Although an essential facet of running a business, managing contracts without a contract database can be a time-consuming headache. With so many different contracts with vendors and service companies, it can be challenging to keep track of them all without reliable contract software. The right solution can help you reduce the amount of time you spend searching through spreadsheets or shared drives so that you can work on growing your business. Here are just a few of the ways that a formal contract database can help your team maximize productivity:
When reading magazines, advertisements, or even this blog post our brain begins the process of recognizing the patterns that make up the characters. Our computer is able to do the exact same thing. Image-based documents can be converted into a language the computer understands for it to be able to read the document we need it to. This is where the Optical Character Recognition (OCR) tool comes into play. An OCR tool should be simple to use within a business software system that, in the long run, can save a company time.
Contracts are a part of doing business. Whether we're referring to a contract with a supplier, an employee, or a business partner, every single contract must be created, recorded, and stored. Before automated contract management software became a viable option, businesses, education institutions, and other organizations had to rely on filing cabinets and other means to store these contracts.
Demolishing filing cabinets, ripping out drawers, rummaging through mountains of papers, and scanning your calendars for expiration dates - I’m sure you’ve managed to lose important documents because there was no organization. It has probably caused you a great deal of stress.
Imagine all of your contracts being stored in a singular place – with no problems.
With Contract Insight™ Contract Management Software, this is what you are given.
Organizations across every industry are responsible for tracking, managing, and storing their contracts and agreements with vendors, clients, and partners. For many companies with contracts and committals with vendors, tracking the sourcing of those agreements is essential. Whether agreements with vendors are reached with simple or complicated procurement processes; a software suite with full procurement and contract lifecycle management can be enormously beneficial to any organization.
The Physician Payments Sunshine Act was passed by the United States in 2010 in an effort to increase the transparency of the fiscal relationships of drug manufacturers, medical device producers, and biological and medical supplies companies with health care providers. The institution of the Sunshine Act demanded pharmaceutical organizations with relationships to Medicare, Medicaid, and the State Children’s Health Insurance Program (SCHIP) to collect and track data relating to their agreements with entities such as physicians and teaching hospitals.
Procurement processes are crucial to the overall success of an organization. Sourcing goods and services effectively can have a noticeable positive impact on a company’s bottom line. Contract management software can enhance an organization’s procedures by allowing for internal contract visibility, managing rules-based contract requests and requisitions, and ensuring the tracking of vendor performance ratings.
The decision to “build or buy” contract management software in the healthcare industry is a huge step in the process towards greater organizational efficiency. Decision makers for hospitals, medical centers, and health plans must make this choice for a wide variety of software types including but not limited to: contract management software, billing and invoicing software, customer relationship management software, human resources software, or identity management software.
Regardless of what system you’re looking to implement, it is important to recognize the advantages and disadvantages of a home-grown versus a commercial solution.
In the business world, every professional is aware of what “workflow” is. Contract approval workflow, from the outside looking in, is just a giant chart of approvals and signatures that makes us all wonder, “Is all of this really necessary?” Of course, workflows are essential to keeping the buoyancy in every organization around the world. Processes must be followed in order to keep consistent, optimal production levels.
If this maze of people and tasks is so important, why would any organization want to count on their employees following the processes in such a hectic manner? The majority of organizations would think that is just another day at the office. Organizations ahead of the game using an automated workflow tool would wince at the idea of going back to such an obsolete process.
Contract Compliance Monitoring with Contract Insight Contract Management Software: Leveraging Preventative and Detective Contract Controls
Oftentimes, large companies in highly-regulated industries such as healthcare organizations and public (government) agencies have strict guidelines that they are obligated to follow in order to monitor their contracts for compliance. Some of these include:
- review and approvals prior to each party signing the contract
- periodic reviews after signing the contract (such as a 30, 60 ,90 day)
- contract review for contracts over a specified value (budget review)
- review for contracts in specified departments
- review for contracts in specified services
- reviews prior to contract end
- reviews after contract expiration and/or termination (such as contract close out)
How can we make it easier for contract professionals, such as corporate attorneys, paralegals, contract administrators, controllers, and managers (and the like) to assert that they have the appropriate contract review processes in place that comply with state, federal, corporate, and other regulations?