Contract Management is a subset capability of the powerful FileHold electronic document management and workflow system. Alerts and reminders can be set on contract review and renewal dates. Users can easily store, search and recover the version controlled, contracts they need. Contracts can be put into a document workflow by anyone in the organization or can be sent to anyone with an email address for document review, approval and e-signature.
FileHold contract workflows can be created by any user and there is no extra charge no matter how many workflows are created or how many contracts are stored within FileHold.
Most organizations create, or receive complex contracts that often require multiple revisions and many authorizations. Creating and managing these contracts electronically in a document management system can save time and frustration and ensure everyone is working with the most current version of a document. The FileHold contract management software has features that; maintains security, allow users to collaborate, provides alerts and reminders as to contract expiration or renewal dates.
Perhaps most importantly the contract management system has rigorous version control that ensures knowledge workers have the most current version of contracts available to them. The solution allows users to look at and even check out contract documents from anywhere in the world they have access to the Internet. Contracts can even be approved using the FileHold mobile application.
Contract Management Alerts and Reminders
Contract alerts bring to your attention changes that occur to contracts stored in the Library. For example, a user in marketing subscribes to an marketing contract renewal that brings to their attention time to review and renew the contract.
Users can set alerts on both folders or documents. If any change is made to either the folder or the document and alert is sent out by FileHold. Users can determine the type of document or folder changes they want to be notified of and the email address to send the notifications. This capability is set in Alert Preferences.
Users can also be notified via email and alerts of specific date based events called User Defined Events. For example, in a property management company property leases must be renewed every year but require the legal department to review the lease contracts 60 days before the actual renewal date. An event can be set up so that every year (or any length of time), the legal department or the contract administrator of the lease will be notified 60 days prior to the contract expiry date. These User defined events are set by the Library Administrator.
Cost Saving from using Contract Management Software
Saving knowledge worker time equates to money savings. Assume that the average Full Time Employee (FTE) burden for an a knowledge worker such as an engineer, middle manager or legal clerk is conservatively $100,000 per year. This may consist of an average salary and additional benefits and burdened costs.
How much of that workers time is consumed dealing with contracts written on paper? if any of the following paper processing related tasks are occurring in your organization it is easy to justify changing to FileHold contract management.
- Walking to a printer to pick up paper
- Walking to a copier to copy paper
- Walking back to desk with paper
- Signing paper, multiple copies
- Walking signed paper to another approvers office
- Sticking signed paper in interoffice mail box
- Stuffing signed paper in an envelope, and walking to/from mail box
- Putting signed paper in a fax machine, including walking to/from fax
- Putting signed paper in a priority mail envelop, including walking to/from drop off box
- Putting signed paper in file cabinet, including indexing, including walking to/from file cabinet or storage location
- Putting signed paper on scanner, including uploaded to archive, including walking to/from scanner
- Retrieving signed paper from cabinet or storage location, including walking to/from archive
- Shredding signed paper in future Changing this contract to an electronic form and entering it into a workflow will save significant time and money for this engineers employer.
FileHold document workflow combined with electronic contract management eliminates all of he above steps and creates a review and approval process that just takes minutes. The additional benefits are the security of the documents and the easy of finding when re-use is needed.
To learn more, sign up for our free contract management software webinar!