Legally binding contracts and agreements underpin almost every business transaction. For many companies, there is a need for better management of the life-cycle of contracts in order to achieve centralized oversight of contractual obligations, partner relationships, and compliance. Once such customer in the Healthcare sector needed a means to centrally manage track vendor contracts closely to enhance visibility into contract terms and manage renewals more efficiently.
Axyon Consulting has implemented numerous enterprise class solutions for the management of contracts throughout an organization. With a powerful Enterprise Content Management system as its foundation, our contract management solution implementations allow organizations to track and manage each contract’s terms and conditions, commitments and milestones throughout its life-cycle. By leveraging the document management, collaboration and workflow capabilities of enterprise-class software solutions, our customers are very quickly able to manage the life-cycle of contracts and records with ease and take advantage of powerful search, tracking, scanning, access and versioning control features from either a web browser or desktop applications such as Microsoft Outlook, Word and Excel.
- Control Risk and Liability: Store contracts and pre-approved terms and conditions in a centralized ECM repository with configurable security and other document management features. Ensure retention, archiving and disposition of contracts to satisfy compliance, legal and policy requirements. Automatically extract key contract data to back-end systems to reduce labor costs and re-keying errors.
- Recover lost revenue and reduce unnecessary expenses: Reduce revenue leakage by enforcing negotiated prices, rebates, discounts and penalties. Ensure suppliers comply with negotiated terms and customer commitments are met. Reduce maverick spends and weed out auto-renewing contracts. Reduce costs by eliminating manual contract renewal processes.
- Streamline contract process: Collaborate in a secure, online environment that includes workflow, discussions, task assignments, and version control. Standardize approval processes. Create and maintain approved contract templates, language, clauses and terms.
- Gain visibility: Increase awareness of contract milestones so that revenue opportunities can be identified and avoid breaking contractual obligations. Use automated alerts to remind appropriate personnel of upcoming events and responsibilities. Easily review change history and audit trail for an existing contract. Provide details reports and analysis.