THE ULTIMATE GUIDE TO Contract Management · 2019-06-05 · THE ULTIMATE GUIDE TO CONTRACT...

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THE ULTIMATE GUIDE TOContract Management

ContentsIntroduction 2

Why Automate Contract Management? 3

Pain Points from Poor Contract Management 8

Benefits of Contract Automation 15

How Contract Automation Works 16

5 Steps to Contract Management 23

Contract Automation in Action 33

Contract Automation: A Before & After Story 40

Conclusion 44

THE ULTIMATE GUIDE TO CONTRACT MANAGEMENT

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Why AutomateContract Management?

Pain Points from PoorContract Management

Benefits of ContractAutomation

How ContractAutomation Works

5 Steps to ContractManagement

Contract Automationin Action

Contract Automation: A Before & After Story

Conclusion

Introduction

IntroductionFrom insurance policies to vendor agreements, contracts take many forms. They establish partnership and accountability between parties and often requireconsiderable negotiation before being finalized. The time it takes to approvea contract can be as significant as the content of the contract itself, and slow, manual contract processing reflects negatively on an organization’s ability toprovide excellent service.

An automated, digital contract management system reduces the administrativeburden on employees and allows legal, financial, sales and other professionals tomake better use of their expertise. The technology behind automation transformspassive documents into active drivers of the contract process, increasingproductivity without requiring extra staff.

Let’s explore the ways automation helps organizations build a high-functioningcontract management system that employees, partners and clients can appreciate.

Introduction

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Conclusion

Introduction


By resisting automation, organizations limit their visibilityinto enterprise contracts, while exposing themselves torisks in the form of missed cost savings, poor compliance, and regulatory backlash.

Aberdeen Group Study: Assessing the Value of Contract Automation


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Conclusion

Introduction

Contract management depends on document-driven processes that, in apaper-based environment, can be laborious and inefficient. For example, a bankloan requires one or more employees to prepare and print copies of the loancontract and submit them to multiple parties for review, revisions and signatures.


Although the contract is an essential part of processinga loan, spending hours of valuable time to complete thisprocess on paper is not.

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Conclusion

Introduction

Why AutomateContract Management? Enterprise content management (ECM) software reduces the time it takes to

complete tasks—without sacrificing quality of work. Organizations use ECM tocapture, store, secure and access information by:

Importing all documents, whether they originate on paper or in a digitalformat, into a digital repository.

Organizing documents in the repository, where authorized employeescan search for, retrieve and edit them.

Keeping files in a standard format (such as TIFF) that can be easilyshared across devices.

Archiving records as non-editable files retained according to acompliant records retention schedule.

Making information easier to locate during an audit or records request.

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Conclusion

Introduction

For many organizations, BPA is morethan a convenience— it’s become centralto effective contract management. A 2013 Business Integrity survey of200+ organizations found that

46% planned to automatetheir contract processes

as a result of low satisfaction levels withmanual processes.

Business process automation (BPA) facilitates document-based processesand should be an integral part of your ECM solution. BPA handles many ofthe administrative tasks that, though critical, slow down productivity whenperformed manually. Such tasks include filing documents, creating newfolders and transferring documents between employees. BPA software alsoeliminates the need for paper- specific tasks like making photocopies andgathering handwritten signatures.


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Conclusion

Introduction

Another study by the Aberdeen Group ranked “Best-in-Class” organizationsagainst “laggards” and found that organizations with the shortest cycle timesfor contract review and approval (8 days versus 47) were also 84% more likelyto have automated routing and approval processes and 77% more likely toautomate notifications of key dates and events.

This focus on automation shows that organizations are now viewing contracts asopportunities for operational improvement and competitive advantage.

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Conclusion

Introduction


Workflow inefficiency results from not knowing thatsomething must be done or by whom. Time spent creatingcontracts and resolving disputes incurs administration costs, opportunity costs, and a perception of poor customer service.

PricewaterhouseCoopers study: Contract Management: Control Value and Minimize Risks


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Conclusion

Introduction

Several signs point to a subpar contract management system. Before youdecide to automate any contract processes, it’s important to articulateand assess these pain points. Here are seven indications that the need forautomation has become critical.


