Managing the creation, execution, implementation, modification, renewal and termination of contracts is one of the most complex challenges faced by organizations today. Contracts typically involve dozens of individuals, both internal and external. As the number of parties, modifications and versions increase, so does the risk and potential for errors. Studies show that eliminating inaccuracies and non-compliance by automating the contract management process can reduce inaccurate contract payments alone by 75% to 90%, simply by eliminating inaccuracies and non-compliance through an improved contract management process.
Contracts typically impose performance criteria and timelines that must be monitored to ensure compliance. Failure to meet contractual requirements may result in revenue leakage, increased expenses, and costly litigation. Records Studio’s Contract Management Application streamlines and controls the entire contract lifecycle process, manages revenue and expenses, provides calendaring and alerts, automates document workflow, ensures corporate and regulatory compliance, and facilitates contract analysis.
Records Studio’s Contract Management Application enables companies to employ a consistent and accurate contract lifecycle process, while providing easy and secure access to all contract-related documents to authorized internal and external parties, including the legal department. Records Studio provides a collaborative environment for the creation, review, approval, and execution phases of a contract, as well as for the renewal and renegotiation phases. Automatic alerts can be created and distributed in order to monitor contract milestones and key dates.
Contracts and their supporting documents can be declared and retained as corporate records, and retention schedules can be automatically assigned without the need for manual intervention. Automatic alerts are utilized to monitor milestones, and for reporting requirements.
Benefits of Records Studio’s Contract Management Application
- Eliminate common bottlenecks in the contract creation, negotiation, approval, and renewal or termination process, resulting in greater efficiency.
- Facilitate access to information through key word, full-text searches and eliminate lost or misfiled documents that may adversely affect revenues or expenses.
- Automate contract performance processes to ensure compliance with contract requirements.
- Implement automatic alerts and escalations for milestones, key dates, reporting, and other relevant contract data.
Contact Us today to take advantage of Records Studio’s powerful Contract Management Application.