Raindrop’s Contract Management module is designed to digitize, understand the contractual components, and effectively manage an enterprise’s contractual commitments. Raindrop digitizes contractual metadata and wraps it with contextual data to provide business stakeholders the visibility and actionable insights necessary to actively manage their contractual commitments.
Raindrop’s Contract Management is powered by artificial intelligence, cadence workflow engine, supplier collaboration framework, and native digital signature integrations, which all significantly reduce contract execution cycle times while providing end users with rich analytics and an unparalleled digital experience.
Raindrop provides automatic alerts and notifications for contract expirations and renewals, so you will never miss an automatic renewal or expiration. Beyond alerts, Raindrop assigns renewal tasks to the appropriate owners, and has configurable workflows to streamline the entire renewal process. With Raindrop’s “follower” concept, stakeholders can follow any contract of interest and stay aware of status changes.
Raindrop’s AI enables customers to rapidly digitize thousands of contracts, which typically takes months, to stand up a fully functional contract management system in a matter of days. Raindrop’s AI enables customers to easily navigate contracts, identify, extract, and digitize key data points such as effective date, renewal date, contract type, choice of law, supplier information, CPI, insurance, termination clauses, and much more.
Raindrop Contract Management helps institutionalize controls over all functions which impact financial reporting and contractual relationships. Approval workflows ensure processes are consistently adhered to and audit trails for each contract help in risk mitigation. Metadata from each contract is tracked and provided, readily available to understand contractual commitments.
Contracts touch almost every part of your business, driving the financial spend commitments from your company. Raindrop’s contract module provides deep integration with systems in Finance, HR, Procurement, Legal, as well as e-signatures for a frictionless unified experience across the entire enterprise.
Raindrop’s Contract Management module makes collaboration inside and outside of your company, completely frictionless, productive, and reduces contract execution cycle times. One platform where one single contiguous conversation is kept with each respective project in perpetuity, so current and future team members can gain all insights into the relevant project information.
Raindrop’s Contract Management module helps to prevent unexpected renewal uplifts and spend leakage by providing actionable intelligence and automatic proactive notifications prior to contract renewals coming due. Each automatic notification contains actionable insights, such as securing cost relief from under-utilized commodities or to contain costs prior to over-consumption.
Raindrop’s Contract Management module is designed to provide S-M-A-R-T functionality and intelligence to effectively manage your contracts, while accelerating your contract fulfillment cycle timelines.