1 Missing or Lost Contracts

With so many contracts and drafts movingthrough the enterprise, it’s easy to losetrack of them in a manual system. Anemployee might even find himself askinga business partner for her copy of a contractwhen his has gone missing.

This seemingly harmless error sends amessage of disorganization that can bedamaging to an organization. An automatedcontract management system doesn’ t justsave face—it keeps your organizationprepared for any contract request, whetherit comes from a colleague, a third partyor an auditor.

Automating thecontract managementprocess makes itpossible to instantlylocate any contract.

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Conclusion

Introduction

Inconsistent Versions of Contracts

Another sign of disorganization comes from poor version tracking. Without asystematic approach to contract drafting and storage, it becomes exponentiallymore difficult to know which version is the most recent.

According to the PricewaterhouseCoopers study, “Storing paper contractsin a variety of locations makes it difficult to track down the contract andassociated data, and can create problems over version control.”

Limited Visibility into Obligations

When contracts are not stored in a central location, it is up to individuals, rather than the organization, to monitor contractual obligations. This becomesespecially problematic when employees depart and take their knowledge withthem, leaving the organization unsure of the employee’s abandoned accounts.

Without central oversight of contracts, customers might be undercharged whilevendors overcharge you. Perhaps this is why the Aberdeen Group study foundthat 53% of participants focused on contract management to improve revenuefrom service.


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On the other hand, organizations can overspend when they pay unnecessarily forproducts or services, such as unused software licenses or maintenance fees onabandoned items. All these losses stem from a lack of contract awareness.

Unsustainable Operational Costs

Paper contracts result in storage, printing and mailing expenses that onlygrow over time. Destroying obsolete records seems like an easy way to mitigatethe costs of paper, but without an organized system for retaining records, organizations have no way of knowing when an old contract can be destroyed.

Instead of sacrificing work space for storage space and watching the papercosts increase, organizations can store contracts as digital files in an easilyaccessed repository.

Missing Contractual Milestones and Deadlines

Revenue also leaks when organizations don’t comply with sell- side contracts. For example, if a supplier fails to deliver correct services or quantities tocustomers, it can be forced to issue refunds, discounts and other means ofcompensation to resolve the issue.


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Costly Disaster Recovery

The cost of storing paper is high enough— imagine what happens when thosedocuments are damaged or destroyed due to a disaster. Floods, fires and otheremergencies can irreparably damage hard copies, and without a master contractlist or system for tracking contracts, it can be nearly impossible to assess whathas been compromised.


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The worst disasteris the one you don’tanticipate. Roughly 40% of organizations withoutbusiness continuityplans will go out ofbusiness within a fewyears of a disaster.

Shared network drives also addrisk to the organization. Whenemployees store contracts locally, they become susceptible tohardware malfunctions, networkcrashes and other system failures. Backing up digital files or storingthem on a remote server helpsmitigate this risk.

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Legal Disputes

Business relationships reach a peak of distrust when legal battles ensue. According to a 2013 Fulbright & Jaworski survey of litigation trends:


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44% of U.S. corporatelitigations are relatedto contract disputes—this percentage rises

to 57% in the U.K.

44%

57%

U.S.

U.K.

Whether one party fails to uphold a contractual obligation or the contractlanguage is ambiguous and poorly drafted, the solution lies in a moretransparent, more efficiently monitored contract management system.

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Conclusion

Introduction


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Conclusion

Introduction

Benefits ofContract AutomationAutomation technology is multi-functional and can lead to manydifferent benefits, including:

Lowered storage, printing and courier costs.

Fewer data entry errors and lost or misplaced files.

Improved security with version tracking and role-based access.

Central control over contracts.

Improved accountability over stipulations and conditions.

Higher productivity due to faster processing times.

Simplified records management.


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Conclusion

Introduction

How ContractAutomation WorksA sophisticated ECM system can streamline the many stages ofcontract management. Let’s look at those stages individually tobetter understand the functions and capabilities of ECM.


