Business Challenge
• Client was fined more than a million dollars in penalties and needed to install document and contracts management controls to resolve violations and maintain regulatory compliance
• Manual, email- and paper-based process for managing contracts made contract execution slow
• Difficult to find the current version of a contract
• No tracking as contracts moved internally and externally to vendors for review
• No automated signatures for approvals throughout the process
• Physical storage space and manual management of paper documents required staff intervention
Solution
- Deployed an automated contracts management solution based on OpenText™ Documentum™ D2
- Use a secure central repository for all contracts so that users can locate the contacts and associated documentation any time
- Integrated email routing into automated workflows for tracked reviews and approvals
Solution Details
- Web-accessible search and retrieval of contracts
- Role-based security: Controls who can author, review, edit, approve, and view documents
- Update and manage documents
- Tracks all versions of contracts along with their status (draft, approved by vendor, approved internally, acceptance and automated signature from vendor, etc.)
- Reporting: Automated tracking and versioning of emails and contract modifications / notations provide the ability to view history and track timing of when and how documents have changed
- Automated Workflows: Automated revision and approval workflows eliminate manual steps, paper, and manual signature
Results
- Reduced time from RFP to contract signature/completion
- Reduced search and retrieval time by approximately 12.5%, allowing employees to focus on other tasks and increase productivity
- Reduced human error and re-work
- Regulatory Compliance
- Quick and easy access to all current company documents facilitates audits, helps reduce liabilities, and helps reduce risk of costly violations
- Helps avoid costly shut-downs due to non-compliance
- Improved collaboration within and in-between teams
- Records Management: Reduction of duplicate copies and storage space
Learn more about the Contracts Management Solution from Flatirons.
