Contract Document Management Solution
As you know, Contract Management is essential for an organization to properly and efficiently conduct long-term business with its suppliers, customers, vendors, partners, and employees, as well as to ensure compliance with legal and corporate mandates. If handled incorrectly, your organization could lose opportunities for renegotiation, face penalties due to non-compliance or endure costly legal audits.
OnBase Contract Management software allows you to manage the entire contract life cycle in one central repository. You can automate the routing of a contract from request to negotiation, authoring to approval, execution to expiration and renewal, and post-contract analysis to ensure the right people see it at the right time. The tool provides a 360-degree view of all contract related information and track the progress of each contract. OnBase Contract Management solution includes tools for internal authoring and collaboration, external negotiation, legal review, and contract tracking.
Contract Management Workflow Automation
Manually seeking signatures, approvals, and surrounding contract information slows down your processing time and, ultimately, extends your contract cycle times. With a contract management workflow automation software, you can automate the routing of contracts to the right people at the right time to create a more efficient review and approval process. OnBase even allows for your staff to review and approve contracts from the office, on a mobile device, or from a line-of-business application. Automation of your processes also establishes consistent business practices and as a result, you reduce risk and discrepancies.
How Does Contract Management Workflow Work?
Naviant’s Contract Management solution for document management and workflow provides you with a single repository to store contracts, providing employees with instant access to the information they need. Once documents are in your OnBase document management solution, whether imported from other systems or scanned in, they are much easier to work with throughout the contract lifecycle. Each edit is fully tracked and recorded, providing you with a full history of what was changed, when, and by whom. Completed contracts can then electronically route through the right approvals automatically and the appropriate approver can use a digital signature to execute the document.
With OnBase Contract Management, organizations can:
- Have complete visibility into the contract lifecycle – including key milestones, workloads, and upcoming obligations
- Securely store contracts and contract-related information in one place while providing easy access to those who need it
- Track all alterations or actions taken on a contract, helping you with document compliance while reducing the time needed to perform an audit
- Increase visibility into the contract process, allowing you to instantly see the status of contracts, pinpoint bottlenecks, improve cycle times and speed up negotiation times, and increase visibility into the profitability of the contract
PayStream Advisors’ Contract Lifecycle Management (CLM) Report
PayStream Advisors’ Contract Lifecycle Management report highlights the ways in which CLM solutions ensure business success by controlling a contract throughout its entire lifecycle. This publication will also explore the current trends in contract management processes among organizations and explain the features of leading CLM solutions. Download the full report.