With the inception of Sarbanes Oxley, State Lawsuits surrounding broker commissions and provider payments, contract management is high on executive agendas. In addition companies are trying to move from a paper intensive process to an electronic paperless process.
We offer a comprehensive solution in the contractsmanagement space, encompassing application developmentand outsourcing of non-core functions. Propelled by ourrobust domain and process expertise, the features we offersurpass all competition.
Hexaware’s Contract Management technology platform deliver capabilities to enable companies to work collaboratively and more effectively to manage these contracts.This platform provide enterprise wide contract management features that will help in meeting challenges that are critical to business such as efficiency, compliance and risk management.
Contract Management – Key Features
Contract Management Solution
Contract Management IT platform has been well architected and designed from perspective of flexibility and extensibility so that it could be tailored and customized for various business scenarios.
Contract Creation: Creation of the contract being a complex process has been intentionally partitioned into multiple screens & presented in the form of a wizard to capture all the essential data. The wizard will assist in capturing Base Contract Details, Vendor & Contact Association, Contract Sections & Clauses, Pricing details & various Attachments.
Contract Generation: Provisions have been given to Preview or create the contract in a PDF format. The layouts & formats can be customized without changing the Contract contents.
Collaboration Workflow and Electronic Signature: System provides a customizable workflow engine to cater to the multiple levels of Review & Approvals (Both Internal & External). This will provide collaboration capabilities for parties to negotiate contracts and terms and finalize the contract along with electronic signature capability. The flow of the contract document across different users is accomplished by sending an email & creating a new task in the specific user’s task list.
Contract Versioning & Redlining: System has been designed to keep track of all the changes by maintaining audit trails & creating new version. System provides the Redlining feature to assist the reviewer to accept the modifications done on the Contract document.
Templates & Section Library: System allows creation of templates for Contract, Vendors & Contacts. So every time you want to create a new contract or add a new vendor /contact a template is ready to be used, saving considerable time as well as providing the correct framework to capture data. System also maintains all the sections or clauses, which need to be pulled into a contract, as an independent library thus reducing redundancy.
Contract Management: Contract management system provides the following features as part of the end-to-end contract management functionality:
- Renewal of an existing contract
- Amendment or Addendum to an active contract
- Search Contract in the Contract Repository
- Advanced Contract Search Engine
- Import scanned signed agreement
- Import of scanned old agreement
- Email Integration
- Agreement Security
- Contract Attachments
- User & User Role Management
- Vendor Management along with Vendor Template
- Contact Management along with Contact Template
- Classification Management
Offshore BPO and Call Centers: State of art facility which includes call centers, resources and expertise to provide single point-of-contact for relevant parties. Manage end-to-end business processes with high quality and SLA guarantees.
As agreements go through its complete life cycle, Service personnel will be notified of such events. Proactively keep agreement information up to date by calling people & following with appropriate parties to complete necessary steps within process. Other supplementary functions would include activities like verifying the Broker License, credentialing.