Contract Tracking

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Written by Luke Tyler

Luke talks about Riselabs’ developments and ideas, as well as the latest innovations in tech grabbing our attention.

Distributing, annotating, editing and reviewing client contracts through a contract manager brings great flexibility to your customers and real trackability for your business.

Distributing, annotating, editing and reviewing client contracts through a contract manager brings great flexibility to your customers and real trackability for your business.

We can develop a system that allows your business to manage its contracts in a highly automated way. To drive efficiency, we are able to integrate contract data with a third party system such as a mobile application. Here, a contract can automatically be drafted and be e-signed (by utilising a third party tool such as HelloSign) by a client or customer.

This is beneficial to an enterprise level business in a multitude of ways. At the staff level, efficiencies are improved, as the software generates the contract and accurately calculates the pricing – manual input is reduced down to customer details and products. This can be undertaken remotely, which can benefit the business and the client equally.

Once signed, this moves into a contract manager application which can automatically communicate with storage management systems if they are both utilised in a method that is integral to one another. If there are necessary variations of contract,  comments, amendments, or if the generation of entirely new contracts is required, this can all be undertaken within the contract manager.

The reporting from contract data can also serve as important marketing information for the future, such as the customer segment who typically buys specific items or services from your business. Equally beneficial is the audit trail that is generated through contracts being backed up online, being more efficient than a paper based system and better equipped for review and evaluation.

Scenario

There are considerable benefits to streamlining how contracts are managed within your business. Rather than spending unnecessary time tracking what stage a contract is at and what needs to be actioned, this can all be centralised through a contract manager. The following difficult features of contract management can be removed or alleviated

The contract needs to be reviewed

By leveraging third party tools, live annotations can be made on the contract to be amended quickly and resolved easily.

Work is being duplicated

Through a backend system that communicates with an application for tablets, staff no longer have to use paper based systems to capture information and manually input this at a later date. This is instead inputted once and is instantly sent to the main system.

We have to visit the client to get the contract signed

E-sign functionality can be leveraged to make contract signatures accessible via email. This drastically reduces the time staff spend visiting the client,  and also makes this signing contracts more practical for the client.

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