Use criteria to add or remove suppliers to/from approved lists.
Communication
Manage communications with suppliers on multiple channels such as phone or email.
Documents
Capture and maintain documents related to suppliers and their products or services.
Performance (3)
Evaluation
Allows users to evaluate supplier performance using standard and custom KPIs.
Selection
Provide features to compare suppliers and choose the best option for various activities.
Risk Management
Identify potential issues and how they may impact relationships with suppliers.
Supplier Information (3)
Profiles
Create and manage supplier profiles that include contact and pricing information.
Qualifications
Identify the services and products provided by suppliers, as well as certifications.
History
Track history of all interactions and business transactions with suppliers.
RFP Generation (4)
Templates
Provide standard templates for different types of RFPs
RFX
Support other types of requests such as RFB/RFI/RFQ
Versioning
Track versions of RFP documents and related changes
Questions Library
Maintain a library of questions that can be reused
RFP Distribution (3)
Tracking
Track submissions from multiple vendors and suppliers
Analysis
Compare submissions and score suppliers
Selection
Choose the best submission for an RFP
Submissions (4)
Collaboration
Allow multiple users to collaborate on submissions
Knowledge Base
Maintain a repository or library of content and documents that can be reused
Review
RFPs can be reviewed by managers before submission
Reporting
Create real-time reports to compare data trends across processes, RFPs, vendors or profiles
RFP Response (6)
Project Management
Tracks the progress of any RFP in real time and set milestones to improve efficiency
Content Library
Updates, organizes, and stores content of a project
Access
Assign users, roles, and manage access in order to set tasks and leave comments
Automation
Automate repetitive and manual tasks, such as auto-filling answers and auto-responses
Export
Export files or spreadsheets with the ability to format and accomidate images
Import
Upload files or spreadsheets from multiple sources
Contract Creation & Management (4)
Contract Creation
Users can create new contracts within the platform using built-in document creation features.
Contract Templates
Create and access templates with to streamline contract creation, taking advantage of pre-written contract clauses and fields.
Contract Editing
Relevant contract stakeholders can edit, compare, and revise multiple versions of contracts.
Contract Attachments
Additional information, such as images, memos, and invoices, can be attached to contracts as supplemental resources.
Collaboration (2)
Contract Collaboration
Internal and external users are able to collaborate on contracts through a shared web portal with messaging features.
Approval Process
Contract approvals processes can be streamlined, so that departmental workflows are integrated logically into the system.
Other Platform Features (5)
Notifications & Reminders
Receive notifications and schedule reminders with alerts according to contract milestones.
Contract Database
Contracts can be stored in a central online repository with built in search capabilities.
Contract Compliance
Identify, assess, and manage all contract risks and ensure the fulfillment of contractual obligations
Integrations / APIs
The contract management platform can integrate with CRM software to associate contracts with customer records, and with CPQ software to feed calculated quote details into the contract.
E-Signature
Ability to e-sign legally-binding contracts within the same platform.
Contract Data (2)
Reporting & Dashboards
Enable standard and ad hoc reports of contract statuses and timelines, and access live overviews of contract activities.
Advanced Contract Analytics
Provides advanced, AI-driven contract analytics to optimize all aspects of contract management.
Supplier Marketplace (3)
Library
Provides a centralized library containing product data.
Categorization
Enables users to assign custom categories to products.
Data Management
Creates and manages product catalogs.
Contract Management (3)
Compliance
Assists with maintaining compliance with controlled processes, automated tracking, and audit trails.
Revenue
Identifies revenue opportunities by providing better visibility into spend data, improving supplier relationships, streamlining procurement processes, and identifying cost savings opportunities
Negotiations
Provides organizations with the tools and data they need to negotiate contracts more effectively, such as data analysis, collaboration, and contract management.
Data Collection (3)
Spend
Increases spend visibility into pricing and unintended or excessive use of discounts or promotions by customers.
Compliance Reports
Identifies noncompliant spending, fraud, and other activity outside of company policy.
Savings
This feature was mentioned in 10 LightSource reviews.
Analyzes spending patterns and identifies areas to reduce costs.
Project Management (3)
Dashboard
Based on 10 LightSource reviews.
Provides a dashboard for searching and reporting on contracts and projects.
Repository
As reported in 10 LightSource reviews.
Manages contracts in a single, online central repository.
Lifecycle
This feature was mentioned in 10 LightSource reviews.
Manages the entire contract lifecycle process by providing visibility into projects and allocating resources across sourcing initiatives.
Generative AI (1)
AI Text Summarization
Condenses long documents or text into a brief summary.
Agentic AI - RFP (3)
Autonomous Task Execution
Capability to perform complex tasks without constant human input
Multi-step Planning
Ability to break down and plan multi-step processes
Cross-system Integration
Works across multiple software systems or databases
Agentic AI - Contract Lifecycle Management (CLM) (6)
Autonomous Task Execution
Capability to perform complex tasks without constant human input
Cross-system Integration
Works across multiple software systems or databases
Adaptive Learning
Improves performance based on feedback and experience
Natural Language Interaction
Engages in human-like conversation for task delegation
Proactive Assistance
Anticipates needs and offers suggestions without prompting
Decision Making
Makes informed choices based on available data and objectives
Agentic AI - Strategic Sourcing (3)
Multi-step Planning
Ability to break down and plan multi-step processes
Cross-system Integration
Works across multiple software systems or databases
Adaptive Learning
Improves performance based on feedback and experience
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