Automate your sales contract process for customer support

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welcome to the second part of the webinar series on vendor and contract lifecycle Management in netsuite uh here we're going to talk about how you can manage contracts within netsuite itself without needing any third party contract management Tool uh in this demo we're going to look at what the contract dashboard is going to look like and how it makes it so easy to use contracts in netsuite we will look at some dashboard alerts related to contract expiry so you are made aware if a contract is going to expire in 30 days 60 days or 90 days you can also look at a high level view of contract usage from the dashboard itself this will give you information on the name of the contract how much amount is used what is the balance and also you can see some of the kpis on the total contract amount being used in the system uh and so and so forth uh the contract record itself we will look at doing the demo which allows you to do multiple functions such as uh attach a parent contract to a given contract have a bad child relationship if you have budgets that you're using in netsuite or integrated into an XV such as net speed planning and budgeting then you can pick your budgets from within uh the contact record and make sure that you have the budget available before you could create the contract uh you can also see the contact amounts used and how much is remaining or available for future uh transactions uh which is a function that's not available for in any of the third party contract management tools since it uh this is integrated into the Erp you can see that information in addition which is another great feature because the contact record is within the Erp is you can see all the transactions that have been created and conducted against that contract and see all that information on a single page and make quick decisions uh you'll also be able to create Milestone base payments from within the contract accruals um you can attach contract documents and even see how you can link to redlining documents in here uh also you have the ability to move the contract to an approval routing process so that it can start with the user into department heads or legal and whatever that process may be and finally you will see how the contract is being enforced on a purchase order uh so that you don't have to go back and correct issues after the fact you can catch and make sure that the purchases are within the terms of the contract up front uh that being said we are going to now move into netsuite for a demo so I'm in netsuite here and I'm going to go into my vendor management tab which manages all the vendor and contract lifecycle here right from the dashboard I can see that there are few contracts that are coming up for expiry I can click on these and it can it will take me right to the contracts that's expiring and I can address it from here I have some other information I can see some of the kpis of the contract status and value contracts used on purchase orders so of my total contracts that are outstanding I am using 2.2 million already on purchases from here there are a few other kpis that may be of interest to you all this is completely customizable and we can pick the metrics that you want to look at from here this is the high level contract view you can see a given contract or what program it's under what the contract value is if there is a budget available what was the budget how much was uh used on the purchases how what bills vendor bills were created against and if there are any credits it'll show that too so it gives you all this information uh at a glance now let's uh go ahead and create a new contract the record and see what that would look like so here I'm in a new contract record uh in my previous session I created a new vendor under called Acme Inc and I'm going to pick that vendor here and you can see all that information that was captured via the vendor onboarding is now flowing through into the contract record or any other record if I created a purchase order or a bill it would flow through there as well so you do not have to duplicate data entry once it's done ah from here uh I have the ability to pick the rights subsidiary the currency uh I can give these this contractor name say this is the very first contract so it's in MSA that we want to sign with them uh from here I can pick the type of contract it would be uh um and from here you also have the ability on what action and date action you want to pick once the contract comes for expiry uh this is especially useful for sows so you can pick whether it's an auto node uh whether it will be you will let it expire or if you have canceled this contact Midstream you can set it to a status of cancel uh the contract owner so you could also create contracts on behalf of some other owner who did who does not have access to netsuite and you can pick who those business owners are and Route so that the approval routing would work ingly in addition you have the ability to Mark whether it's an hcp related contract whether it's a GXP regulated vendor that you need to do something with or if there are data privacy issues that you need to handle and depending on this you can route it route the contract ingly and may also want to include your legal in the approval routing process and you can do that here is where you can select a parential relationship but since this is a brand new contract there isn't a parent contract to be attached I can pick my department uh I can pick a department head which can also come in handy for approval routing from here I can pick the program if there is a budget available so under the budgets I'm going to pick a program here and automatically uh dynamically it pulls my budget information for the total amount is and how much is the