NEW YORK, Feb. 16, 2017 /PRNewswire/ -- As business reliance on third parties continues to increase, KPMG Spectrum is introducing a market-leading product called Contract Performance Manager that enables clients to realize the full value of their third-party contracts, whether suppliers, outsourcers, or service providers. It gives clients the power to take action, addressing deficiencies and value leakage before they affect their performance and bottom line.
Contract Performance Manager is designed to address the significant challenge many businesses face as a result of limited ongoing visibility and governance of their third-party contractual relationships. It is the latest intelligence engine launched by KPMG Spectrum which delivers the firm's experience and expertise through the use of advanced technologies in nimble, new, and unique offerings.
Contract Performance Manager's robust technology offers scalability and a high level of service. The solution is built on the ServiceNow Platform, which is designed to automate workflow and orchestrate processes, both inside and outside the enterprise.
"Business leaders can no longer afford to be in the dark about the performance and value of their third-party contracts," said Larry Raff, Head of KPMG Spectrum. "Contract Performance Manager addresses the often overlooked health of an organization's third-party contracts, a core contributor to the organization's success. This product, combined with KPMG's renowned professional service expertise, empowers clients to take action on contractual value gaps."
Contract Performance Manager is more than traditional contract management software. It embeds KPMG's experience and expertise to measure and govern economic value through the lifecycle of the governance of a contract, and allows users to raise issues, define workflow, and achieve resolution. A digital dashboard, built on robust technology, monitors every contract so that companies can avoid costly non-compliance issues. In addition, KPMG's outsourcing specialists offer comprehensive guidance to apply the tool effectively across the contract lifecyle.
Contract Performance Manager addresses the most pressing questions that businesses are seeking to answer about their agreements, such as:
- Is your company achieving its service level agreements across all contracts?
- What are the financial impacts of performance deficiencies?
- Are issues being addressed and resolved?
- Which underperforming contracts could have the greatest impact on my organization?
Early users are successfully harnessing Contract Performance Manager for outsourced functions such as IT, finance, and human resources.
"We know the importance technology plays in today's global business initiatives," said Mitch Kenfield, executive sponsor of the firm's ServiceNow strategic alliance. "The development of the application is a reflection of the commitment, strength and depth of KPMG's global alliance with ServiceNow, which harnesses the latest technology innovations to help companies become more agile and forward thinking enterprises."
KPMG is one of ServiceNow's largest global system integrators and services partners. Across its network of independent member firms, KPMG has more than 300 professionals supporting the ServiceNow business and has deployed ServiceNow solutions in 32 countries.
"With the ServiceNow platform and Contract Performance Manager, you can replace legacy contract management process of the past with intelligent workflows of the future," said David Schneider, Chief Revenue Officer, ServiceNow. "KPMG has maintained a strategic relationship with us as both a customer and a leading global implementation partner. We are excited to add the new opportunity that Contract Performance Manager brings to our organizations and the value the solution delivers to our clients—to work at light speed."
About KPMG LLP
KPMG LLP, the audit, tax and advisory firm (www.kpmg.com/us), is the independent U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's independent member firms have 189,000 professionals, including more than 9,000 partners, in 152 countries.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.
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SOURCE KPMG LLP