Streamlining Contract Management Process
A Scanmarket Use Case on Contract Management
A solution to streamline and oversight the entire contract management process.
Challenge
Create a solution that allows the streamlining and oversight of the entire contract management process, and the capture of critical data points deriving from any contractual relationships.
Solution
- Using an intuitive cloud portal with predefined and required data layouts for the various types of contracts, users can easily visualize the data fields that are relevant for any specific type of contract.
- Default notifications are sent to users to track updates on performance reviews, insurance documentation, regulatory information, and more.
- Provide users with a library of standard contract clauses and templates that are automatically populated with the initial contractual terms and conditions.
- Set user permissions to enable access to an organized corporate repository of all existing contracts and contract specific documentation.
- Enable online access to all involved parties, both internal and external, to review and redline any pending agreements.
- Instantly trigger the internal workflow for any pending approvals, and for the execution of any agreements via e-signature.
Benefits
- Single source of truth for all corporate contracts.
- Rapid deployment and adoption of all department-specific contract management processes.
- Faster user adoption due to minimal training requirement.
- Standardization of vetted contract terms and conditions.
- Full control over mandatory and optional data fields.
- Definable workflow process.
- Significantly lower costs and faster contract execution.