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| Ketera Contract Management Solution Gains Momentum with Spike in Customer Adoption |
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On Demand Contract Management Delivers Unprecedented Cost Savings and Eases the Burden of Regulatory Compliance
Santa Clara, Calif., October 19, 2005 – Ketera, the leading provider of On Demand Spend Management solutions, today announced that customer adoption of its on demand Contract Management solution is on the rise. Since May 2005, nearly 40 new customers of all sizes and all industries (including Staffing, Government, Medical, Financial Services, Industrial and Chemical) have deployed the Contract Management solution, which maximizes savings and ensures compliance by providing control and visibility into all contracts. Customers that have recently adopted the Ketera solution include: Columbia Credit Union, British Transport Police, On Assignment, GMAC, ABC Distributing LLC, Cabot Microelectronics and Horizon Associates.
"Compliance is one of the major concerns for our organization because of the hundreds of contracts we need to monitor with our suppliers." said Mike Kapeles, Supply Manager of Cabot Microelectronics. "Ketera′s Contract Management solution creates a central repository for our contracts giving us the visibility to monitor and track contractual performance across our suppliers."
"In today′s increasingly regulatory environment, one of the key challenges facing companies is the management and control of contracts, and the need to become Sarbanes–Oxley (SOX) compliant," said Steve Savignano, CEO of Ketera. "More and more companies are re–evaluating the way they have historically dealt with contracts, and many are turning to Ketera for help with this process. As a result, we′ve seen a big spike lately in the customer adoption rates for our on demand Contract Management solution, because it enables companies to achieve compliance and reduce their overall risk in a cost–effective way."
Ketera Contract Management is a comprehensive solution for creating and analyzing contracts, and checking for contract compliance. An integral part of the Ketera Spend Management solution suite, it creates a "source to pay" loop that allows users to cut purchasing costs by improving supplier performance and streamlining procurement processes.
Key features of the Ketera Contract Management solution include:
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Enterprise–wide Contract Repository – The centralized repository gives complete visibility into active contracts |
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Contract on Boarding Service – Alerts are used for managing existing contracts, actionable items and contract expiration dates |
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Real–time Collaborative Contract Authoring with Integration into Microsoft Word – A collaborative interface creates standardized contracts and cuts negotiation times in half |
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Contract Compliance Reports – Alerts are used to monitor and match purchasing data to contract terms for actionable compliance reporting |
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Contract Lifecycle Management – Dashboards automate contract lifecycle management tracking |
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Sarbanes–Oxley Compliance – Alerts monitor contract for material changes to support timely disclosure and helps companies stay SOX compliant |
"Continued pressures to reduce costs and improve corporate compliance have made effective contract management a cornerstone of effective spend management," said Tim Minahan, Senior Vice President of Global Supply Chain Research and Strategy at the Aberdeen Group. "Mid–market enterprises participating in our benchmarking program have prioritized contract management automation as a leading investment within the next 24 months. The on demand delivery model and intuitive usability of Ketera′s Contract Management solution is positioned well to address the core needs of the mid–market: fast deployment and time to value with low costs and management burdens."
About Ketera
Ketera is the leading provider of on demand, spend management solutions, providing companies with the applications and services needed to control and reduce corporate spending at a low cost of ownership.
Ketera Spend Management includes applications for spend analysis, sourcing, procurement, contract management, supplier performance and payment and reconciliation. The Ketera difference is our on demand delivery model, which combines hosted spend management applications with the "heavy lifting" services required for success, including supplier enablement, hardware infrastructure, project resources, system administration and solution upgrades.
For more information about Ketera and the Ketera Spend Management suite of services, please visit www.ketera.com. |
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