Custom Line Item Tracking for Buy- and Sell-Side Contracts

By Justin Perkins, Solutions Engineer at Contract Logix

With the exciting release of our latest contract management software update, I wanted to dig a bit more into our newly released Custom Line Item Tracking functionality for buy-side and sell-side contracts. Whether you are on the legal team, procurement, finance, or sales, let’s look at  what Custom Line Item Tracking could mean for your organization.

Has your business ever had the need to track products or services that you’re buying or selling, payment or delivery schedules, compliance requirements such insurance coverage and amounts, or even providers in the case of healthcare contracts? You can easily envision that getting meaningful centralized visibility as it related to any of these items is typically a complicated process to effectively incorporate and track in your contract lifecycle management.

Want to see our software in action? Schedule a live demo.

Let’s pick one of those above line item examples and break it down a little further. I’ll use the Products one since it’s fairly common. Initially, you may need to understand the core elements you are capturing such as a description of the line item (i.e. a product) to be provided, unit quantities, pricing/cost, delivery dates, payment details, etc.

line item trackingAdditionally, you may need to control what a user is and isn’t allowed to adjust for each of these standard line items in the contract. You can put controls in place with default values for items such as standard costs and rates. You can determine exactly what elements of a line item a user can edit, and which values are fixed. You can also provide the ability to do this not just once, but for each line item added to each record. This enforces compliance, reduces potential for errors, and saves time.

Let’s say a sales rep is creating a sell-side contract. They want to include line items for all the products being sold as part of that agreement. They can pick from a list of products you’ve create in the software. They might be able to edit the quantity field and even apply a discount, but they can’t modify the description, list price, or certain other values that you deem fixed.

And this is just one example. Again, it could apply to virtually any type of line item that you might want to include in a contract. Perhaps it’s specific to group of approved physician types, or Certificates of Insurance (COIs), or a list of vetted contractors.

Takeaway

Custom Line Item Tracking greatly improves your business’s ability to capture, view, and monitor critical contractual details. It doesn’t matter if you are tracking what products you have purchased from a client, what your sales team has sold to a customer, or a list of insurance providers and rates. With Contract Logix’s Express and Premium offerings, we provide you the tools to easily deploy these objects and get better visibility of your contracts and associated information. Our Line Item Tracking solution gives you the power to define these objects to suit the specific needs and goals of your business.