If you are not using current technologies in your contract management process, you may be losing valuable time in providing goods and services, which in turn affects how fast your receivables come in. Stop the practice of beginning work on contracts before contract execution. By providing your contract management professionals with the needed tools to automate the process, you will not only stop the ongoing criticism related to delayed contract processing times, but you can also remove the bottlenecks associated with manual processing.
Where Are Your Contracts?
From the procurement process of landing a contract to delivery, there may be several people and several steps involved, even before execution, that generate vast amounts of paperwork. This challenge increases even more when multiple delivery partners are involved or the contracts are delivered overseas and require international governing compliance and reporting.
Avoid confusion, delays and loss of control on your contracts with an easy to implement, cost effective web-based contract automation solution. A few basic questions to ask when evaluating a solution:
• Can you easily, search, retrieve and track contracts in each stage of processing?
• Does it provide a check in and check out feature and stores each version in one central location?
• Are there multiple levels of security depending on user access needed?
• How does it avoid duplication of the contracts when edits are made?
• Does it allow you to customize the workflow to relate specifically with your organization, including task assigning capabilities?
• Can stakeholders electronically sign the contract from anywhere?
By asking these questions and more, you can clearly understand the different benefits and functionalities when choosing a document management system for contract management automation.
With DocuVantage On Demand®, staff can access contracts from anywhere, using a web-browser, to complete their assigned tasks. Contracts will move through the automated process that will assign tasks based upon your business rules, track activities to ensure that important tasks are completed in a timely manner, while providing a transparent view to remove bottlenecks and maintain compliance controls.
For more information on automating your contract management process please visit: http://www.docuvantage.com/contract-management.