Issues with Manual Contract Management
Many companies are faced with the difficult task of managing large amounts of business-critical contracts. These contracts tend to focus around sources that include vendors, suppliers, independent contractors, and manufacturers. One of the main issues when using a manual contract management system is the introduction of bottlenecks during the creation, change, or termination of contracts. Unfortunately, a lot of the contracts have unique requirements which need multi-level approval processes and legal reviews to execute properly. At each stage of a manual approval process there are potential issues that present themselves in a manner that can paralyze a company’s operation including incorrect information or delayed execution of a contract. Setbacks such as these may impair an organizations ability to properly receive or deliver products, services, supplies, and hired help and may lead to liabilities that the company is not positioned to support.
How the Solution Works
Image One has developed an automated solution to relieve the bottlenecks that are associated with manual contract management. On the front end, users work in a browser-based, online work space. This space becomes a command center to easily manage all company contracts. Automation replaces manual procedures by combining the business logic of our automated workflow with system-wide notifications and automated forms generation. This functionality helps you support the management and overview of your company’s contracting processes.
On the back end, the Contract Management solution provides a secured archival repository for the capture and storage of executed contracts and all associated documentation needed for legal or management purposes. For the main repository, the solution uses an MS SQL database. If desired, data mapping and migration rules for the data can be designed with other legacy systems such as accounting, payroll, and human resources. This mapping will allow information created in the contracting process to automatically interface with your other systems.
Image One will work with your company to understand all of your business rules, approvals, notifications, documents, and forms in order to model a design that will allow the Contract Management solution to mesh with your company’s current business processes.