If you`re unfamiliar with ServiceNow`s contract management functionality, now is the time to learn! Contract management is a vital component of any successful organization, and ServiceNow makes it easier than ever to keep track of contracts, renewals, and obligations. In this tutorial, we`ll give you an overview of ServiceNow`s contract management capabilities and show you how to get started.
First, let`s define what contract management is. Essentially, contract management involves the creation, negotiation, execution, and monitoring of contracts between two or more parties. These contracts can include vendor agreements, employment contracts, lease agreements, and more. In order to effectively manage contracts, organizations need to have a system in place to track key dates, obligations, and documents related to each contract.
ServiceNow`s contract management module allows organizations to do just that. Here are some of the key features and benefits:
– Central repository for all contracts: ServiceNow`s contract management module provides a central repository for all contracts, allowing organizations to easily search for and access information about any contract.
– Contract lifecycle management: ServiceNow`s platform provides tools for managing the entire lifecycle of a contract, from creation to renewal to termination. This ensures that important dates and obligations are not overlooked.
– Automated contract renewal: ServiceNow`s platform can be configured to automatically renew contracts based on predefined criteria. This saves time and ensures that contracts are not accidentally allowed to expire.
– Secure document storage: ServiceNow`s platform includes secure document storage, allowing organizations to store contracts and related documents in one place.
Now that you know the benefits of ServiceNow`s contract management module, let`s walk through how to get started using it.
1. Navigate to the contract management module: In ServiceNow, navigate to the contract management module by clicking on the “Contract Management” link in the left-hand navigation menu.
2. Create a new contract: To create a new contract, click the “New” button in the top right corner of the screen. You`ll be prompted to enter basic information about the contract, including the contract type, start and end dates, and parties involved.
3. Add contract terms and documents: Once you`ve created the basic contract record, you can add additional information such as terms and conditions, payment schedules, and related documents.
4. Monitor contract obligations: ServiceNow`s platform includes tools for monitoring contract obligations, such as renewal dates and payment schedules. You can set up automated notifications to ensure that you don`t miss any important dates.
5. Run reports: ServiceNow`s reporting capabilities allow you to easily pull data about your contracts. You can run reports on contract status, contract value, and more.
In conclusion, ServiceNow`s contract management module is a powerful tool that can save organizations time and ensure that contracts are properly managed. By following this tutorial, you`ll be well on your way to becoming a contract management pro!
