What are the 5 C’s?
The 5 C’s represent the streamlined business process UpsideLive offers to users. It encompasses the essence of the contract lifecycle management from start to finish. The 5 C’s are: Create Collaborate, Centralize, Control and Cultivate. By following this 5-Step process, users can ensure that all contracts adhere to regulations, are approved by the proper personnel, are stored in a secure place and most of all, bring added-value to your business by protecting your best interests.
Create
The first step is the creation of a contract. With UpsideLive, users can create contracts directly in the online application thereby reducing cycle time. Creating a contract with the intuitive user interface is as easy as clicking “Add New” and filling in the corresponding text. The application’s one-click model and Wizard tool helps to accelerate the creation of contracts.
UpsideLive is designed to reflect some of today’s leading desktop and web-based applications such as Microsoft Word® to leverage on existing knowledge of commonly used products. The bi-directional interface between UpsideLive and Word® allows users to import and export documents facilitating the contract creation process.
Collaborate
Upon the creation of a contract, the second step involves collaborating with stakeholders (your customers, partners and suppliers) to negotiate, review and award contracts of all types to suppliers, vendors and customers. Forward contracts to other users, attach notes, and most importantly share ideas and information. Our best-in-class pre-approved templates allow users to include required terms and
conditions as well as standard language.
Centralize
Once contract details are sorted out, the contract is stored in an online secure, robust central repository. Protect confidential information by restricting what users can see and do in UpsideLive, and grant security access only to those you want with viewing, editing or processing privileges. Storing all contracts in one location eases the retrieval of contracts when needed – no more digging through piles of paper.
And because all contracts are kept in an online repository, users will have unlimited access to vital business metrics as long as they have an internet connection and web browser.
Control
According to the Aberdeen Group, businesses have roughly $153 billion per year in missed savings opportunities due to ineffective control and management of supplier contracts. These savings can refer to missed discounted early payment terms, late payment fees, lost bids and more.
UpsideLive provides a controlled environment to standardize templates and minimize risks. Once contracts are ready to be released, users can ensure compliance requirements are in place to adhere to government regulations such as the Sarbanes-Oxley Act. This step in the process serves as a safeguard to make sure the contracts you want to use are strictly reviewed and regulated prior to release.
Alerts and events can be scheduled into UpsideLive so you won’t ever have to worry about missing critical business deadlines again.
Cultivate
The previous steps lead you to this point – the opportunity to further develop and enhance relationships with your suppliers, vendors and customers. By applying the 5 C’s, your company will realize enhanced revenue flow by expediting the contract creation and finalization process, and experiencing reduced costs through access to relevant business intelligence.
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