Digitalization streamlined traditional methods of managing and storing contracts through Scanmarket's Contract Management software.

Scanmarket Products:
Contract Lifecycle Management

Challenge

Prior to working with Scanmarket, this client was relying on traditional ways of storing, tracking, and managing contracts. Some of their contracts were uploaded to a shared server with very limited search options. Some were hard copies sitting in filing cabinets, and few contracts had been uploaded to Microsoft SharePoint. They often struggled to find contracts and missed renewal dates, and no one took ownership of contracts.

Solution

The majority of existing contracts were migrated to the Scanmarket platform using an import feature that included metadata fields, stakeholders, reminder dates, and attachments. Contract Management was implemented with user-designed templates customized for sets of metadata fields on each template to ensure accurate data collection. Checklists and approval workflows were developed to ensure all new contracts are set up correctly moving forward.

Result

Stakeholder engagement increased, and all stakeholder communications are now being captured within the platform with a complete audit trail. All contract elements are easy to access on dashboards with options to find key contract terms and fields rather than having to flip through contracts to find termination options, payment terms, and service level provisions. Notifications are being received well in advance of renewal dates.