Contract management provided better control
An outdated document management process brings challenges to many organisations. It is a fact that users spend an average of 180 minutes every week looking for documents. Our customer’s challenge was to keep track of its contracts, and to know which version was current and when the different contracts were up for renegotiation. In some cases contracts had even been lost when key individuals had left the company, meaning that important renegotiation dates had been missed.
Collaboration in brief
- Paper documents or digital documents that are saved in different places in the organisation
- Contracts were difficult to find when key individuals left the company
- Renegotiation of contracts was missed due to manual administration
Solution
From manual to automated contract management in the cloud
The customer contacted Nordlo, who performed a mapping exercise of the customer’s needs. The option chosen was a cloud solution with authorisation control. A shared contract database was created for the company.
The solution includes flows for contract monitoring that automatically send out reminders when a contract requires action, for example ahead of renegotiation. The version history functionality provides traceability for changes made to a contract, and authorisation control makes sure that sensitive data cannot be accessed by unauthorised persons.
The solution involves a digitalised contract flow from scanning or receipt of digital contract document, processing of document including OCR interpretation, to a contract directory in the cloud with access from both computers and mobile devices.
- Directory with authorisation control
- OCR interpretation of incoming documents
- Automated reminders
- Access from computers and mobile devices
Customer benefit
Full control and significantly less administration
The customer now has a full overview of all contracts and their individual status. The risk of missing important dates has been minimised and we save a lot of time by always knowing where to look for contracts and which one is the current version.
Automating contract management and creating flows that facilitate administration provide many benefits to the business, such as freeing up time for employees, who can now focus on their core business. The company has better control of all contracts with automated reminders for contract renewals.
Would you like to hear more about Nordlo’s digital contract management services? Feel free to contact us for a demo.
The risk of missing important dates has been minimised and we save a lot of time by always knowing where to look for contracts and which one is the current version.
