One of the biggest challenges faced by the big or small industry is contracting. Although contracts are the power source of companies, their digitalization is neglected. Companies hire contract managers to deal with partners, suppliers, or customers. The trained contract managers use the manual process to deal with contracts. From manually mailing contracts, and searching the emails, it tracks contracts and their updates in a spreadsheet. Amazingly, these time-consuming tasks are performed by the contract managers.
It sounds easy but, as the company grows its partners and customers, the complexity begins. Handling multiple contracts without a proper contract management application is tedious. As contract managers formulate new contracts they are caught with these questions:
- How to keep prices simple and cost low?
- How do you stay transparent while maintaining the highest quality standards?
- How to maintain the life cycle of the contract?
Challenges in handling contracts manually:
It is observed that 85% of businesses manage their contract manually. The manual handling causes,
Administrative high overhead costs:
By misplacing documents plus inefficient and non-streamlined processes, manual handling of contracts takes a longer time.
The absence of updating contracts in a manual process leads to a new norm of purchasing outside the contracts. This gives less control over spending and loss of the renegotiating and timely auto-renewal opportunity.
Control and visibility:
The manager loses visibility and control over contracts, as they are not readily available. The purchases are undertaken outside of contracts, giving less control on overspending.
Electronic Contract Management:
Using ECM contract approval time drops by an average of 82%. The usual advantages of having ECM to manage your contracts are
- A central repository for the contract.
- Installation of alerts and reminders
- Standardized process, and proactive approach.
The digital contract management solution provided by the SER group is comprehensive considering the type of your industry.
Holistic strategy for Contract Management
Who would not like to have an end-to-end contract life cycle management solution, that is legally compiled, configurable and risk-centric platforms with an e-signatures framework for QES (Qualified electronic signatures)?
SER Group presents the contract management solution uniquely designed for your industry. Our contract life cycle management is the amalgamation of our efforts with contracts needed for different types of industries. Specializing in Contract intelligence and post-execution contract management we also focus on analytics for contractual obligations, compliances, and downstream processes.
We serve different industries ranging from legal firms, business and sales departments, procurement or financial sectors, and human resource management.
A click away to design the contract:
Increase your team efficiency and standardize the legal process with the agile platforms. Lack of visibility has been a problem with contract managers. To mitigate the risk our platforms increase visibility, adhere to compliance so the organization turns to be cost-effective. A scalable centralized repository of data encourages single-point interaction for the entire team.
The salient features of your contract management products:
To achieve the maximum benefit from the contract our product is enabled with contractual compliance, obligations, terms, and dispute management. This eases the parties to legally enforce their committed applicable obligations.
Protection and Smart Contract Security:
Contracts are confidential. Our smart contract security ensures 24X7X365 system monitoring for optimal performance and maximum security.
Streamlining the process:
Streamline the process by allowing customized templates, the rule-based user or workflow-based approvals. Apart from this, email workflow, user tagging, and process-based approval streamline the process.
Integrate our system with the right management, HRMS, ERO, CRM, and other systems, to automate your contract management process.
Information availability and searches:
Multi-AI platform for contract review, data extraction, and contextual searches enhances your experience. AI and deep learning integrated SaaS solution for inbuilt e-signature framework.
Transparency and scalability:
It ensures transparency in all processing steps and process instances. Our scalable, centralized platform is a cloud and on-premised model that acts as a repository for all interactions related to the contract.
Block-Chain based Smart contracts:
Along with security, contractual obligations with multiple partners facilitated by smart contracts enforce the shared rules and privacy of each player. Its self-execution ability safely extends the digital transformation beyond your known actors.
Notification alerts & reminders:
User-friendly ECM solutions display the app features by providing alerts, notifications, and reminders of the meetings regarding contracts.
Integrated ELM platform:
The integrated ELM platform is customizable and provides access to authenticated and authorized users. The speciality of our platforms is the automated onboarding, third-party database master, single dashboard, reports underneath an umbrella of compliance.
Why choose us as your ECM partner?
In any industry, every department works under contracts. Contract management is required to be uniform, transparent, streamlined to promote collaboration and reliability.
SER group provide you with a uniform way to manage the company-wide contracts. By fulfilling contractual obligations, dates, and deadlines. We ensure you an accelerated process of managing contracts.
Our one-stop solution for all the contracts like agreements, rental or leasing contracts, insurance policies, or contracts regarding insurances or onboarding helps you to minimize risk by storing all the information at a click.
Our solutions with user-friendly and comprehensive features provide a 360-degree collaboration between the legal parties in a secured and transparent environment.
Supporting core business systems and supporting business systems, a robust solution integrated with AI solutions to perform additional functions required for your business according to your geographical location. Access our application using API for pricing, payments, HRMS (Human Resource Management System) systems, or DMS (Document Management System).
Our assisted dedicated onboarding team helps our new clients with set-up, configuration, data migration, training, and support through email, phone calls, and an online portal. Your feedback, suggestions enhance our implementation by additional features making you stand out from your competitors.
Our agile approach towards serving our customers allows for providing holistic EMC solutions for your organization and partners. Customer satisfaction is our highest priority and long-term goal. With ECM you can select templates, negotiate, send and track all the contract details and maintain as needed. For further details contact us.