How to improve your contract document flow?
Contract workflow is an inherent part of any modern business. Many employees have to deal with contractual documents; others use them every day as an essential part of their job. The bigger the company – the more document flow there is to process.Sooner or later, the necessity to improve efficiency and add value to your contract management arises. The easiest way to achieve this is to implement the enterprise content management system (ECM).
In the first months of implementation, ECM system restructures the whole contractual document flow and significantly accelerates such business processes as approval, signing and contract task control.
What are the main functions of ECM?
Often, the company uses several types of contracts, so it’s important for ECM to support various documents. It is also convenient, if ECM has the functionality to create templates, which simplifies the creation of new contracts.
Functionality of consecutive and parallel approval, as well as predetermined approval routes reduces the time of document workflow for any type of contracts. The list of approvers could be managed as well, because, for example, tender contract has more approvers than clearing contracts.
Important functions that any ECM should have is controlling the process of contract signing, assigning people in charge and setting tasks. They help to successfully fulfill all the contract duties by the contractor as well as performer, and to settle any appearing disputes.
Contracts usually come in a package with invoices, acts and other financial documents. In order to maximize the efficiency, ECM should have features to connect these different documents between each other. It reduces the search time and structures financial documents.
It is also helpful to have the function to assign permission controls to various documents. Technical employees don’t have to know all about marketing contracts. It is even better if the system supports the organizational structure of the company.
This is by far not the full list of functions of a modern ECM system. But even these features significantly amplify the efficiency of company’s business processes.
Citeck EcoS Contract Management advantages.
- Forming invoices and closing documents by templates, connected to the contract;
- Comparing document versions;
- Creating assignments by contracts;
- Approval from contractors;
- Forming approval routes according to contract type;
- Forming contract template according to contract type;
- Controlling contract end dates;
- Integration with accountancy software;
Citeck EcoS is based on the concept of Adaptive Case Management. It implicates, that document’s life cycle (creation, approval, signing, performance, archiving) is divided into a given number of stages. Ever stage consists of persons in charge and necessary events to start/end the given stage. For example, if there is a tech support contract that implies monthly payments, system could start the new contract stage every month. By the end of the month system could automatically create invoices and acts and send them to approval. All these documents are connected to each other and are easy to find.
Citeck EcoS is perfect for large companies with intense document flow, as well as for medium and medium companies with several dozen contracts per year. Medium and small businesses could use cloud version of the system.