Automate and simplify contract processing and management

Contracts govern how you operate your business, but are frequently paper-based, processed and administered manually, and with little central administration or oversight. Our solutions for contract management help reduce risk, cost, delay and confusion around contracts, wherever they originate in your organisation.

Remove cost, risk, delay and complexity from contract management

According to Goldman Sachs research, adhoc, manual and paper-based processes for managing contracts represent significant cost and risk to organisations. It is estimated that companies spend almost 5% of their revenue to track agreements after signing a contract. Further, companies could realise savings that equate to 2% of total annual costs by eliminating inaccuracies and non-compliance through contract automation, says PricewaterhouseCoopers. Every company can benefit from faster, more efficient processes for tracking contracts through their entire lifecycle.

Key Digital’s solutions for contract management enable you to:

  • Accelerate contract review and approval with scanning, workflow and digital signatures.
  • Easily manage drafts and revisions to contracts.
  • Lock down master contract documents and templates for compliance and record keeping.
  • Maintain audit trails of each review and approval cycle.
  • Capture and manage contracts that enter the organisation from disparate sources.
  • Quickly develop a searchable contracts archive that’s accessible anywhere, anytime.

Contracts Management Self-Assessment

  • How many active contracts does your company have? How many are under source control?
  • Do you have a library of contract templates? Who has access to it?
  • How much geographical or business unit variance exists in your contract approval processes?
  • How long does it take you to find all contracts related to a specific vendor? Can you find all of them?
  • Do you know who is authorised to sign contracts across your company?
  • Do you have a process and system for identifying duplicate or conflicting contracts?
  • How do you identify contracts with pending renewal requirements?

Easily capture, index, and manage contracts
The first step to optimisation is to get all contracts under source control. Our solution enables anyone involved in the contracting process to scan hard copy contracts using MFPs, desktop scanners or even smartphones, and store them online in a secure central repository. Optical Character Recognition (OCR) and indexing technology makes the contract content fully searchable.

Streamline contract development, review and approval
New contracts can be created using eForm templates for simple contracts, or from master MS Word templates stored online. Contract drafts can be shared directly from the repository, e-mailed or printed. Annotations and edits are stored back as new versions, ensuring everyone has access to the latest draft, and has visibility into change history. Route contracts to multiple parties for review and the system maintains an auditable history of approvals.

Maximise your contract renewal and negotiation power
Contract owners are automatically notified before a contract expires, with sufficient lead time to evaluate the contract before renewing. Search the database and find other contracts with the same vendor, or similar contracts that can be utilised instead. Business units or operating companies can gain visibility into the terms and cost base of other groups, providing leverage when re-negotiating existing contracts. Over time the knowledge base can be used to negotiate blanket agreements or significantly reduce the total contract amount for the organisation.

Ensure compliance and respond quickly to audit and legal holds

Most organisations face significant legal exposure around third-party contracts due to non-compliance with the contract terms. In most instances this is simply due to lack of knowledge – the day-to-day users of contracted products and services never see the actual contract; and central legal and purchasing departments may not have all the vendor contracts on file so they cannot be on the lookout for out-of-bounds usage.

Our solution for contracts management provides instant, searchable access to all contracts, simplifying the process for all users. In addition, expired contracts can be archived in line with corporate and industry legal requirements, and quickly retrieved in the event of a financial audit or legal requisition.

Automate and simplify contract processing and management

Contracts govern how you operate your business, but are frequently paper-based, processed and administered manually, and with little central administration or oversight. Our solutions for contract management help reduce risk, cost, delay and confusion around contracts, wherever they originate in your organisation.

Remove cost, risk, delay and complexity from contract management

According to Goldman Sachs research, adhoc, manual and paper-based processes for managing contracts represent significant cost and risk to organisations. It is estimated that companies spend almost 5% of their revenue to track agreements after signing a contract. Further, companies could realise savings that equate to 2% of total annual costs by eliminating inaccuracies and non-compliance through contract automation, says PricewaterhouseCoopers. Every company can benefit from faster, more efficient processes for tracking contracts through their entire lifecycle.

Key Digital’s solutions for contract management enable you to:

  • Accelerate contract review and approval with scanning, workflow and digital signatures.
  • Easily manage drafts and revisions to contracts.
  • Lock down master contract documents and templates for compliance and record keeping.
  • Maintain audit trails of each review and approval cycle.
  • Capture and manage contracts that enter the organisation from disparate sources.
  • Quickly develop a searchable contracts archive that’s accessible anywhere, anytime.

Contracts Management Self-Assessment

  • How many active contracts does your company have? How many are under source control?
  • Do you have a library of contract templates? Who has access to it?
  • How much geographical or business unit variance exists in your contract approval processes?
  • How long does it take you to find all contracts related to a specific vendor? Can you find all of them?
  • Do you know who is authorised to sign contracts across your company?
  • Do you have a process and system for identifying duplicate or conflicting contracts?
  • How do you identify contracts with pending renewal requirements?

Easily capture, index, and manage contracts
The first step to optimisation is to get all contracts under source control. Our solution enables anyone involved in the contracting process to scan hard copy contracts using MFPs, desktop scanners or even smartphones, and store them online in a secure central repository. Optical Character Recognition (OCR) and indexing technology makes the contract content fully searchable.

Streamline contract development, review and approval
New contracts can be created using eForm templates for simple contracts, or from master MS Word templates stored online. Contract drafts can be shared directly from the repository, e-mailed or printed. Annotations and edits are stored back as new versions, ensuring everyone has access to the latest draft, and has visibility into change history. Route contracts to multiple parties for review and the system maintains an auditable history of approvals.

Maximise your contract renewal and negotiation power
Contract owners are automatically notified before a contract expires, with sufficient lead time to evaluate the contract before renewing. Search the database and find other contracts with the same vendor, or similar contracts that can be utilised instead. Business units or operating companies can gain visibility into the terms and cost base of other groups, providing leverage when re-negotiating existing contracts. Over time the knowledge base can be used to negotiate blanket agreements or significantly reduce the total contract amount for the organisation.

Ensure compliance and respond quickly to audit and legal holds

Most organisations face significant legal exposure around third-party contracts due to non-compliance with the contract terms. In most instances this is simply due to lack of knowledge – the day-to-day users of contracted products and services never see the actual contract; and central legal and purchasing departments may not have all the vendor contracts on file so they cannot be on the lookout for out-of-bounds usage.

Our solution for contracts management provides instant, searchable access to all contracts, simplifying the process for all users. In addition, expired contracts can be archived in line with corporate and industry legal requirements, and quickly retrieved in the event of a financial audit or legal requisition.