By using automated workflows for the contract creation and approval process, companies can take advantage of quicker turnaround times with fewer errors, a true benefit for any sales or purchasing team negotiating new contracts. HDS Contracts manages the entire process from creation, updates, approvals and secure archiving for any type of contract.
Discover two global enterprises using HDS Contracts to better manage their contracts:
- Merck – using HDS Contracts to manage the contract creation process for external health care professionals.
- Schneider Electric – using HDS Contacts for managing the creation of sales contracts.
Benefits of automating contract approvals
Automatic workflows speed up the contract approval process and eliminate human errors frequently encountered in manual processes.
Ensures contract approval
Being able to provide contracts and get approvals fast reduces the risk of teams starting work before contacts are signed.
Managers can see exactly where each contract is in the approval process, allowing them better control over teams and projects.
Legally approved format
All contracts use the same approved and legally compliant format. Any divergence must be pre-approved by appropriate managers.
Advantage for sales and purchasing team
Reduces turn-around times for draft versions of contracts and eliminates delays due to manual approval processes so that contract is signed rapidly and execution can start on time..
Manage compliance needs
Ensures obligatory contract review and approval as per company policies. Provides evidence for purposes of internal controls or for tax audits. Allows for easy online access to contracts in case of litigation.
Flexible for non-standard or variances in contracts
Able to manage contact variances due to differences in product, market, discounts, consignments, inventory, etc. or in type (maintenance or service contract), and to integrate partner contracts.
Reporting and archives
Automatically generates standard reports listing contracts, names, dates, contract duration, etc., and electronically archives them with stamps and signatures.
Contract expiration reminders
Reduce the needless automatic renewal or expirations of contracts such as rental or insurance contracts by using automatic notifications of upcoming deadlines.
- Approval workflows based on product, employee, department, etc.
- Provides multiple pre-approved and formatted contract templates.
- Includes customized process to manage exceptions
- Generates mass downloads and printouts of contracts.
- Provides physical signature and physical stamp for contract signature.
- Includes calendars with reminder function for contracts coming to term
The sales team at Schneider Electric, Russia is part of a complex distribution network. Contracts vary by product, by market, by sales channel, etc. In addition, non-standard contracts or partner contracts can be subject to yearly renewals. Schneider Electric needed a solution to automate the contract creation and approval process that was flexible enough to allow for the many variances. After implementing HDS Contracts, they now manage more than 1000 contracts per year including renewals, which are executed within the yearly one-month period the company designates for treating contracts. Moreover, the system is capable of generating standard reports with all pertinent contract information and archiving the signed contracts complete with stamps and signatures for easy access or printing.
Leading pharmaceutical company, Merck organizes hundreds of events each year to provide education and training on new products using mainly outside physicians and specialists. In this highly regulated industry, labor contracts that include proof of credentials and complete documentation of expenses are required of all participants. Audits are conducted regularly and any problems detected can be very costly for the company. MSD Russia needed a compliant solution to automate and control the contract process for the over 100,000 contracts annually issued for events. HSD Contracts provided a solution that is simple and standardized yet flexible enough to accommodate specific clauses for speakers and to manage even the suppliers running the event. All doctor background information is entered and stored in the system assuring that compliance rules are followed. Event information is added to an approved contract, so all contractual obligations can be found in one place. HDS Contract gave Merck the tools to automate a highly manual process while ensuring that the company remained compliant.