Contract Management

Background

Paperless management of processes and systems is the need of today’s digital world. Handling of procurement sales and contracts, IP licenses, policies, records, claims, and internal agreements electronically is far more efficient, cost-effective and faster than laborious manual paperwork. Due to the high volume of contracts/agreements, handling all the paperwork manually increases the chances of losing them. Also, secure and easy access to contracts, supporting documents and confidential information becomes very challenging.

Moreover, the contracts have to be properly archived and retrieved in the future. workMETHODS realizes the fact that contracts are an incredibly important set of documents and each contract document contains critical data of the organization’s connection with its vendors, clients, stakeholders and employees.

Our Solution

Our Contract Management solution provides a highly robust, reliable, configurable and scalable automated workflow engine for the entire Contract Management life cycle that involves Contract creation/drafting/import and conversion, editing, negotiation, approval, renewal, real-time access to financial and legal compliance reporting, administrative dashboards, submission, distribution, reporting, archiving etc. thus increasing productivity and profitability.

Our solution allows administrators to create multiple workflow templates and define rules to auto-assign or manually assign these workflows to contract types and other metadata. While the contract is progressing through the workflow, authorized users can have visibility into the end to end process. Each workflow template can have tasks [such as authoring, redlining, negotiation, evaluation, approval, execution, order tracking/compliance/obligation management, etc.]. Each task may have a desired duration and interdependency among the tasks. The system will allow users to enter owners for each task.

Contract inter-dependencies can be configured based on pre-defined rules or on-demand. At each stage, the dependencies are validated and appropriate actions are taken. Amendments may occur in any contract independently. Just the changed contract/amendment progresses through the workflow. Once this amendment is approved, all the dependent active contracts are automatically updated and refreshed.

Our extensive reporting tool provides reports, charts, dashboards for workflow performance, individual employee performance, contract progress, details on all aspects of the contract based on current and historical data for statistical and predictive analysis.

The solution is 100% web-based. It is compatible with all industry-standard browsers. Hence, it can be accessed with the use of any standard browser using a desktop as well as any mobile device [iPad, iPhone, Android Tablets, Android phones, etc.]

The solution is available On Cloud as well as On-Premises. It can be integrated with your backend system through web services as well as custom integrations.