OverviewContracts govern an organisation’s interactions and relationships with other entities. They are tools that are integral to all business operations – but they can either protect the organisation, or expose it to risk. GMT’s Contract Management module allows the client to manage this aspect of business effectively, while at the same time watching over the organisation's legal obligations and risk.
Increased Visibility and Improved ReportingOver time, an organisation enters into countless agreements with both individuals and companies. These agreements all have terms that govern their execution, and terms and conditions need to be tracked to ensure they are fulfilled in a timely fashion. Apart from physically checking through every file perodically and noting what is due, there is no way of monitoring this.
But GMT’s Contract Management module allows data about a contract to be specified, extracted and translated into meaningful information, using reports or ad hoc and saved searches within the Electronic Document Management System.
Go Green!Contract Management cuts down on an organisation’s stationery expenditure – and saves trees. The client no longer needs to print, scan and circulate (via courier, for example) copies of contracts and related documents to each stakeholder, again and again after every change to a document. This can translate into substantial savings on expenditure over time – meaning the Contract Management system pays for itself very quickly.
Financial ImplicationsTerms and conditions specified in a contract may be time sensitive, or affect payments due to one or more parties. They therefore have a monetary value. Costs are reduced in terms of improved productivity and efficiency, and a reduction in paper processes (copying, scanning and faxing).
Centralised AccessIn most organisations, documents (including contracts) may be found in any number of different offices, depending on who is perceived to be the owner of each document. GMT’s Contract Management system provides a centralised storehouse for contracts that allows all authorised users to access them easily, without needing to find and travel to the various physical locations. The process of searching for a contract is vastly improved: in place of a door-to-door visit that could take hours, an advanced Contract Management search is done in seconds.
Custom Security ModelUnauthorized access to contracts is an area of grave concern in business. Contracts may contain highly sensitive information, such remuneration details, private personal or corporate data, and various terms and conditions that need to be protected. GMT’s Contract Management module uses a security structure that is fine-tuned to the organisation's business rules and structure. The client is free to customise contract permissions to a very advanced level.
Intelligent Lifecycle Management and Version ControlThe Contract Management module allows monitoring of the contract throughout its lifecycle, from creation to completion. Most clients have an organisational requirement that the state of the contract at every stage of that lifecycle should be available to them. Version Control is a mechanism that complements the lifecycle by allowing the preservation of documents at every stage, e.g. Draft Version 1, Final Draft, and Approved Contract. It prevents the overwriting of information by giving users the option to add a new version to the document. This in turn allows the tracking of changes, which improves transparency and accountability. The collection of versions is still viewed as one document, and every version of the document is just two mouse-clicks away.
Automatic AlertsAlerts may be built into the contract module for common deadlines and events, such as review and renewal dates. This gives the organisation visibility of their potential liability in good time, with no nasty surprises.
Dynamic and Detailed Business Reporting CapabilitiesReporting can be as detailed as the client needs it to be. If a property of a contract is available in the system, it can be reported on. Built-in intelligence, based on business rules defined by the client, automates the process of sending tasks to the individuals assigned to action them.
Contract Management’s native advanced search routine may also be used to create user-defined, saved searches that will consistently bring back data that meets certain criteria. This data may also be exported to CSV files for manipulation outside the system.