Managing the creation, execution and implementation of contracts is one of the most complex challenges faced by organizations today. Typical contracts involve dozens of individuals and as the number of parties and modifications increase, so does the risk and potential for errors. Studies show that by automating and improving the contract management process, inaccuracies in contract payments alone are reduced by 75% to 90%, eliminating inaccuracies and non-compliance.
Contracts typically impose performance criteria and timelines must be monitored to ensure compliance. Failure to meet contractual requirements may result in revenue leakage, increased expenses, and costly litigation. ContentSuite360’s Contract Management Application takes care of these issues by streamlining and controlling the entire contract lifecycle process, managing revenue and expenses, automating document workflow, and more.
ContentSuite360’s Contract Management Application enables companies to employ both a consistent and accurate contract lifecycle process, while providing easy and secure access to all contract-related documents to authorized internal and external parties. ContentSuite360 provides a collaborative environment for all phases of a contract, including 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 easily be declared and retained as corporate records, and retention schedules can automatically be assigned without the need for manual intervention. Automatic alerts are used for monitoring milestones and reporting requirements.
Benefits of ContentSuite360’s Contract Management Application
- Eliminate common bottlenecks during the contract’s creation, negotiation, and renewal or termination process, resulting in a greater efficiency
- Automate document workflow and facilitates contract analysis ( CHECK)
- Facilitates access to information through key-word, full-text searches and eliminate lost or misfiled documents that can negatively impact revenues or expenses
- Automate contract performance processes to ensure compliance with contract requirements
- Implement automatic alerts for milestones, key dates, reporting, and other relevant contract data