A Contract Management System enables companies to create new contracts and track the status of existing ones to ensure that employees, vendors, and clients deliver on the stated requirements. This guide can help potential buyers find the best contract management solution for their needs.
Contracts are at the heart of any company’s procurement efforts.
The company’s standardized contracts are stored here.
A fundamental workflow management system that makes the creation and execution of new contracts easier and more manageable.
Ability to deal with a vendor relationship and its exchanges with flexibility.
Calendars with dates and deadlines for the vendor to meet.
Checklists are used to keep track of information and actions throughout the contract life cycle.
Monitoring of compliance.
Alerts to indicate the presence of moving objects
What is the definition of a contract management system?
Nowadays, a contract management system is almost always a software-as-a-service (SaaS) offering (software as a service).
This indicates that the software is accessible via the internet and is available on a subscription basis.
Equipped with accounting, tax, and other standard regulatory and compliance requirements – spanning a wide-range of global standards – Ascent’s CMS simplifies even the most complex business operations in world markets. Based on flexible, service-based architecture, the solution is powered by Ascent’s all-new Business Process Designer engine. Configure it directly to map specific business needs and manage critical stages of the contract lifecycle.
Contract Activation and Management
Leverage a range of functions for powerful and granular asset management, including the ability to easily assemble related assets and business partners with any given contract; keeping a record of business rules to track documents needed; displaying repayment plans, amortization schedules, and disbursements; and keeping track of all contract calculations and finance-related information throughout the lifecycle.
- Manage origination through to activation
- Powerful asset management
- Document tracking
- Track repayment plans and schedules
Modify contracts in real-time without the need for rebooking. Get a 360-degree view of each customer, including complete audit history – empowering your representatives with the knowledge they need for optimum customer service. Use an intuitive interface to search record details and rapidly respond to customer questions and requests. Enhance customer service through mobile and our web portal.
- Real-time contract modification
- 360 degree customer view
- Rapid response to customer inquiries electronically
- Enhanced customer service with mobile and web portal access
You may avoid printing and scanning contracts this way, and you’ll have a better understanding of the entire process. You can even form teams to encourage cross-organizational collaboration on these legal papers and therefore boost transparency.
To identify delinquencies, automate collection actions, and enable repossession, remarketing, early termination, and litigation, manage all payment receipts against different modes of payment. Use the Dynamic Workflow Manager engine to route delinquent cases to the right collections at each stage of the collection lifecycle – all while keeping a detailed audit trail for thorough risk management.
Management of all receipts
Routing to the appropriate teams is automated.
Asset remarketing with a detailed audit trail
Manage the asset remarketing process from asset appraisal to inspection to advertising to gathering bid details and bid approval to an asset sale.