Our Client can be traced back to the early 1800s, they linked up with several British firms and expanded rapidly. Over the course of time, our client established itself in diverse business sectors such as banking, textiles, jute, and tea. Our Client consists of over fifteen companies across core sectors of the economy, with a turnover in excess of US $3 billion.
The client’s major challenge was to monitor multiple projects with contracts, its amendments, and managing payments slab with payment history. Amendments comes with multiple changes and multiple versions of the contract. The client wanted to keep a track of payment slabs and their payment structure. The client wanted a system that would allow them to have a record for each project with amendment and payment details.
SharePoint based Contract management system is a one-stop solution for the client. It is not just a contract management application but also an application that can record payment details with history along with the agreement/project related to it. You can also attach documents to the project. AscenWork’s contract management application caters to the entire process from tracking till payment disbursement against a project. The client is using the application for its CSR activities. The application can create contracts and agreements with key terms on the contract along with Payment Structure / Renewal details and Scope of work of the project. Any changes made on the transaction gets tracked as an amendment in the application. The changes can be audited later if needed. The system can also track the payment stages and payment status.
Key Features of SharePoint based Contract Management Application :-
- Multi Organisation Support
- Manage Projects
- Manage Contract Details
- Track Contract Payment Stages
- Project Amendment Details against the Contract
- Track Payment Details
- Track Payment Status
- Maintain Contract Templates
- Maker Checker for Approval Process
- Admin access to manage the entire application
- User Roles and Responsibility matrix
- Reports and MIS
Addressing all the challenges was the sole purpose of the SharePoint Contract Management Application and project budgeting for our client. They received a system managing all the documents/agreements and the changes made on the contract with which the user has done the changes. We were able to integrate a system through which they were able to keep track of payment related to the project with payment details. Overall one-stop solution for all the contracts executed within the organization.
AT A GLANCE
What they wanted to do-
- Streamlined processes
- Contract Tracking
- End to End Process Automation
- Approval Process
- Find a cost-effective solution
What they did –
- Automated the Contracts tracking on all projects
- Used end to end application development by AscenWork Technologies
- Collaborated on various processes through the application.
What they accomplished –
- Drastic reduction in Humar errors
- Improved compliance
- Automated Project forecasting and Invoice processing
- Faster tracking of Approvals and Change request
- Email Alerts and Notifications