EDMONTON, Alberta, July 3, 2003 (PRIMEZONE) -- Upside Software Inc., an integrated enterprise contract management software provider, announced today the selection of UpsideContract by The George Washington University (GW) to automate the institution's contracts and related processes.
UpsideContract is an enterprise-class contract management solution that provides full life-cycle contract management functionality including collaborative contract creation and negotiation, performance, compliance and risk management, event management, and amendment and renewal processing. UpsideContract leverages a business rules engine to define the review and approval workflow required for a variety of events including contract creation, contract negotiation, risk escalation, non-performance, non-compliance, contract renewal, contract driven invoicing and/or payments, etc. The software can help organizations streamline their operations and reduce related expenses by up to 80%. The demand for contract management software is growing steadily. According to Gartner Group, the market for contract management software and services will hit $20 billion US by 2007. In addition, according to Aberdeen Group's Tim Minahan, Aberdeen estimates that ineffective control and management of supplier contracts cost businesses $153 billion per year in missed savings opportunities. As organizations understand the incredible return on investment (ROI) opportunities resulting in contract management software implementations, the software popularity will increase even more.
"We look forward to the implementation of this enterprise-wide solution as a mechanism to help us achieve the seamless management of contracts across the University. We feel it will ease our access to contract information and improve the overall efficiency of contract management. It will help GW address all aspects of the contract management cycle, from contract negotiation through everyday contract management," said Eve Dubrow, Associate Vice President of Operations, Office of the Executive Vice President, The George Washington University.
"Organizations in all industries and of all sizes are recognizing the value of automated contract management -- we are delighted to have GW be one of the first in the higher education market to adopt this new breed of software," said Upside Software CEO, Ashif Mawji. Mr. Mawji went on to say, "It is also wonderful that after a competitive search in the marketplace, UpsideContract, was selected by GW. We are looking forward to working with the talented team at GW to make this project a huge success and a showcase for the higher education market."
About Upside Software Inc.
Upside Software provides the leading Contract Management Software solution in the market -- UpsideContract -- as well as other integrated business solutions to handle Sourcing & Procurement, RFP/RFI/RFX and Procurement Management, Invoice and Billing Management and Project & Resource Management. Upside Software's products are well suited to Enterprise (e.g. Fortune 500, Global 2000), Public sector (Federal, State/Provincial, Municipal and Health Care) and the Small and Medium Enterprise (SME) sector customers. Through improved business processes and leveraged business intelligence, Upside Software's customers can reduce operating costs and improve customer and supplier relationships. The company's Corporate and ASP implementations are delivered to customers in as little as 3 days and provide a full return-on-investment (ROI) in much less than one year. Upside Software is a profitable company with a very mature and comprehensive Contract Management Software product. The company has extensive experience delivering real value to a large number of public- and private-sector customers of every size including small and medium enterprises and large global customers. For more information about Upside Software and its suite of business solutions, visit the company's Web site at www.upsidesoft.com or one of its product sites: http://www.upsidecontract.com/, http://www.upsidecontractlite.com/, http://www.upsiderfx.com/, http://www.upsidebilling.com/, http://www.upsidepmo.com/.
About The George Washington University (www.gwu.edu)
Located four blocks from The White House, The George Washington University is the largest institution of higher education in the nation's capital. GW is also a leading source of experts in areas including politics, international affairs, communications, economics, education, engineering, environment, health care, space, sports management and law.