Enterprise Contract Management
A truly proactive tool, FastTrack moves Enterprise Contract Management (ECM) from a reactionary register to an effective value adding tool for risk mitigation, performance management and continuous improvement. FastTrack links Contracts to processes to risks to capabilities all built around a complete framework for ISO 31000 compliance from identification to assessment, controls, mitigation and review.
In addition to best-practice workflows with calendar alerts, FastTrack delivers analytical and predictive capabilities empowering users to identify outcomes and objectives, conduct threat analyses and monitor leading Key Risk Indicators in real time. In short, FastTrack Contract Management empowers organisations to predict and prevent potential issues, as well as providing a best-of-breed system to manage the Contracts in place.
Sample screenshot: Contracts Module - Business Agreements. View recorded demo/ request demo »
Business agreements require inputs from multiple departments and can affect even more. FastTrack.net handles all aspects of business agreements. Contract deliverables or obligations can be recorded and allocated to key personnel. Automatic reminder emails are scheduled for these deliverables, and key personnel are notified when due. You will obtain a full report of all the obligations due for each contract and establish which deliverables are still outstanding.
Contracts Business Agreements
The Business Agreements function monitors all contractual commitments that result from legal documents. Document Control and Approval Workflows cover the initial probity issues while Diary Tracking and Contract Variation processes monitor ongoing contractual commitments. When managing multi-million dollar contracts, administration delays and oversight breaches can cost organisation big dollars. Also saving Legal and senior Finance staff’s time allows for greater focus on better contractual outcomes.
Contractual Requirements tracks individual commitments embodied in contracts entered into. Periodic and one-off commitments are scheduled, diarised, reminders sent and escalations raised on overdue commitments. Two way linking provides lists of contracts per commitment as well as commitments per contract. This provides information for consolidation of resources and negotiation collateral for product and professional insurance cover.
Contracts Templates is a Document Control function for contract schedules and correspondence. It carries out change management through automated workflows, version tracking, publishing, distribution and disposal of internally developed Quality and Technical documents, all within a comprehensive security model to ensure integrity and published information. Generating Contractual Documentation from formal version controlled templates not only save time in preparing contracts but can prevent expensive mistakes from the inadvertent use of out of date documentations.
Contract Workflows is a Task Management function utilising electronic workflows to manage and coordinate responsibilities. It allows for attaching supporting documents and sending reminders for outstanding actions. The automatic workflow notification, reminders, and escalations ensure contracts and related tasks are completed in a timely manner. With the Workflow including reassessment of the Risk, Fast Track creates an environment for Continuous Improvement and Mitigation.