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Benefits
The most important reasons to purchase a contract management system is to gain control over your contract data and, therefore, manage your business in the most effective and successful manner. In most organizations there are multiple stakeholders in different departments, divisions, or entities, each with their own particular interests. Below are some broad categories with some salient benefits.
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 through Workflow Module.
- Enables attaching any and all documents and files relating to a contract record 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 descriptor data.
- Permits unlimited contracts and contacts associated to each supplier.
- Tracks multiple company names, d/b/a, Formerly Known As (FKA), Also Known As (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 Management manages this data. 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 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 due dates and compliance items.
- Comprehensive, multi-layered Security to control access to contracts and documents.
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 the contract base 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.
- Compares budget to actual.
- Culls all contracts worth more than $X.
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 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 other 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
We offer 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.
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