Potential clients are facing the following challenges in dealing with Contract Approvals:
- Writing up and approval of contracts can be a complex manual process involving specialists from various departments
- Co-ordination between different departments is often inadequate, leading to costly errors and misunderstandings
- Ensuring compliance is often time consuming, while sales people want to move quickly to avoid loosing sales opportunities
HDS Contract Management solution covers a wide variety of contracts such as procurement contracts, sales contracts, and employee agreements. It automates the contract management process by involving all stakeholders in the preparation and authorisation stages.
Our solution is based single user-friendly web platform. It represents best practice in contract management and it could be tailored to our clients’ unique needs and requirements. Our solution accelerates the process, from the initial request to the electronic authorisation, signature and storage.
Standardised contract templates are available online. Automation helps all contract creators use pre-approved contract templates and legal clauses and ensures that casual users can also collaborate on agreements.
The solution runs different sub-processes depending on the contract type. Paper and e-mail is eliminated at the preparation stage, where all stakeholders work on the collaborative platform. The system accelerates the process via notifications and escalations and ensures that the contract is completed on time. Audit trail is kept via signature traceability, thus ensuring compliance with regulations to the satisfaction of internal auditors and head office.
The complete document can then be printed out, signed by all parties, scanned and the image duly filed in the system for further retrieval. If the client wants to go completely paperless, our platforms can ensure legal electronic signature and filing.
The benefits to our clients from implementing our solution include:
- Reduced operating costs due to manual tasks automation
- Reduced business risk and lower error rate
- Increased process efficiency and faster approval timeframe
- Increased compliance with internal and external laws and regulations
- Improved data security of confidential and commercial information
- Never miss a sales opportunity due to contract preparation timing