Image One’s Automated Contract Management Software Solution Will Solve Your Organizations 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. Manual contract management processes can lead to several challenges, bottlenecks and risks.
These challenges include:
- The legal team being inundated with submissions and requests for new contracts.
- Wasting time making phone calls and emails to check statuses of other contracts.
- Contract revisions and edits being lost in different versions in multiple locations.
- Renewals and obligations not being tracked, costing organizations recurring charges, and revoking the ability to re-negotiate terms.
- Manual extraction and identification of obligations.
- Undefined ownership of contract obligations.
- Lack of cross-functional data visibility.
Manual contract management can compromise your contracts’ security, accessibility, and organization. It makes them easy to lose, increases contract risk exposure, weakens contract performance, and reduces control.
How Can You Benefit From a Contract Management Software Solution?
Contract management software is a tool that automates and streamlines the contract management process for businesses. It makes it easier for legal and business teams to create, negotiate, sign, renew, and report on business contracts by automating the manual work traditionally involved in a contract workflow.
Contract management software is used to support contract management, contract lifecycle management, and contractor management on projects. It may be used with project management software.
The software provides a centralized repository for employees to quickly access all contracts worldwide in one place. Having contracts stored in multiple locations can delay and interrupt the contracting process. Contract management software is produced by many companies, working on a range of scales and offering varying degrees of customizability. Basic functions should include the ability to store contract documents, track changes to contract documents, search documents for a particular criterion, send key date alerts and to report required aspects of the contract. Other functions include managing a new contract request, capturing related data, following a document through a review and approval process, and collecting digital signatures.
Image One’s Automated Contract Management Software Solution provides contract visibility, monitoring, and compliance to automate and streamline the contract lifecycle process. It has become an essential tool for keeping track of multiple activities with cost implications and can be especially helpful for automating administration, ensuring compliance, monitoring risk, running reports and triggering alerts.
How Image One’s Automated Contract Management Software 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.