remaining um from here I can also include uh contracts a document itself I can link here that is being redlined and the contract usage information will be shown here so I'm going to switch over into a contract that is already created so you can see what that would look like here is a contract we have signed with Catalan um and the information is filled here you can see that there is a parent uh contract here and I can click on this and go look at the MSA this contract is for the value of 150 000 uh it's uh starts in 2022 and expires in 2024. um this information is useful because when you are enforcing the contract on the PO which it does automatically it takes into account and prevents you from creating contracts for an expired uh purchases for an expired contract it would also look at the budget amount available for that uh sorry the total amount available and enforce that as well so here you can see that we have it shows you the budget amount that is also the redlining uh component here so if I click on this right here it'll take me into the uh the document and I'm going to come back here from here you can see that there is already um uh certain transactions created and here you can see that the of the hundred and fifty thousand dollars of this contract value about 50 000 is being used on the PO and about 30 000 of that is billed so there might be some POS that are not completely built there is some partial billing that has happened in addition you will see that there is also some credits available so the credits add back into the total available uh amount that can be used against this contract which brings the total remaining balance to about 103 000 are still available to be spent uh against this 150 000 contract uh furthermore you can see all those transactions down here as new transactions happen it will add to this list and give you a single view of the entire contract along with the various metrics as well as the transactions that you can drill down to right from here and go to this PO and look at the details of it in addition you have the ability to create contract milestones uh that and assign an amount to those milestones and also assign the completion dates you can also accrue uh based on those milestones and as you can see we have some accruals here uh I will now go into a purchase order and try to create an enforcement against this contract so let's move to a purchase order to the uh the main dashboard from here I want to create a purchase order pad and pick the vendor we were working with which is catalent so I'm going to pick catalent in NetSpend you can also just type in and search for vendors a business owner for my use case here from here I can start typing in the contract or I can pick it from a list and only the contracts for the given vendor that's selected above in this case Catalan will show up as we can see there's many contracts here but they are named so I'm going to pick the latest contract as as you can see that as soon as I picked it it gave me the start date and expiry date of the contract along with what the total contract amount was and how much money is left on this contract to be used on this PO so I cannot go above this amount or if the date was expired it would enforce that as well in addition I want to draw some more attention that it brings in the status of the vendor whether it's open for ordering or it's still pending approval by AP so it tracks that as well you cannot create a PO for a vendor that has not been approved so I'm going to go ahead and try to violate the terms of this contract so the amount available is 103 000 I'm going to try and create an uh a PO for greater than that and see what happens so I'm going to pick uh say 610 as my account of Professional Services I will go ahead and create 120 000 uh you know Professional Services PO okay and put some memo here I can also pick my department class location that I need for my financial reporting from here I can add to it and I'm going to try to go ahead and save this PO and see what happens so I'm going to click on Save and immediately it the contract enforcement kicks in and says this is an amount mismatch that the purchase order amount exceeds the contract remaining amount so you click OK and it keeps me in the PO so I'm not losing the work that I've already done okay I can simply go ahead and correct this I said oops my bad instead of 102 I typed in 120 that was a mistake and I'm gonna go ahead and save this and try to save it then and see what happens and this time once I click on Save it's uh thinking that and it's processing this purchase order and it should come back with a purchase order number which is 97 in this case and from here it is going to put in the status of pending approval as you can see I do not see any approve or reject buttons because I'm not authorized to do that so the next uh person in chain in the approval chain is the one who's going to see this as an alert that appears on their dashboard in netsuite to approve this PO uh so hopefully this uh is helpful and I'm going to go back to the contract you can see that the contract is listed here I'm going to click on this link from within po everything in netsuite is linked together so I can drive into one record from the other record as far as there's a hyperlink there and here if I scroll down I will see that I have now used 152 000 of my heart and uh 53 000 and I only have one thousand dollars left for any future uh purchases um and you can see that the new po I'm going to move this around here uh of 402 has appeared in my contract list contact record and also shows that it is pending supervisory approval so it has not gone out yet it's pending supervisory approval I'm going to go back to my dashboard here and I am going to uh conclude this session thank you very much for joining the contract lifecycle Management in netsuite