Legally binding contracts and agreements underpin almost every business transaction. These contracts are comprised of terms & conditions, clauses, obligation and objectives that need to be tracked and managed throughout the entire contract lifecycle to maximize business benefits and minimize associated costs or risks.
Typically, contractual documents are stored in departmental filing cabinets or different repositories on various business systems. They are rarely actively managed and are only reviewed again when a problem arises or the contract has already expired. Moreover, spreadsheets are widely used for tracking contracts and there is no notification mechanism involved.
Some of the other Business Challenges include:
- Lack of Enterprise-wide Centralized repository
- Lack of ability to automatically alert users of key contract due dates
- Lack of streamlined approval mechanisms.
Datamatics Contract Management System (Datamatics CMS) solution can help organizations have online access to draft contracts with their existing and prospective business partners for fast, effective, and complete management of the entire negotiation phase. During collaboration, all components of the proposed contract are stored in one place so that the multiple components of a contract are not spread across the systems of multiple stakeholders.
With online scheduling, automatic notification, and a fully-secure environment, Datamatics CMS offers a shared location that promotes the expediency of contract negotiations, review, and approval in a highly secure manner—far superior to any commonly used standard environment, such as email.
Datamatics solution dramatically increases the transparency of contracts. Stakeholders from all departments are able to view and share real-time information about contracts from a single, centralized location. The solution provides the ability to monitor the efficiency of the contract tasks and refine processes accordingly for continuous improvement. Moreover it offers the features/ functionalities to search,audit, and report on the contracts, including monitoring terms, client status, document type/subtype, client group, project type, agreement status.
Some of the key features that are part of the Datamatics Contract Management solution include:
- Provide the ability to create/update/delete a contract
- Provide a secure, online environment for collaboration
- Provide a Centralized Electronic Repository:
- Automatic upload to back-end System
- Proactive Report and Alert Management System
Datamatics Contract Management System enables organizations to be proactive in the management of contracts and gain a deeper and more contextualized understanding of the risks, obligations, and benefits associated with each contract. As a result, the organizations can more effectively manage business relationships with both vendors and customers.
Datamatics CMS provides a holistic approach addressing the fact that contract management applies to all types of contracts, which need to be available to many groups within the enterprise to maximize their benefits, enforce standard language and terms, and enable contract transparency. Some of the business benefits of Datamatics Contract Management solution include:
- Reduce legal, processing, and operational costs
- Improve speed and efficiency in negotiation process
- Manage risks and liabilities
- Enforce supplier commitments
- Realize increased revenue
Datamatics Technologies Ltd. (DTL) is a premier provider of Enterprise Content Management solutions and services. The company provides consulting services to assist with all phases of these solutions including identifying and re-engineering business processes, requirements and design, integration, deployment planning, execution, and education and training. The company has established relationships with leading product vendors within the field to ensure it provides clients with state-of-the-art solutions that deliver real world results.
This solution brief was developed to assist you in identifying products from select Business Partners that may be of interest to you as you consider your information technology needs. Any reliance by you on this publication is at your sole risk and will not create any liability or obligation on the part of IBM. Reference in this publication to IBM products and services do not imply that IBM intends to make them available in all countries in which IBM operates. All information in these materials is subject to change without notice and provided on an "AS IS" basis without warranty, indemnity, or representation of any kind, including the implied warranties of merchantability or fitness for a particular purposes.
© Copyright IBM Corporation 2013. All Rights Reserved. IBM, the IBM logo, and FileNet, ILOG, WebSphere, Connect Control Center, Connect:Direct, Connect:Enterprise, Gentran, Gentran:Basic, Gentran:Control, Gentran:Director, Gentran:Plus, Gentran:Realtime, Gentran:Server, Gentran:Viewpoint, Sterling Commerce, Sterling Information Broker, Sterling Integrator, Affinium Netinsight®, Netinsight®, Nettracker®, U® device, and Unica® are trademarks of IBM Corporation, registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies.
For more information, visit ibm.com/software
For more information, please contact:
Rajesh KV (India)
+91 22 61020841