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Benefits
The only reason that you are purchasing a contract management system is to gain some clear benefits from using the software. In most organizations there are multiple stakeholders, each with their own particular interests.
Benefits to Legal
Contract Advantage Web can fit into many aspects of the Legal department function:
- Assist in the contract authoring and approval process
- For document assembly, ability to use Preferred and Alternate language for constructing clauses
- Use of Contract Templates to speed the creation of agreements
- Draw on other contracts to import clauses
- Set up approval workflow process for contracts
- Attach approved contracts (and in-process documents) to contract records for permanent reference
- Full text search of attached documents
Benefits to Procurement
Procurement can use the contract system to manage suppliers, generate RFP's, improve sourcing, etc.
- A centralized repository of suppliers, with descriptor data
- Multiple contacts
- Multiple name, d/b/a, Formerly Known As (FKA), Also Known As (AKA), etc.
- Insurance Certificates
- Track Contracts, Invoices Payments and Allocations
- Track Products
Benefits to Contract Management
The Contract Management group provides a range of services to the organization. Some have more responsibility, 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, but also sell side contracts, employment contracts, new venture and partnership agreements, etc.
- Efficient tracking of contracts at all levels of detail and status
- Efficient creation of contracts or recording of contract details
- On-line availability of contract documents, correspondence, drafts, etc.
- Assignment of personnel to contracts and actions
- Automatic alerts to responsible contacts for contracts and actions
- Total security to control access to contracts and documents
Benefits to Corporate and External Auditors
Perhaps for the first time, auditors can now use the contract repository to gain full access to the organization's contract base, and can review contracts easily, and run reports against the contract base that have audit significance.
- A complete audit trail is available for any activity in the contract system
- Track who has edited, checked out or viewed contracts
- Extract financial data by contract
- Compare budget to actual
- Extract all contracts worth more than $X.
- Analyze contracts and payments by G/L Account, subaccount, Funds, Projects, Cost Centers, etc.
Benefits to Corporate Management
Corporate Management has the overall responsibility for the organization. All positives and negatives ultimately filter up to Corporate Management. In addition to the benefits realized by other areas, Corporate Management should expect:
- Support for meeting SOX requirements
- Central Repository of Contract Information
- Visibility of Contracts, responsibilities and actions
- Appropriate levels of security and control for access
- Separation of duties
- Enhancement of the Corporate Governance experience
- Overall visibility of the organization’s contract base
- Ensure that the tools are available to enable contracts to all be handled in the same way
Benefits to Financial Management
The benefits to Financial Management include:
- Contracts can be tied directly into invoices and payments
- Avoid unnecessary contract renewals
- Ensure that approvals follow defined and approved paths
- Ability to analyze income and expenses by contract, by contracting party or by many contract descriptors
- Ability to track financial actions back to contract terms
Benefits for IT Management
The benefits to the IT organization include:
- Contract Advantage Web uses industry-standard components to support the application, database and documents.
- Zero Footprint to the workstation
- Supports full audit-trail logging
- Remote support via standard web support systems or VPN access
- Support options for remote update management
Additional Benefits of a Hosted Solution
We offer both hosted and installed solutions at client sites. All of the benefits discussed above apply to both types of installations.
For clients interested having us host their database, documents and application at our hosting sites the additional benefits include:
- No IT resources required to implement this solution
- No capital budget layout
- No delays in waiting for IT to acquire and install servers, databases
- No management resources required
- No IT Backup Resources required
- Start operating in as little as 24 hours
- No long term commitments
- Terminate service at any time
- No single large dollar layout
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