Contracts Management
Business Challenges
The time spent searching for a contract is costly to an organization, not only in terms of money, but also in resources involved. Inefficient manual processes, lack of a uniform classification scheme, and physical storage of contracts are common areas of risk to the enterprise.
In this era of compliance laws, such as the Sarbanes-Oxley Act, having a solid process around Contract Management is critical to today’s businesses. If your organization does not have rapid access to contracts and all of their supporting documents, then how can the organization take advantage of discounts, or avoid automatic renewals for unnecessary services? These are just a few of the challenges regarding contracts.
Solution Overview
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Streamlining the Contracts Process. Prodagio Contracts manages legal documents throughout your organization, streamlines the authoring, reviewing, and executing of contracts through a web-based interface tailored to the requirements of users who manage those documents. Prodagio Contracts is a complete solution designed to meet the challenges of managing contracts and other legal documents while helping you minimize risk, and maximize revenue around contracts with customers and suppliers.
Enhancing Business Process Efficiency. Prodagio Contracts enhances the effectiveness and efficiency of contracting operations and controls while reducing the business costs of Contract Management and approval. Along with automating the contracts process, Prodagio Contracts offers the opportunity to move to a paperless environment for your contracts, thus reducing or eliminating the need for physical storage of paper documents.
Visibility into the contracts lifecycle. Robust tracking and searching capabilities assure immediate access to contracts and their supporting documents, no matter where they are within the process. In addition, the ability to add ticklers enhances the potential to take advantage of discounts or avoid automatic renewals for services that are no longer necessary to the company.
Enforcing compliance. A complementary part of reducing costs is to strengthen internal controls. Prodagio Contract's robust audit trail and hierarchical approval process minimizes risk and simplifies compliance with regulatory legislation such as Sarbanes-Oxley and HIPAA.
Key Features
- Audit trail -- full accountability for every modification made
- Checklists -- ensure no critical steps are missed
- Clause library -- all your vetted contract language available by drop-down menu
- Ease-of-use -- designed like familiar office productivity tools
- Reminders -- proactively manage clauses that must be monitored for specific performance
- Reporting tools -- full visibility into every contract in process or under management
