Effective contract management has emerged as a crucial function to improve profitability, support compliance and manage risk. Organizations following manual and paper-based processes for managing contracts are realizing that such an approach is inefficient, costly, and unsustainable. Inability to manage the increasing number of contracts can be a bottleneck in a growing enterprise.
MetricStream Contract Management solution enables companies to adopt an electronic and automated approach to managing contracts across the enterprise. It provides a central repository to store and organize contract documents. Integrated collaboration and workflow tools can be used to access, create, modify, review, and approve contracts globally in a controlled manner. The powerful analytics and reporting capability with graphical dashboards to track each contract from origin to obsolescence gives managers complete visibility into the system.Download Solution Brief
MetricStream Contract Management Software Solution
CONTRACT STORAGE AND ORGANIZATION Provides a central repository for storing and organizing all types of contracts based on various templates and classification criteria with automatic or user defined numbering scheme. Revision history is maintained and review period or obsolescence rules can be set for all contracts.
Association between various contracts allows easy cross-referencing and powerful search capability simplifies finding contracts by a particular author or related to a department. Entire functionality can be accessed from a browser through a portalbased interface and authorized users can view the contracts through popular desktop viewers such as Adobe Acrobat and Cimmerty jVue.
CREATION, REVIEW AND APPROVAL Simplifies creating new contracts or making changes to an existing one by allowing users to initiate such requests and taking the contracts through various stages as per rules and workflows defined at the organizational level. Tasks for creating, reviewing and approving contracts are assigned based on roles and responsibilities along with due dates; email notifications and reminders keep the process on schedule; escalation can be triggered when due dates are not met.
Cross-functional teams can work on a contracts at the same time adding their comments and annotations without modifying the original contract and route it back to the author for incorporating changes. Upon completion of the review and approval process, the contracts can be published in production with email notifications sent to a distribution list.
SECURITY AND ACCESS CONTROLS Enables secure contracts access with centrally manage policy-driven controls. Rights to view, modify, distribute, or printing are granted based on roles and user groups; distribution lists can be defined for a contract category and check in/ check out logs are maintained.
The system provides accurate time stamped audit trails with what, who, when and why information for contract access, changes and comments. Electronic signatures capability based on robust authentication and authorization infrastructure ensures compliance to regulations.
MetricStream GRC Platform is a robust and scalable infrastructure that provides core services and capabilities leveraged by the Contracts Management module including:
Embedded best practices - such as FDA cGMPs - ready to be used out-of-the-box with the flexibility to meet specific requirements and adapt to changing business processes
Fast implementation with a workflow and collaboration engine that provides configurable forms design and creation, information flows, notifications, alerts and escalation paths
Secure web-based access for all users with appropriate views and tabs for initiating actions, responding to events, managing todo lists and assigned tasks, viewing reports and dashboards
Built-in reporting for analytics and business intelligence for statistical process control with a tool to create custom reports that can be emailed or exported into formats like MS Excel and Adobe PDF
Executive role-based dashboards for graphical views of information with the ability to drill down to the finest level of detail to see the underlying data
Seamless Integration with Document Management, Change Control and other compliance applications and processes
Support for electronic signatures and accurate timestamped audit trails for regulatory compliance
METRICS AND REPORTS Provides complete visibility into the system with easy contract status tracking. A transparent system with each contracts traceable from any desktop in the organization makes contract management a predictable and efficient process. Graphical executive dashboards and flexible reports with drill-down capability provide statistics and data by a variety of parameters like contract types, status, audit history, in-process contracts, approval cycle times, usage summaries, average review times, etc.
- Maintain a central, secure repository for efficient storage and retrieval of contracts and related documents
- Accelerate review and approval cycles with contract documents automatically moving from one stage to the next
- Improve communication and teamwork across departments and functional areas
- Gain enterprise-wide visibility into contract status with measurable performance metrics
MetricStream solutions are scalable and agile, and will help us harmonize our store audit processes.