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.
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.
Institutions of higher education use contracts for many purposes; whether ensuring the delivery of products and services, or fulfilling student, public, or organizational objectives, colleges and universities have a variety of instances where contracts must be utilized. Accordingly, with the overwhelming amount of contracts that these institutions use, it would be beneficial and more efficient for the institution to use contract management software. The benefits of using contract management software are abundant in higher education, but a few key benefits can be highlighted below.
Revenue generation is the front line for all for-profit organizations. The less efficient an organization’s sales team is, the less customers an organization will acquire; the less customers, the less revenue. Most companies have goals oriented around maximizing revenue. In order to maximize revenue, companies need to maximize their customer or client acquisitions. The best way to help reach those goals is to have the most efficient sales team possible. Contract Management Software can make any organization’s sales team more productive and more profitable by leveraging these tools:
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 Freedom of Information Act (FOIA) is great if you don’t work in government and believe that, as a citizen, you should be entitled to knowledge of your government’s actions. On the other hand, if you are a government contract administrator, complying with FOIA can be a time consuming process. Especially if you are responsible for tracking the seemingly never ending supply of public records or determining if a contract record is, or is not, exempt to FOIA.
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?