheer quantity of elements they need to manage. Their paper contracts are filed away, data is kept on spreadsheets and isn’t up to date, and there is no simple way of reviewing contract status or renewal dates, which can be very costly if they roll over without review. Nothing links up, nothing is secure and key aspects are easily overlooked. There is a real pain factor with this scenario that many companies will relate to.
“Contract Sentinel is the solution to this problem because it delivers total tracking — linking and managing every aspect of a contract so you can see the bigger picture in terms of compliance, cost and performance, for its whole lifecycle. Hard data is presented in real time, in a one-view format on a computer screen, laptop or smart phone. It’s totally secure too, which is a vital factor for many businesses.
“It’s almost organic in its nature, because it’s a living, breathing entity that’s constantly assessing and analysing. It can grow, adapt and be flexible. If a contract is performing badly, Contract Sentinel will understand where it has gone wrong, identify the weak link and flag up a decision or suggestion to fix the problem, or make a change to get it back on track.
“You could say it’s like a contract ‘doctor’, always checking the health of your operation and keeping it in the best of health.”
Richard continues: “Contracts are not just about procurement, they need to link Executive, Operations, Management, Finance and the suppliers too. Contract Sentinel can provide each of these departments with up-to-date, accurate information on good or poor performance against agreed service levels, over- or under-spend and contract renewal status — as a single, transparent version of the truth, any time of day, wherever they are. It will also send timely alerts to all stakeholders so everyone knows what is going on if there is an issue.
“The overall benefit of Contract Sentinel is a massive ROI; there is no wastage or guesswork because there is total visibility for everyone at all times, so informed decision-making becomes easy. If you assume your contracts are managing 85% compliance against SLA today, Contract Sentinel can improve this to 99%, which is worth £1.4m for a £10m contract business.
“It’s the ultimate finger on the pulse and everybody benefits. For suppliers, it means they can respond quickly to customers’ needs, control spending, retain contracts and boost their competitive edge to win new business.
“And for clients, whose supplier spend is often 40% of their total budget, Contract Sentinel offers significant benefits with little cost, and provides a much more collaborative and efficient process of managing supplier spend and performance.”
Several companies have already invested in Contract Sentinel and are reporting significant rewards. Cirris, a global company that has been making cable and wiring harness test equipment for 30 years, is actively saving money for its UK operation through more effective contract renewal, preventing costly roll-overs.
The New Life Church, in Milton Keynes, is now able to more efficiently manage, track and measure its multiple contracts, keep costs low, and channel funds to where they are needed most.
But will Contract Sentinel be an expensive investment for companies hoping to streamline their contract management? “Not at all,” says Richard. “The system is cloud based, so there are minimal set up and maintenance costs, and it’s a simple plug-in solution which can be tailored to specific users. We wanted to make it a user-friendly, affordable solution for everyone.
“It’s available on licence, costed on the size of the company, with a single monthly cost, and no extras. We offer a 90-day free trial of the product, so you can try before you buy, and a lot of training, back-up and support.”