Contract Management – the need

Posted by Durgesh Hattangadi
April 1st, 2010
  • Do you know how many contracts your organization has? Who is the owner of your Contract Lifecycle Process?
  • Do you know how many of your contracts have Cost Penalties or Legal Liabilities? What is the cumulative value of your potential Liability?
  • Are you sure if you are getting charged accurately for your software/ hardware contracts? Are your contracts re‐negotiated before automatic renewal dates?

  • Do you know how much time it takes for updating your contracts in case there are new Regulations in place?
  • Can you determine all your contracts with a specific entity, or in a specific Country? Or calculate your total contracted revenue expected for the month?
  • Do you know how much time does it take to find a contract, send them between different locations? Do you know how easy it is to recover a contract in case it gets lost?
  • In case of attrition can you guarantee no loss of correspondence relating to a contract? Would the audit trail remain intact?

If the above problems seem familiar, it’s time to investigate on whether your organization requires an enterprise wide contract management system.

Hexaware’s Concord – Contract Management technology platform will deliver capabilities to enable companies to work collaboratively and more effectively to manage contracts. This platform will provide enterprise wide contract management features that will help in meeting challenges that are critical to business such as efficiency, compliance and risk management.

The key benefits of having Concord are:

A Very Comprehensive Repository

  • Manage Partner/Vendor Database
  • Standardized Contracting Templates and Languages
  • Enterprise wise Customized Contract Workflows
  • Amendments to the agreement is managed

Easy & Convenient Reference & Retrieval of Information

  • An inventory of Documents such as Legal clauses, Rate tables, etc.
  • Simplified information retrieval during extended negotiations
  • Minimize manual follow-ups between the provider relations, legal and financial departments
  • Existing/old contracts can be imported and maintained in the system

Versioning & Redlining of Agreements

  • Version tracking of agreements
  • Facility to see the differences between versions
  • Accept or Reject the changes in the versions can be done by Reviewer

Minimized Costs through Focus

  • Contract generated in PDF format can be reviewed before printing
  • Reduce cost accrued due to delayed renewal of vendor contracts
  • Allow Relationship management staff to focus solely on Provider relations
  • Ensured compliance through Templates, Section Library & Workflow tools

A High-End but User-Friendly Technical Support System

  • Real time View into your contracts pipeline: Active, Terminated, Upcoming for Renewal and Expired Contracts
  • Work with Excel etc. to edit contracts within the browser
  • Use a simple and uniform paradigm to contract across all provider, broker and supplier types
  • Integrates with your back office systems to feed contract, commissions, rate data to payer back office systems

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