Contracts are the foundation of commerce and enable companies to sell products, hire talent, secure rights, license IP and generate revenue and yet surprisingly; most companies leave the management of contracts for each department to go figure out for themselves.  Eventually of course, this gets fixed but if you were to delve into the history books you would find that many companies only considered a solution after an “event” triggered a change. For example, a revenue opportunity went begging, a contract deliverable was missed, or a default was picked up by the media.  Sound familiar?

Poor contract management poses a substantial risk to a company’s overall performance and smart proactive companies are rapidly turning to solutions that solve the problem.

Enter Contractum™ – a secure and customizable platform designed to automate and optimize the entire contract process, from initiating new contract requests to obtaining electronic signatures with necessary approvals, all while facilitating collaboration among users across diverse groups, departments, and geographical locations.

Case Scenario:

A client approached us with a common problem statement;

We have 3000 contracts in a scattered portfolio and face difficulties in managing renewals, tracking deadlines and meeting compliance requirements. 

With Contractum™, we swiftly resolved this issue by parsing the contracts for data abstraction and identifying key meta data, thereby enabling the portfolio to be uploaded into Contractum’s cloud-based repository so that the client would receive timely reminders, pro-active updates on contract management options, and a dashboard withautomated reporting.

[Read on and learn how we can solve your contract management dilemma too!]

How Contractum™ Streamlines Contract Management

1. Centralize: A Secure Hub for Contracts

Contractum™ serves as a centralized repository, securely housing existing contract agreements, templates, documents, and their versions.

This not only ensures easy access but also enhances security by consolidating sensitive information in one secure environment.

2. Generate: Simplifying Contract Creation

Contract creation is streamlined through Contractum™, enabling users to generate new contract requisitions and create contracts from scratch.

User-defined templates and workflows bring consistency to the contract creation process, minimizing potential errors.

3. Organize and Oversee: Tools for Efficient Management

Tools provided by the platform aid in standardizing contracts and defining customized workflows, simplifying the complex task of organizing and managing contracts.

Reminders and notifications contribute to proactive contract management, ensuring milestones, obligations, and deadlines are met without oversight.

4. Regulate: Maintaining Control for Risk Management

Effective risk management and compliance rely on maintaining control over contract versions.

Contractum™ allows users to regulate contract versions, control access based on predefined roles, and identify potential risks and obligations.

5. Analyze: Informed Decision-Making Through Reports

Reporting is made easy with Contractum™, allowing users to generate comprehensive reports based on categories or user-defined criteria.

These reports provide valuable insights for management to make informed decisions and monitor the overall health of the contract portfolio.

In essence, Contractum™ is a comprehensive solution for end-to-end contract management. It establishes a secure and adaptable environment, ensuring efficiency from contract creation to reporting, fostering collaboration across diverse user backgrounds and locations.

For successful contract execution, Contractum™ offers a centralized repository for all documents, agreements, and templates, enhancing security and providing easy access. The platform simplifies new contract creation, streamlining processes, reducing errors, and promoting consistency with user-defined templates and workflows.

In large organizations, Contractum™ simplifies contract organization with standardized tools, reminders, and notifications, ensuring proactive management and preventing oversights. Regulating contract versions, controlling access, and streamlining approvals contribute to effective risk management and compliance.

Contractum™ facilitates insightful reporting based on user-defined criteria, empowering management to make informed decisions and monitor overall contract portfolio health.

Key Features of Contractum™

1. User-Friendly Interface with Enhanced Security Measures

The user interface of Contractum™ is designed to simplify and fortify your contract management endeavors. Seamlessly integrating with digital signature applications and email clients, it ensures that you receive alerts, notifications, and manage contracts directly through your email.

2. Role-Based Access Control

Empower your team with precise control and access to contract documents based on their specific roles and responsibilities, ensuring that the right individuals have access to pertinent information.

3. Open Contract Requisition Process

Contractum™ facilitates various stakeholders within the organization to seamlessly request new contracts or review third-party contracts. This openness fosters collaboration and ensures that all relevant parties are involved in the decision-making process.

4. Effortless Contract Creation from Templates

Contractum™ is equipped with a proprietary tagging language that facilitates seamless integration. Input validations once, and witness their automatic propagation across the entire contract, streamlining the contract creation process.

5. Robust Contract Management and Record-Keeping

As new contracts move into the Contract Management System, they become part of a comprehensive repository that includes core information, additional fields, versions, supporting documents, and customizable notifications. This centralized approach ensures efficient tracking and management.

6. Customizable Contract Approval Processes

The approval process is made simple and flexible, with automated detection of approval or rejection. Leverage vocabulary-based configuration for automated updates in document versioning, ensuring a responsive and adaptable approval framework.

7. Proactive Obligation Management

Efficiently track and close contractual obligations by creating tasks within Contractum™. This feature provides a proactive approach to fulfilling obligations, minimizing the risk of oversights and ensuring comprehensive contract compliance.

In summary, Contractum™ emerges as a trustworthy and all-encompassing solution, facilitating the effective and efficient management of contracts. Covering the entire spectrum of the contract lifecycle, from inception to reporting, this platform not only mitigates risks associated with contractual obligations but also fosters compliance and contributes to the overall success of organizations. By providing a streamlined and user-friendly interface, Contractum™ empowers users to navigate through the complexities of contract management effortlessly. The platform’s role-based access control ensures that pertinent information is accessible to the right individuals, promoting collaboration and informed decision-making. With features such as customizable approval workflows, open contract requisition processes, and proactive obligation management, Contractum™ sets a new standard for contract management platforms. In essence, it is not merely a tool but a strategic ally that enhances organizational resilience, safeguards against potential pitfalls, and paves the way for sustained success in an ever-evolving business landscape.