ContractRecords

STAGES OF CONTRACT MANAGEMENT

Contract RenewalAmendment

ElectronicSignatures

Review & Approval

ContractTemplates

ContractRequests

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Conclusion

Introduction

Contract Requests

Many employees still have to pick upthe phone or send an email to requesta contract.

These unstructured methods ofinitiating contracts put employees ata disadvantage right from the start asthey must spend time transferring ormanually entering data.

With ECM, organizations can collectcontract requests through an electronicform. The person requesting the contractfills out the required information, suchas third party name and contract type, and submits the form electronically. The ECM system routes the form tothe appropriate employee to begin theprocess, eliminating the need for phonecalls, emails and paper documents.

48% of respondentswork for organizationsthat still rely on phoneand email to requestcontracts.


2013 Business Integrity survey

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Conclusion

Introduction

Contract Templates

Once the form is submitted, the receiving employee opens the correspondingcontract template from the ECM repository. For example, if a request for anon-disclosure agreement has been submitted, then a non-disclosureagreement template will be used. This template can exist as a Microsoft Worddocument or PDF.

The ECM system automatically pulls information from the form and populates themetadata fields associated with that template. The metadata helps employeessearch for contracts within the repository and provides “at a glance” informationabout the contract that staff can see without having to open the contract itself.

Metadata also includes fields that reflect the status of the contract, such aspending approval,” “ needs revision” or “finalized.” ECM routes the contract to theappropriate folder in the repository based on this information.

After the metadata is filled out by the ECM system, the employee customizes thetemplate based on the information provided in the form and metadata. In somecases, ECM can automatically populate fields in a PDF based on informationentered in a form.


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Review & Approval

When the contract draft is ready for review and approval, the employeedenotes the appropriate reviewers in the contract’s metadata. The ECM systemroutes a shortcut of the contract to the reviewers through an automaticallygenerated email.

By routing a shortcut and not five copies of the contract itself, reviewers canview each other’s changes and make simultaneous edits. This eliminates theback-and-forth process of revising hardcopy contracts. ECM can also trackchanges in case people need to view earlier versions of the contract.


The most advanced ECM systems will allowemployees to route and edit contracts througha web client or mobile device, giving themanytime, anywhere access to contracts.

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Conclusion

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Electronic Signatures

Contracts require signatures at multiple points inthe review and approval process. When a contract isready for signatures, its metadata field is updated torequires signature.” This action triggers the contractto be automatically emailed to the appropriate partiesfor signatures.

Within the ECM system, the contract can be savedas a PDF that recipients can sign but not edit. ECMallows for electronic signatures either throughintegration with a system such as DocuSign, or asa native component.

Once all parties electronically sign the contract andemail it back to the organization, the contract’ s statusis changed to reflect its progress (usually “approved” or “finalized”) and automatically moved into thecorrect folder in the repository.


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Conclusion

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Contract Renewal & Amendment

Metadata can be filled out based on the conditions of the contract. For example, acontract that requires renewal within two years of its effective date can be foundbased on a “ renewal date” field in the contract’ s metadata. The ECM systemchecks the repository automatically for any contracts that need attention, keepingstaff members more aware of contractual stipulations while freeing them fromthe burden of manually monitoring every contract.

Contract Records

The life cycle of the contract is managed by the ECM system, which assignsretention and disposition schedules according to the contract’s metadata. Specificconditions can be assigned to the record based on industry regulations and theorganization’s business practices, ensuring compliance and reducing risk. Forexample, a vendor contract can be kept for two years (an interval) based on thedate of final signature (an event), after which the contract can be renewed ordeclared inactive.


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Conclusion

Introduction

If the organization ever needs to review a contract, it can run a quick searchin the ECM repository and locate it in seconds. When it’s time to purgearchived contracts, a records manager or other designated employee runsa report to find the ones that are ready for disposition. The ECM system canalso run pre-scheduled searches to locate records and send the report tothe appropriate employee.

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Conclusion

Introduction

5 Steps to ContractManagementAutomating contract management requires a solid plan of execution, stakeholder support and willingness from end users to adapt tochange. These five steps will help you build and maintain momentumfor contract management.


