Ultria

Ultria is the contract management division of Verdantis, Inc. (an organization which has been providing enterprise critical SaaS Governance and Stewardship solutions to G1000 companies for over 14 years). Ultria’s contract management product comes with a legacy of successful deployments over more than seven years.

Ultria focuses on helping organizations boost their contract management processes and deliver value to their legal and revenue teams. Ultria’s artificial intelligence (AI) based Contract Management product portfolio involves features to accelerate and control all the stages of a contract’s lifecycle: (1) Request – ability to request for a new contract from within internal or external portals, CRM, MS Outlook©; (2) Draft – creation of agreement draft via MS Word© or from within the Ultria CLM portal while having access to pre-approved templates and clauses; (3) Negotiate and Review – easy and comprehensive version tracking with side-by-side on-screen comparison; (4) Sign-off – configurable and automated approval workflow routing for accelerated contract sign-offs; (5) Performance management – tracking contract utilization and obligations through integration with ERPs, CRM and BI tools; (6) Expiry and renewals – alerts and reminders along with user-defined dashboards and reporting for tracking various deadlines related to contract expiry.

Keeping in mind these six key stages, Ultria has divided its offerings into three key product modules – Contract Authoring, Contract Repository and Post-Award Contract Compliance Management. Contract authoring module simplifies the contract creation process through a host of easy to use features which include a wizard-based step by step guide and a dynamic approval workflow. Its winning highlight is the MS Word© integration of course which helps in on-the-fly editing and track-changing in the ubiquitous ‘Doc’ format and thereby removes the need for users to log into the solution interface for basic contract textual review and edits.

The contract repository module on the other hand leverages the power of true digitization where search abilities are enhanced with meta data tagging, multi-parameter search terms, free text search and intelligent clause and phrase level discovery. The third piece, which is the post-award contract compliance management, helps in mitigating risks associated with the ever-changing regulation landscape viz, enforcement of clauses, tracking missed obligations, risk profiling etc. Together, the three modules harness the power of artificial intelligence in the context of contract management to bring together speed and control in the legal team’s day to day operations.

You may like to read: Top Contract Lifecycle Management Software, Top Free Contract Management Software and How to Select the Best Contract Lifecycle Management Software for Your Business