Oracle Cloud Module Spotlight: Procurement Contracts Cloud

Need to stay on your existing PeopleSoft system but want to try out the cloud? Look no further than Oracle Procurement Contracts Cloud. Why? It provides an easy way to transition to the cloud while maintaining your current PeopleSoft applications. Here is how it works in a nutshell:

The Oracle Procurement Contracts Cloud is a stand-alone module offering a centralized repository for all contracts, which can be integrated with an existing PeopleSoft Purchasing system. Data is exported from the Oracle Procurement Contracts Cloud and imported to the PeopleSoft Purchasing system. Contract references and spending activity from the purchase order are imported back to the Oracle Procurement Contracts Cloud. In addition, supplier data can be imported using a comprehensive Inbound Supplier Web Service that facilitates data transfers from PeopleSoft into the Supplier Model profile. This service creates new suppliers along with updating existing suppliers, giving real-time synchronization of supplier information.

While this integration may sound complicated, the use of this contract management system is not. In fact, some reviewers find it fun! Furthermore, the Oracle Procurement Contracts Cloud offers many features that help in creating and maintaining contracts based on an organization’s business policies and procedures. Features include:

  • Custom, pre-approved clause libraries, templates, and approved alternatives
  • Management of the entire lifecycle of the contract
  • Organization specific statuses and contract types
  • Tools to create, edit, and validate contracts
  • A single repository for all contracts
  • Off-line viewing of contracts, terms, and conditions with Microsoft Word integration
  • Social collaboration for the life of the contract
  • Ability to manage renewals and track amendments with a complete audit history

This doesn’t even mention the impressive Oracle Procurement Contracts Cloud search capabilities. Contracts can be searched in one of two ways: 1) using contract attributes (supplier name, contract number, contract type, etc.) or 2) using specific words or phrases in the text of the contract’s attachments. And the Oracle Procurement Contracts Cloud supports all types of contracts. Whether they are tracked in inventory or not, contracts can be created as a master agreement or a purchase order.

Throughout the life of the contract, the organization can use the Oracle Social Network to collaborate with the contract stakeholders (i.e. purchasing buyer, legal office, supplier). Discussions can be accessed on multiple devices and contracts can be shared with relevant parties. This brings all the stakeholders together in a single place for discussions, keeping a record of all conversions that transpire (i.e. no more searching through emails). Required individuals can be quickly contacted to address issues or resolve problems, and additional individuals can be easily added to a conversation and can see a complete history of the entire conversation. Plus, real-time notifications can be provided when key conversations are updated. This social collaboration makes it easy to manage interactions and to keep a complete history for future reference. Talk about a game-changer!

The Oracle Procurement Contracts Cloud has much to offer for managing an organization’s contracts and is a great way to start a journey to Oracle Cloud. Send an email to our team and we will set up a call to discuss your organization’s Oracle Cloud options!