5 STEPS TO CONTRACT MANAGEMENT

TrainStaff

Map theProcess

GatherRequirements

SecureBuy- in

EstablishOwnership

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Conclusion

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Establish Ownership of the Project

Identifying a project owner and project champion is the first critical steptoward successful contract management. While the project owner handlesdaily operations, the project champion shares the vision of automation withstakeholders and gathers support.

Both project leaders should be able to:

Effectively communicate with all involved departments, including IT.

Understand the needs of end users who will be using thenew system daily.

Express the value of automation to stakeholders acrossthe organization.

Identify early advocates of automation and enlist theirhelp in gaining support.


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Conclusion

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Along with these criteria, the project leaders must understand that thebiggest challenge to automating any process is user resistance. JennettMays, Communications Coordinator at the Township of Springwater, Canada, emphasizes the importance of approaching automation as a strategic businessopportunity with clearly expressed benefits.

We can train people, we can give them thesoftware, but they need to be on board with usingit or you’re going to have more problems.

Jennett Mays, Township of Springwater, CA5 Steps to Contract

Management

By addressing user concerns before diving into the technical details of the project, Mays has overseen rapid adoption of ECM across the organization.

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Conclusion

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Secure Buy- In

The project champion should obtain support from all involved departments, not just legal or procurement, to realize the full time- and cost-savings ofautomating the contract management process. For example, an ECM system canautomatically route contracts to the appropriate people for sign-off, making theprocess faster and less laborious for all parties.

Kristin Nace, Director for Fiscal Services at Texas A&M University’s HealthScience Center (TAMHSC), formed an implementation committee to facilitateECM buy-in. The committee decided to start the project in the financedepartment, which included accounts payable, payroll, HR and the contracts andgrants division, because it was the number one paper consumer at TAMHSC.

By selecting a department where the impact of ECM would be immediately clear, the committee generated buzz around the project and demonstrated benefitsinstead of simply talking about them in theory. Potential users approached Nacefrequently to ask when ECM would become available for their departments.

Adoption was extremely easy,” says Nace. “When it comes to ECM, I don’t have tomake anyone do anything.”


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Conclusion

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Gather Requirements

Once department leaders are on board, the project owner should obtaininformation about contract-driven processes from end users, stakeholdersand any other involved parties. In particular, identifying pain points helps theproject owner separate the essential steps of the process from thenon-essential ones.

The project owner should identify:

How employees are trained on contract-driven processes.

How employees actually perform their contract-related tasks.

Bottlenecks and redundancies in the contractmanagement process.


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Conclusion

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In fact, when the Town of Marana, AZ, begins any new technology project, itdevotes the most time to gathering requirements. It does this by:


Asking questions.

Gathering sample documents.

Identifying who does what when, where and why.

Identifying and analyzing the current business process.

After all, without a comprehensive view of the process, the town’s project ownerscould not knowingly improve it. Due to its systematic implementations andwidespread use of ECM technology, the Town of Marana won a Top Digital CityAward in 2012, 2013 and 2014.

Other useful activities during the needs analysis phase include reviewingthe types of contracts that are created, reviewed and approved and taking aninventory of all the software applications involved in the process.

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Map the Process

During this phase, the project owner should work with IT to diagram its firstcontract-driven process. The project owner should also collaborate withcontract stakeholders to make sure essential components and departmentalrequirements are not lost.

A 2012 Aberdeen Group survey on contract management automation offersthe following questions to consider when reviewing and reengineeringcontract collaboration:

Using these questions to guide decision-making, the project owner and ITdepartment can map out existing contract-driven processes, highlight manual orinefficient steps, and then automate necessary steps and remove unnecessary ones.

When and how is a new contract initiated?

How do you systematically identify anddistinguish new, renewed and legacycontracts?

Who is involved in the review and approvalprocess for each type of contract?


4

Who is in charge of tracking andmonitoring contract deadlines, obligations and compliance?

How do contracts move throughthe entire life cycle, from initiationto finalization to archiving?

