Increasing trust among the many stakeholders involved in a transaction is imperative in business today given the ever-present vigilance required for data security. Equally crucial is the ability to streamline the many touch points in agreements across global borders and through complex supply chains. That’s one reason that the use of smart contracts has become so prevalent. And with improved scalability, standardization, and interoperability, adoption of smart contracts has soared.
Smart contracts represent the next generation of digitalized, automated processes involving multiple parties, executing agreements without the involvement of an intermediary. Smart contracts are stored on a blockchain network, activating when predetermined conditions are met. Besides automating workflows and dramatically speeding up processes, smart contracts ensure certainty among participants of the outcome.
SAP has long offered solutions that improve contract management, strategic sourcing, and supplier relationship processes. We continue to seek out innovative solutions from partners to augment our offerings, adding industry-specific capabilities and specialized knowledge. Our partners’ solutions are built on SAP Business Technology Platform, which brings together data and analytics, artificial intelligence (AI), application development, automation, and integration in a unified environment.
Here are some of the top solutions for smart contracts from SAP and partners available on SAP Store.
Icertis Contract Intelligence (ICI) for SAP Ariba. This SAP Endorsed App integrates with SAP strategic sourcing solutions to deliver contract lifecycle management across the source-to-pay process. An intelligent contracting platform, ICI accelerates turnaround times by enabling easy assembly of contracts leveraging preapproved legal terms, automating processes even for complex business scenarios.
LambdaX Contract Lifecycle Management by Cognitus Consulting case closure. This solution simplifies contract management tasks for all users. Contracts can be created in SAP S/4HANA instantly with Generative AI–powered automation, automatically synchronizing with master data. Users can be confident of accuracy, consistency, and efficiency without the need for manual updates.
LIVE CONTRACT by SYNCPILOT. Fully integrated with SAP BTP, this SAP Endorsed App enables platform-based consulting, interactive document sharing, and case closure with e-signatures. LIVE CONTRACT helps agents conduct sales and close calls with confidence. Documents can be transferred with end-to-end privacy and security and migrated directly into document management systems.
SAP Ariba Contracts. With this solution, you can digitalize contract requests, authoring, workflows, negotiation, approval, and execution across the entire contract lifecycle. Renew contracts on time, prevent contract leakage, negotiate best-value agreements, and connect with suppliers throughout the contract process – controlling costs and improving workflow efficiency and compliance.
Find the full list of cloud solutions for smart contracts from SAP and partners on SAP Store, many available for a demo or free trial.
