Contract Values

The Contract Values business feature in Open Cloud MDM is a specialized tool designed for classifying and storing various values associated with contracts. This feature is particularly useful for managing contract-related data that originates from external systems, such as data warehouses, or values that are defined during the implementation of a contract.

Key Functionalities

1. Classification and Storage of Contract Values: The feature allows for the classification and storage of diverse contract values, whether they originate from external data sources or are defined within the implementation process.
2. Integration with Contract Object: Contract values are an integral part of the contract object. This integration provides a structured approach to managing contract-related data.
3. Extended Storage Capacity: Each contract value type can be associated with up to ten value attributes. This extended storage capacity is crucial for capturing additional information pertinent to the contract.
4. Retrieval Based on Contract ID and Value Category: Contract values can be easily retrieved by specifying the contract ID and the value category, enabling efficient access to relevant contract data.
5. Comprehensive Contract Data Representation: The response for a contract value query includes the category code and the value, offering a more detailed and comprehensive view of the contract’s worth and terms.

Contract Values Example Use Cases

• Financial Analysis and Reporting: Utilize contract values for in-depth financial analysis and reporting, aiding in the understanding of a contract's financial impact and value over time.
• Contract Performance Tracking: Track various performance indicators or metrics stored as contract values, providing insights into how well a contract is meeting its objectives.
• Data Warehousing Integration: Integrate with external data systems like data warehouses to pull in additional contract-related data, enriching the contract’s overall data set.
• Custom Value Tracking for Special Contracts: Store and track custom values that are unique to special contracts, such as performance bonuses, penalties, or special terms.
• Historical Data Comparison: Compare historical contract values over time to understand trends, changes in contract terms, or financial growth or decline.
• Risk Assessment and Management: Evaluate risk-related values associated with a contract to aid in risk assessment and management strategies.
• Contract Lifecycle Management: Use contract values to monitor various stages of the contract lifecycle, from initiation and execution to renewal or termination.
• Compliance Monitoring: Track values related to regulatory compliance, ensuring that contracts adhere to relevant laws and industry standards.
• Negotiation and Renegotiation Support: Leverage detailed contract value data to support negotiations or renegotiations of contract terms.
• Budgeting and Forecasting: Utilize contract value data for budgeting and financial forecasting, providing a basis for financial planning and resource allocation.

The Contract Values feature within Open Cloud MDM is a critical component for managing and understanding the various values associated with contracts. It provides a detailed and structured approach to storing, classifying, and retrieving contract-related data, supporting a wide range of business processes from financial analysis to compliance monitoring.