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Conclusion

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The Importance of Integration

As an organization maps out its newprocess, it must take the integration ofnew software with the organization’sprevious software investments intoaccount. The project leaders should selectan ECM system with the ability to integratewith as many pre-existing applications aspossible, or face greater pushback whenemployees have difficulty learning anentirely new system.

A key benefit of using ECM as theintegrative “heart” of an automatedcontract process is that it enablesorganizations to standardize the centralsystem while customizing the deliveryof information based on departmentalneeds, providing consistency, security andtransparency to users through familiarapplications they use every day.


Integration savestime and money byautomating manualtasks. It also reducesthe need for end-usertraining by deliveringadditional functionalitythrough line-of-business applications.

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How does this work? Data captured in a common intranet portal like MicrosoftSharePoint can be automatically archived in the ECM system, expanding storagecapacity and eliminating the need for staff to duplicate work from one systemto another. Employees can later view files stored in the ECM system from theinterface with which they’re comfortable.

Oftentimes, employees are unaware they’re even using an ECM solution. Forthem, ECM is an invisible extension of the primary system. They don’t needtraining on how to use a new software system, nor do they have to waste timeretrieving paper copies of important records.

Train Staff

Switching from a manual to an automated contract management processrequires a significant change in employee behavior, but thorough and engagingtraining can help facilitate the transition. Community Action Partnership, a stateagency in Minnesota, successfully automated its application approval process inseveral departments with the help of an engaging training program.

5 Steps to ContractManagement 5

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Catherine Fair, Director of Energy Assistance Programs, managed change byhosting a kickoff party and making an educational “before and after” film. “Wecreated and screened a home movie illustrating the way things were donebefore ECM, with endless searches for files, frustrated staff and clients. Then weshowed how easy paperless application processing would be.”

The entertaining quality of the agency’s training helped increase ECM adoptionand awareness. Fair says, “ We have staff with varied computer competency, soa positive attitude to the new system was critical to the success of the project.”

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Conclusion

Introduction

Contract Automationin ActionThe Contracts Administration Office at Texas A&M University isresponsible for processing, reviewing and approving contracts fromvarious departments within the Health Science Center (HSC). Here ishow ECM has decreased processing time from six to eight weeks toone to two weeks per contract.


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Store Initial Contracts

Contracts originate in different HSCdepartments, including the Collegeof Medicine, the College of Nursing, the College of Pharmacy, the Collegeof Dentistry and the School of RuralPublic Health. Staff members fromthose departments scan the collecteddocuments directly into the For HSCReview folder.

During the scanning process, the contractis assigned a unique ID number. Thisnumber appears in a contract templatethat contains additional metadata likethird party name, contact information andthe start and end dates of the contract.


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Conclusion

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Review and Edit Contracts

Once a document has been stored in the ECM system, the review process begins. Business process automation facilitates the review process.

Different people in the ContractsAdministration Office areresponsible for managing differenttypes of contracts. For example, contracts from the College ofMedicine and College of Nursingare assigned to one staff member, called the HSC component contact, while contracts from the School ofRural Public Health are assigned toanother HSC component contact. To begin, each contract from theFor HSC Review folder routes tothe folder of the appropriate HSCcomponent contact.


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Both the HSC component contact and the person submitting the contract receivean email stating that the contract has been received. This email also contains thecontract number in order to simplify tracking.


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Once the HSC component contactreceives the contract, he populatesthe template with the names ofthe people who will need to reviewthe contract. The ECM systemcan then email a shortcut of thecontract to each reviewer. Thismethod allows the reviewers to seeeach other’s notes and make theirown comments within the same, original document.


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Conclusion

Introduction

After review is complete, the HSC component contact who initially submitted thecontract receives an email saying the contract has been reviewed and requireschanges. From the email, he opens the contract in the ECM system and createsa new contract with all the necessary changes. The pages of the revised contractare appended to the old contract so staff can easily track changes.

The review process is repeated until everyone agrees on the finalized versionof the contract.

