The process of managing contracts made with customers, vendors, partners, or employees is no simple task. If handled incorrectly, your organization could lose opportunities for renegotiation, face penalties due to non-compliance or endure costly legal audits. The difficulties of paper-based, manual processes only increase the chances of problems arising.
Several aspects of a paper-based processing can escalate risk. With each revision, copies must be forwarded to the right person for approval. This is time-consuming and costly. Relying on paper increases the danger of lost documents or working with outdated versions. Ultimately, this could remove leverage in vendor contract negotiations or result in lost customers.
The OnBase contract management solution from Hyland Software removes the risks and waste associated with manual, paper-based processes.
The OnBase solution for Contract Management provides you with a single repository to store contracts, providing employees with instant access to the information they need. Once documents are in OnBase – whether imported from other systems or scanned in – they are much easier to work with throughout the contract lifecycle. Each edit is fully tracked and recorded, providing you with a full history of what was changed, when and who did it. Completed contracts can then route through the right approvals automatically and the appropriate approver can use a digital signature to execute the document.
Track all alterations or actions taken on a contract, helping you document compliance and reduce the time needed to perform an audit
Increase visibility into the contract process, allowing you to instantly see the status of contracts, pinpoint bottlenecks and improve cycle times
Securely store contracts while providing easy access to those who need it
• Secure, efficient collaboration with an automated approval process
• Centralized storage with permission- based access and edit rights
• Scheduled alerts for document review, renewal and deletion
• Shorten lengthy audits by automatically tracking all document modifications