Legal
Procurement
Contract Management
Auditors
Corporate Management
Financial Management
Additional Benefits of a Hosted Solution

Benefits to Legal

Contract Advantage Web aids in the contract authoring and approval process:

♦       Speeds up document assembly with the ability to import approved language from the
Clause Library, external documents and other system contracts.
♦       Eases contract creation through the use of user-defined Contract Templates.
♦       Facilitates contract electronic approval routing via the Workflow Module.
♦       Enables attaching any and all files relating to a contract for permanent reference.
♦       Allows Full Text Search of attached electronic files.

Benefits to Procurement

Contract Advantage Web assists Procurement in managing suppliers and improving sourcing.

♦       Contains a centralized, searchable repository of suppliers, with qualifying data.
♦       Permits unlimited contracts and contacts associated to each supplier.
♦       Tracks multiple company names, d/b/a, Formerly Known As (FKA),  (AKA), etc.
♦       Maintains Insurance Certificates and produces notifications of pending expirations.
♦       Tracks Contracts, Invoices Payments and Allocations.

Benefits to Contract Management

Contract data is the life blood of a business.  Contract Managers oversees this data.  Some Contract Managers have more responsibility, and some less.  With more information and analytical capabilities available to the Contract Manager, services can be provided at a higher level, and to a more diverse audience. Contract Management includes not only procurement and purchasing agreements, but also sell-side contracts, employment contracts, new venture and partnership agreements to name just a few.

♦       Thorough tracking of contracts at all levels of detail and status.
♦       Effective and speedy creation of contracts and recording of contract details.
♦       On-line availability of contract documents, correspondence, drafts, etc.
♦       Accountability of personnel for contracts and actions.
♦       Automatic Alerts to responsible persons for deliverable (Action) dates for compliance.
♦       Comprehensive, multi-layered Security to control access to contracts and documents.
♦       Complete History Trail of all activity in the system—date stamped and recording a before and after value.

Benefits to Corporate and External Auditors

Perhaps for the first time, auditors can now use the system to gain full access to the organization’s contract base.  The system will allow the easy review of contracts, and permit running reports against all contracts on data with audit significance.

♦       Produces a complete History Audit Trail for any activity in the system.
♦       Extracts financial data by contract or group of contracts.
♦       Culls all contracts worth more than $X.

Benefits to Corporate Management

Corporate Management has the overall responsibility for the organization.  All benefits ultimately filter up to Corporate Management.  In addition to the benefits realized by other areas, Corporate Management can expect:

♦       Support to meet SOX requirements:

• Central Repository of Contract Information
• Visibility of Contracts, Responsibilities and Actions
• Appropriate Levels of Security to Control Access
• Separation of Duties

♦       Enhancement of Corporate Governance.
♦       Uniformity in the Handling of All Contracts.
♦       Greater Personnel Accountability.

Benefits to Financial Management

The benefits to Financial Management include:

♦       Ability to track Invoices and Payments as they relate to corresponding Contracts.
♦       Avoidance of unnecessary contract renewals or undesired expirations.
♦       Assurance that approvals follow defined and approved paths.
♦       Ability to analyze income and expenses by contract, by contracting party or by numerous contract descriptors.
♦       Capability of matching financial actions to contract terms.

Benefits for IT Management

The benefits to the IT organization include:

♦       Uses industry-standard components to support the application, database and documents.
♦       Leaves a Zero Footprint on the workstation.
♦       Contains a full History Audit Trail.
♦       Provides support via standard web support systems or VPN access.
♦       Offers support options for remote update management.

Additional Benefits of a Hosted Solution

GMS offers both hosted and installed solutions at client sites.  All of the benefits discussed above apply to both types of installations.  Clients interested having us host their database, documents and application at our hosting sites receive these additional benefits:

♦       Start operating in as little as 24 hours.
♦       No IT resources required to implement this solution.
♦       No capital budget layout.
♦       No delays in waiting for IT to acquire and install servers, databases, etc.
♦       No IT Backup Resources required.
♦       No long term commitments.

WebElite has the most features that can be activated, as you can see on the Maine Menu to the right.  It contains the most contract pages that can be displayed to record information, as appropriate.  Through these many pages and custom pages and fields, if needed, users can create a very sophisticated, searchable database geared for sharing information.  Management throughout an organization will share relevant contract information, track responsibilities and actions, and tie the original contractual agreements into ongoing management and operations.  Each Contract Record becomes a repository for contract details and data that categorizes the contract according to how your management needs to facilitate contract searching, retrieval and reporting. The multi-layered, comprehensive security allows control of who sees what and what they can do once they see it.

Generate Contracts for signature from scratch or by using the Clause Library that you build with approved legal language, or by importing text from existing document templates on your network.  Documents and any relevant files can then be routed electronically for approval and ultimately for digitized  or manual signatures.

All Contract Advantage Web products also provide extended support for international applications – the system supports local date formats, address formats, phone number formats, local currencies and currency translation.

To better understand the differences among the three Contract Advantage Web products, click on link below for a Version Comparison Document.

WebPro contains more contract pages to record information, as appropriate, on each contract page.  Users can create a more sophisticated, searchable database geared for sharing information.  Management throughout an organization will share relevant contract information, track responsibilities and actions, and tie the original contractual agreements into ongoing management and operations.  Each Contract Record becomes a repository for contract details and data that categorizes the contract according to how management needs to facilitate contract searching, retrieval and reporting.  The multi-layered, comprehensive security allows control of who sees what and what they can do once they see it.