Sign Finalized Contracts

After the contract has been finalized, it must obtain approval signatures. TheHSC component contact sends an email to each person who needs to sign thecontract. Again, the email contains a shortcut to the final contract, allowing forapprovers to sign the same document simultaneously. In this example, approverssign the contract by appending a personal stamp to the document and thenupdating a particular field in the template.

Contracts that have been signed and finalized move into a record series whereauthorized staff can access and review them as needed.


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Benefits

Contracts are processed up to six times faster.

Contracts can be simultaneously reviewed by multiple parties.

Finalized contracts are accessible by all involved HSC personnel, making the auditors happy.


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Delivering automatedcampus- wide processes

Summary of Webinar hosted by the Chronicle ofHigher Education featuring:

Judith Lewis, Senior IT Manager of IT Solutions and Support, Texas A&M University

Robert Hensz, Risk and Compliance Office Program Manager, Texas A&M AgriLIFE

Kristin Nace, Assistant Vice President for Fiscal Services & Budgets, Texas A&M Health Science Center

Don Barwick, HUB & Procurement Manager, Texas A& M University System

Pushback has always been the

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Conclusion

Introduction

Contract Automation: A Before & After StoryFrom its Onamia, MN, headquarters, the Corporate Commissionof the Mille Lacs Band of Ojibwe Indians operates 12 separatebusinesses spread out over 55 miles. More than 500 contracts keepthese businesses serviced, supplied and staffed.


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Before

Missing deadlines frequently resulted in 10- 15% fee increases due to penaltiesor because a discounted quote had expired. In addition, service contractssometimes lapsed. “We could have a major piece of equipment go down andfind out we had no contract,” says Lance Dutcher, Systems Engineer for theCorporate Commission.

To address these problems, the Corporate Commission identified a need foran automated contract management system with the ability to:

Route documents from outlying properties to the CorporateCommission’s office in a time sensitive manner.

Track documents to enforce deadlines and address bottlenecks.

Generate a monthly report summarizing the activity/expirationof contract-related documents.Contract Automation:

A Before & After Story

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Conclusion

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After

Dutcher worked with a five-member project team drawn from Management, Legal, Training, Purchasing and IT to develop and refine contract workflows overa two- month period. The team worked out routing processes, deadline times anddesignated approvers.

Following a month of designing and programming workflows, Dutcher led threemonths of trial testing using the IT department’s own contracts. After trainingusers in-house, the system went live with all 39 departments in 12 businesses.

As a result of using ECM for contract management, the Mille Lacs Band hasbeen able to:

Standardize the management and storage of contracts.

Share documents more efficiently between businessesand departments.

Eliminate printing and storage costs of paper contracts.

Automatically generate reports of expiring contracts.


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According to Dutcher, the greatest benefit is time. “Most of our documents arenow routed within three days or less, instead of weeks or months. We used tohave an administrator at each location distribute paper copies for signatures thatwere faxed—and sometimes re- faxed if they weren’ t legible. Now the documentsare emailed to a single contract administrator, uploaded into the ECM system andautomatically routed for approval,” Dutcher says.

We’ve been able to have 12 people at different properties sign a document in lessthan 90 minutes.”

Contracts aren’ t the only documents that need signatures.

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Conclusion

Introduction

Conclusion

Contracts are whereyou record yourpromises. By managingtheir formation andexecution, you avoidcrises—and ensureyou deliver on thosepromises.

PricewaterhouseCoopers study: Contract Management: ControlValue and Minimize Risks

Conclusion

Contracts play an important role inany organization, but for those withoutcontract automation, contracts are asmuch a source of frustration as revenue. Rather than hire more staff or increaseadministrative tasks to regain control overcontracts, organizations can automate andstandardize the contract process.

ECM streamlines the entire lifecycle ofcontracts, from internal contract requeststo final signatures to archiving. Throughelectronic document storage, processautomation and records management, organizations can transform contractmanagement from a source of inefficiencyto a profit powerhouse.

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Conclusion

Introduction

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THE ULTIMATE GUIDE TO Contract Management · 2019-06-05 · THE ULTIMATE GUIDE TO CONTRACT...

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