Take a moment to reflect on the idea of an enterprise, and what the enterprise aims to accomplish. There is some irony; the enterprise is in the business of generating efficient value creating processes, yet is inherently inefficient in itself. Groups of people, hundreds, if not thousands of people come together to work towards a common goal of value creation.
To put the sheer scale of some enterprises in perspective, a leading mogul in the communications industry currently has roughly 85,000 employees. That’s enough employees to fill every seat in the Dallas Cowboys Stadium, and still have 5,000 people on the stadium floor. Imagine organizing the work and connections of 85,000 people when each of those employees is working from a separate corner of the world, in different time zones, or in multiple languages. Enterprise management is the perfect mix of creating efficient value from inefficient groups.
Enterprises are only as effective as the seams that hold the individual threads of communication together. We realize not all enterprises have 85,000 employees, but the example shows the importance of the processes to manage the chaos. Contract management may only be one set of processes within the enterprise, but managing the contracts your employee makes with other groups is vital to an efficient and cohesive organization. ConvergePoint’s Contract Management Software Solution utilizes your current Microsoft SharePointt 2010 or 2013 platform to create one central approval process and repository for all of your contract management needs.
Enterprises typically have checks and balances in place for the approval of contracts, usually a chain of command through a somewhat lengthy process. ConvergePoint’s Contract Management Software streamlines these checks and balances by creating a systematic approach to the approval process, making sure that no one is ever left out.
Contract requests are sent through a centralized approval process where the contract is requested, reviewed, and approved by all necessary parties within an organization. The system also indexes each working version of the contract, ensuring there is a complete audit trail of all parts and employees during the process.
The software keeps the contract moving through its process by sending email notifications to each employee in each step to inform them it is now their turn in the process. Once the contract document is approved and a signed copy is uploaded to the system, the new contract is automatically distributed on the distribution site so that all active contracts can be found in one central repository. Those documents can be sorted and permissed so that only the employees with permission can view the files, ensuring that sensitive contracts are kept securely.
Have you ever wondered where that specific contract was at in its approval process? Typically the next step is to send an email to everyone involved in the process and hope for an email back within an hour on the status. With ConvergePoint’s Contract Management Solution just a quick log-on will actively show where all of your requests are in the process. Retired contracts are kept in one location with each version history, and amendments are versioned as well. The reporting function provides quick feedback for managers and information can be exported to other software platforms. For example, by inputting a quick set of parameters, managers can see all of the contracts created during specified dates or all contracts created by a specific user then import this information to an excel spreadsheet.
Large enterprises often have hundreds of active contracts, all with different renewal dates, terms, and necessary approvals. A major frustration with current contract management systems is lack of transparency of what is due when. On rare occasions, enterprises may accidentally lose large accounts due to contract forgetfulness. It is not uncommon for a contract renewal to be due while the employee that was in charge of renewing the contract has left the company. The others in their department are unaware of the pending renewal because the employee has left with the knowledge, and no backup processes are in place to provide the information.
Never again miss another contract renewal. ConvergePoint’s Contract Management Solution leaves no room for error; each contract that goes through the approval process or is uploaded to the system has custom notifications set by you. Set the number of days to send a notification before a contract comes due, and add multiple employees to send notifications to. Add comments to each step of the process, and now you have a working contract that actively reminds you when it’s time to renew.