Remove risk and remain compliant with Contract Management
Contract management seems simple enough, but when each step in the contract management process is handled with paper, email and faxes, it gets increasingly difficult to manage. The impact on your legal resources means significant time and money is spent on manual processes that should be automated. If the lifecycle of a contract is handled incorrectly, your organisation could lose opportunities for renegotiation, face penalties for non-compliance or go through costly legal audits.
To really have strong control over the contract management process, you need to transition to an electronic world. You can do this with our contract management workflows within OnBase. By putting contracts in a manageable electronic format, all of your documents are stored in a single place. They don't have to be copied and passed around, they won't get misfiled or lost on someone's desk, and everyone is sure to always see the most up-to-date version of the contract.
Simplify changes and collaboration
Once documents are in OnBase, whether they are imported from Microsoft Word or scanned in, they are much easier to work with throughout the contract management process. Each edit is fully tracked and recorded, so you have a full history of what was changed, when and who did it. Outdated contracts causing confusion and slowing down processes are a thing of the past.
Contracts in OnBase stay secure while still making them easier to access by those who need them. This is done through strong and specific security controls. Groups or individuals can have different levels of access – some may need rights to edit, while others have the ability to read-only, some can print contracts while others may not. OnBase tracks all alterations or actions taken on a contract, and who made the change. This trail of information helps your organisation document compliance and reduces the time needed to perform an audit.
You can also take advantage of more visibility into the contract process. With dashboard views of all contract processes, the legal team can instantly see the disposition status of any contract. They also use the audit information to pinpoint bottlenecks, identify specific items that can be adjusted and easily forecast resource needs to improve internal and external customer service as well as cycle times.
Once contracts are agreed, or during the review process, obligations can be set up and routed around timed and audited workflows. Management have real time visibility of all requirements and actions taken or left to complete. Our application can be used as a discreet contract management system or added like an app to your OnBase implementation.
To find out more information on how you could benefit from using solutions from Twofold, please complete the contact form.