The Easiest Way to Manage Contracts

With the PaperWork contract management solution, operations such as contract requests, drafting, legal review, revisions, obligation tracking, contract renewal and term extension are managed through workflow. The process from creating a contract to signing it is tracked in the system.

Key Gains:

• Central System: Brings all stages of contracts together on a single platform, increasing compliance, efficiency and accessibility.
• Time Savings: Eliminates searching for physical documents, saving a significant amount of time.
• Fewer Errors: Reviewing, commenting on and approving contracts and their attachments in the system eliminates processing errors and increases customer satisfaction.
• Fast Data Entry: Contracts are archived automatically with artificial intelligence, speeding up data entry.
• Process Tracking: Automatic contract creation from contract templates and process tracking shorten processing time.

Current Situation and Problems: Companies often have significant difficulty finding current copies of contracts. Physical files are stored in hard-to-reach places, so they are hard to get to. Finding the correct version of a contract can take hours. At the same time, sharing contracts by email and trying to track changes that way is a very inefficient method.

The Solution: You can take the first step toward efficiency by deciding to digitize your contract process and storage system. Different storage environments can easily be brought together in a central structure on PaperWork. The entire contract process, from creation to sharing with law firms and customers, is tracked on PaperWork. Through the PerforMax portal, PaperWork lets contract revisions be made directly in the system and monitors every step.

Technology Integration: With Intelivus, its AI-powered intelligent document processing solution, PaperWork automatically classifies contracts and their attachments and captures their data. This reduces manual entry errors, speeds up data entry and improves data quality.

Benefits:

• KPI Measurements: KPIs are measured on the automated contract process, and the process is continuously updated to respond to customers with the fastest, most accurate data.
• Labor Savings: Thousands of hours of labor are saved every year.
• Customer Response Time: Customer response times are shortened, and greener, more sustainable business practices are adopted.
• Paper Use: Paper use is reduced, and physical copies are kept only where legally required.
• Compliance Risks: A central archive reduces compliance risks, increasing customer satisfaction and win rates.

With PaperWork, you can make your company's contract management processes more efficient and significantly improve customer satisfaction and business performance.

Sources

https://www.ibm.com/think/insights/optimize-contract-management-in-procurement-with-ai
https://www.ibm.com/think/topics/business-process-management-examples
https://www.ibm.com/think/topics/document-workflow