Contract management an important part of the purchasing cycle. DIgby 4’s Contract Management System is a secure, web-based system accessible from anywhere to authorized users. It can begin to track activity at the start of the purchasing cycle to support the creation of a new agreement: different contract versions, related documents, etc. This increases the likelihood that all contracts will be included in the system.
Contract Management activities include:
Capturing the details needed for contract management, sometimes not found within the contract itself.
Identifying contract event dates for which a reminder is needed.
Setting up a method for tracking event dates.
Associating new sub-agreements and amendments with the original contract.
Associating billing account numbers with the correct contract.
Tracking personnel changes during the life of the contract: contract manager, attorney, vendor representative.
Tracking contract issues to remember when the contract is up for renewal (what worked – what did not)
Allowing for sufficient time to plan in advance for contract renewal, renegotiation or issuing a Request for Proposal
Using DIgby 4’s CMS to Manage Your Contracts:
Creates a discipline making it easy to enter the information needed to manage a contract. Keeps all information, related documents and sub-agreements in one easily accessible place.
Creates a Master View of all contracts and key contract details. This is searchable and can be sorted or filtered by vendor, type of service, size of contract, expiration date, etc. It can also total the value of all contracts by vendor
Creates e-mail alerts for Contract Events that need to be managed.
Enables access for individuals managing and purchasing from the contracts.
Contract Management is the foundation of expense management:
Ensure that all services are associated with the correct contract to receive contract rates.
Allow purchasers from the contract access to terms, conditions and rates.
Provide access to those approving invoices to validate bill accuracy.
Avoid costly penalties for failing to meet contract commitments.
Arm yourself with contract terms to minimize early termination penalties.
Avoid contract expiration that may result in higher rates.
Pre-empt auto renewal that will take away your renegotiating leverage.
Keep the upper hand in contract negotiations with an early start.
Allow sufficient time to investigate lower cost alternatives.
A demonstration of our Contract Management System includes:
The set up form for entering contract data elements.
The master view of all contracts, contract management data and one-click access to a copy of the contract.
The Contract Management Dashboard.