REDWOOD CITY, Calif. – November 9, 2004 – Nextance Inc. (Company
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Studies), the solutions provider setting the standard for enterprise contract management, today announced the launch of its latest solution, the Nextance Revenue Optimization Suite. The new suite reinvents the industry with its unique and specialized focus on the fundamental business imperatives of growing revenue, reducing business risk and improving speed of execution.
The Nextance Revenue Optimization Suite accelerates business excellence by optimizing the foundation of business performance: contractual relationships with customers, partners and distributors. By managing all processes surrounding contract initiation, execution and analysis, the new solution is designed to dramatically improve salesforce effectiveness, revenue generation, cash flow, financial reporting accuracy, compliance management and customer satisfaction.
“Enterprise contract management is moving in entirely new directions,” said John Van Decker, senior vice president of META Group, a leading provider of IT research, advisory services and strategic consulting. “Revenue optimization is paving the way for enterprise contract management to become a truly critical and enterprise-wide technology.”
“As we evaluated our options, we were very impressed with Nextance’s unique services and technology,” said Annette Brewster, senior director, sales and marketing operations for Cytyc, a leading medical device company focused on women’s health. “With visibility into our contracts and a streamlined quote-to-contract cycle, we hope to better drive customer satisfaction, track commitments and increase renewal rates – some of our highest business concerns.”
Unlocking Strategic Value Hidden in Contracts Most businesses today still treat contracts as merely documents to be built, filed away and forgotten, particularly since the alternative is so overwhelming for large enterprises with typically 20,000 to 40,000 contracts in place. As business and relationships become more complex, so do contracts that now hold a greater strategic impact and must be managed in a new and different way, from prospects through profits. With its new Suite, Nextance enables businesses to recover the hidden value lost in today’s contracts.
Using the Nextance Revenue Optimization Suite, businesses can now start relationships with a smooth negotiation process that results in profitable contracts with pre-approved language and best practices. Nextance’s unique approach empowers an entire sales organization with a step-by-step, easy-to-use kiosk for initiating agreement and managing agreement status. Further, by using Nextance’s flexible business process management, companies can enforce and document their compliance with the growing myriad of industry and federal regulations, such as the Sarbanes-Oxley Act.
Using contracts as a roadmap, businesses can also proactively track revenue-based commitments and other terms to identify revenue leaks, meet customer expectations and improve the accuracy of revenue forecasting and revenue recognition. Further, intelligent analysis of contracts delivers a full view of the customer for new insights into customer profitability and cross/up-sell opportunities. The Nextance suite fills a critical information gap by providing new intelligence needed by companies to strengthen the decision-making effectiveness of sales, legal, finance and other executives.
The Nextance suite’s fully XML-based architecture is an industry first that enables businesses to harvest both structured and unstructured data contained in contracts. It also gives unprecedented flexibility and scalability, adapting to the customer’s way of doing business and complementing other technologies, such as customer relationship management (CRM), salesforce automation (SFA), order management and financial systems.
“We have partnered with our customers – some of the largest and most forward-thinking in their industries – to aggressively enhance our solutions to fit the unique nature of the individuals and organizations responsible for growing, managing and optimizing revenue,” explained Kyle Bowker, president and chief executive officer of Nextance. “The flexible roots of our solution have allowed us to serve large, diverse customers with varying business requirements, as well as develop expertise and best practices for sales, finance, and legal organizations that can impact the risk and reward potential of every contractual relationship.”
The Nextance Revenue Optimization Suite delivers an intelligent, centralized contracts repository that increases visibility into terms, commitments, performance, and risk; sends automatic notifications, decreasing the number of missed deadlines; and facilitates queries and analysis to speed day-to-day transactions and improve business productivity. Unique to Nextance solutions, online self-help kiosks speed the development of new contracts from a flexible, rules-driven library of pre-approved clauses, and a role-based approval system enforces established business practices to be followed.
About Nextance Inc.
Nextance is setting the standard for enterprise contract management (ECM) solutions, helping Fortune 1000 companies increase the strategic value and realize the full financial return of their contractual relationships. Using Nextance to carefully manage your relationships by managing your contracts helps to increase profitability, better relationships with customers, vendors, and partners, improve employee productivity, and decrease business and financial risk. Nextance customers, including Covenant Health, Eastman Chemical Company, Fireman's Fund, Genzyme Corporation, Sasol, and Sun Microsystems, are using the Nextance Intelligent Enterprise every day throughout their business to tap into the value that’s written into every one of their thousands of sales, procurement, IP licensing, and partners agreements. Nextance is based in Redwood City, CA, and is privately held. For additional information, visit www.nextance.com.
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