Managing contracts can be a daunting task, particularly when the process is managed manually or primarily through emails. This process is critical, as the improper management of contracts can often result in irregularities, disputes, or missed opportunities any of which can be costly to an organisation.
During the lifecycle of a contract it is possible that circumstances will change, requiring adjustments to the agreement, or a dispute may arise which can only be solved by referring to the binding terms agreed to in the contract. This is often when the organisation discovers that the original signed version of the contract has disappeared into some forgotten drawer or has been misfiled.
While efficient contract administration and management is critical, it is often a time-consuming and tedious job. Staff churn can result in contracts being lost or simply forgotten about. In large companies, suppliers are often still being paid long after their services are no longer needed, simply because no one knew that the contract existed or that it should be cancelled.
FlowCentric Technologies offers a fully automated Contract Management solution designed to eradicate these challenges. The solution alleviates much of the manual labour traditionally associated with contract management, enforces accountability, and ensures that contracts are not forgotten by providing a central location for the management of each contract.
Benefits At A Glance:
- Copies of contracts are scanned, uploaded, and associated with the relevant supplier, providing a secure centralised location which can be easily referenced in the future.
- Any additional legal documentation can also be uploaded for quick access in the future.
- Important contract information such as start dates, expiration dates and details, rate increases, or tranches are captured along with each contract profile.
- Based on the company’s negotiation timelines, notifications about contract renewals and increase dates are automatically sent to people in the relevant roles.
- Automated notifications ensure that there is ample time to negotiate future terms or to take the relevant steps to renew or terminate the contract.
- The solution simplifies the process of managing payments against deliverables, ensuring that commitments, cashflow, performance, and invoicing align.
- The solution keeps track of any audit requirements related to the notifications and version control on the contracts.
Interested in our Contract Management Solution?
Simply fill in the form to request a call and one of our team members will contact you to find out if you’d like a demo, a brochure, or simply to find out a little more about how the solution will help your business.