All Contract Advantage Web products also provide extended support for international applications – the system supports local date formats, address formats, phone number formats, local currencies and currency translation.

To better understand the differences among the three Contract Advantage Web products, click on the link below for a Version Comparison Document.

 All of the Contract Advantage core features can be accessed either thru the main menu below, or through the Top Menu Bar.

By recording essential information as appropriate on each contract page, users can create an organized, searchable database geared for sharing information.  For the first time, management throughout an organization can share relevant contract information, track responsibilities and actions, and tie the original contractual agreements into ongoing management and operations.

Each Contract Record becomes a repository for contract details and data that categorizes the contract according to how management needs to facilitate contract searching, retrieval and reporting.  The multi-layered, comprehensive security allows control of who sees what and what they can do once they see it.

Contract Advantage Web also provides extended support for international applications – the system supports local date formats, address formats, phone number formats, local currencies and currency translation.

To better understand the differences among the three Contract Advantage Web products,

click on this link below for a Version Comparison Document.

The Web Version requires no installation or plug-ins on the local workstations, making deployment very quick and easy.  Technically, this is called a “zero footprint implementation.”  This version reduces costs of implementation and minimizes compatibility issues with local workstation applications.

Contract Advantage provides extended support for international applications – the system supports local date formats, address formats, phone number formats, local currencies and currency translation.  There are three products: WebElite, WebPro and WebEssentials, each with a different level of sophistication.  All three allow you to rename the fields to suit your business needs.  Your account executive can provide you with additional information to help you select the product most relevant to your needs and matching your budget.

By recording essential information as appropriate on each contract page, users can create an organized, searchable database geared for sharing information.  For the first time, management throughout an organization can share relevant contract information, track responsibilities and actions, and tie the original contractual agreements into ongoing management and operations.  Each contract record becomes a repository for contract details and data that categorizes the contract according to how management needs to facilitate contract searching, retrieval and reporting.  The multi-layered, comprehensive security allows control of who sees what and what they can do once they see it.  System Contract generation and Workflow on the WebElite product speed up the contract approval process.

Three Web Versions are Available…

♦     Contract Advantage™ WebEssentials

WebEssentials provides the basics of contract management including comprehensive Security, AdvantageAlerts™, Document Management and Full Text Search.  It is an excellent product that fulfills your basic contract management automation needs.  If your organization does not need full workflow capabilities, financial transactions, specialized modules or advanced features.  WebEssentials can be upgraded at any time to the WebPro or WebElite products, which provide more features and capabilities.

♦     Contract Advantage™ WebPro

WebPro is our middle-of-the-road product.  It is more full featured than WebEssentials.  The Version Comparison Chart accessible below will better address the differences among the three products.

♦     Contract Advantage™ WebElite

WebElite is the most sophisticated of our Web products.  It has all the features required for a comprehensive contract management system:  Contract and Document Generation, Workflow, Document Management, User-Defined Reporting, Custom Pages and Fields and many others.  It provides cradle-to-grave contract management.

A Web Version Comparison Chart is available by clicking on this link below.

For more information please contact:

Angela Bickart
Vice President – Sales
Great Minds Software, Inc.

Angela.Bickart@GreatMinds-Software.com

(212)244-5522

or send an email to Request.Info@greatminds-software.com.  The website URL is http://www.greatminds-software.com.

These versions can be installed at the client site or offered as a SaaS web-hosted service.

For more information please contact:

Angela Bickart
Vice President – Sales
Great Minds Software, Inc.
(212)244-5522

or send an email to Request.Info@greatminds-software.com. The website URL is http://www.greatminds-software.com.

These versions can be installed at the client site or offered as a SaaS web-hosted service.

For more information please contact:

Angela Bickart
Vice President – Sales
Great Minds Software, Inc.
(212)244-5522

or send an email to Request.Info@greatminds-software.com.

For more information please contact:

Angela Bickart
Vice President – Sales
Great Minds Software, Inc.
(212)244-5522

Great Minds Software offers customization services to clients that need to add specific functionality to Contract Advantage. Whether the changes be large or small, we strive to deliver cost-effective solutions to our client’s specific needs. Customizations may be as simple as a new contracts page, or more complicated with special workflows and integrations with other products. Often, we will offer simple report customizations at no cost if they are viewed as being useful for our general client base.

A sampling of the customizations that we have implemented include:

• Cable/Satellite TV distribution contracts
• Clinical Trials Contracts
• Physician Contracts
• Financial tracking of Federal Government Contracts
• Credentialing Module
• Single Sign-on Module

ERP/CRM System Integration

To maximize the usefulness and widespread applicability of your contract system, we can integrate Contract Advantage with your ERP, accounting and CRM systems. Contract Advantage can import G/L Accounts and Sub Accounts, Customers and Vendors, Invoices and Payments when the integrations are established.

Now, invoices and payments can be linked back to contracts. Users can see contract budgets, invoices and payments to date, percentage completion by payment/invoice, invoice/budget and payment/budget. With full integration to a G/L system, this will enable full analysis by period, G/L Account, and sub accounts. Thus, contract transactions can be tracked by Division, Department, location, Budget, Cost Center/SBU, and other sub accounts. Report based on calendar or fiscal years. Do monthly, quarterly, year-to-date and period comparison reports.

ERP integration provides the best view of contracts and its relationship to the organization.