Advantages at a glance:
- Contract administration
- Optimized workflows
- Legal certainty and transparency
- Efficient control
- Sophisticated platform technology
Actively shape your contract management and benefit from the comprehensive options offered by OMNITRACKER Contract Management. It supports you company-wide in all phases of contract management and significantly increases transparency. Contract Management is part of the OMNITRACKER GRC Center and is located in the Governance Services module.
Contracts are the basis of all business activities
Entrepreneurial action depends above all on the knowledge, completeness and reliability of contractual information. If there is no overview or important information is not available, this makes it difficult to fulfill contractual agreements and comply with legal requirements.
Advantages at a glance:
OMNITRACKER Contract Management supports all contract management tasks. With the workflow-based and user-oriented application, you can keep your contract management under control and reduce your risks. You can use OMNITRACKER for all business processes and thus considerably reduce your costs. You can integrate additional OMNITRACKER applications at any time and adapt the existing functionality to your needs through configuration. You can easily integrate external systems, such as ERP or financial accounting systems, via the powerful OMNITRACKER interfaces.
With OMNITRACKER Contract Management, you can automate contract management processes in a targeted manner, monitor contract fulfillment, reduce error rates and deploy human resources efficiently. The clear role definitions lead to transparent responsibilities.
Contracts are available to all authorized employees at all times and no longer have to be laboriously searched for in paper archives. The extensive search functions enable you to find all contracts quickly. You can directly access the contract document and all other contract-relevant documents, such as resolutions, approvals and previous versions. All contract amendments can be traced transparently through the history.
You can classify contracts according to their scope (framework contract or individual contract) and contract type (e.g. NDA, purchase contract, maintenance contract). The relationships between the individual contracts (e.g. contract amendments, contract replacements) are managed and clearly displayed in OMNITRACKER Contract Management.
Before approval, the contract can be checked from a technical and legal perspective, for example by the controlling, specialist or legal department. After a successful review, an authorized employee releases the contract. The entire process is supported by OMNITRACKER Contract Management. All parties involved can enter their comments, questions and additions in OMNITRACKER and thus make them available to all other parties. Every change to the status of the contract is saved in an audit-proof manner.
Static and dynamic role concepts support the collaboration of all parties involved in processing the contract. All employees are assigned to a user group such as controlling, department or legal with read and write rights for certain contract types (static role). In addition, you can define a contract initiator and a contract administrator or assign read or write authorization for a specific contract to individual persons (dynamic role). OMNITRACKER is multi-client capable and supports the administration of separate contract areas in an OMNITRACKER installation. This reduces costs and complexity.
Realistic risk assessment
Contracts must be legally reviewed and risks realistically assessed. You can identify risks for each phase in the life cycle of a contract. This allows you to recognize negotiation risks, term risks, termination risks or subsequent risks at an early stage and take countermeasures in good time.
Once the contract risks have been recorded and assessed and the legal review has been completed, the contract is signed. The valid contract is saved as a PDF document in OMNITRACKER Contract Management. This allows you to monitor contract fulfillment and contract risks throughout the entire term of the contract.
Effective management and control
You determine who takes responsibility for the active contract as the contract administrator after it has been signed. All other contract-related data is also managed with the contract. Contracts are often active over a long period of time. Changes to the contract or responsibilities or the termination of the contract can be conveniently recorded and tracked in OMNITRACKER Contract Management. OMNITRACKER Contract Management automatically monitors deadlines using the convenient resubmission and escalation mechanisms and alerts you in good time if deadlines are missed. This means you never miss an important deadline for extending or terminating contracts. You can generate evaluations and reports at the touch of a button, giving you an overview of the status of your contracts at any time.
OMNITRACKER grows with your requirements. Based on the OMNITRACKER platform, you can easily integrate additional OMNITRACKER applications to fully support other business processes. All OMNITRACKER applications are interlinked in such a way that you can access information from other processes at any time. This means that the contract data is also available to you in other processes and you can also optimally support adjacent processes, for example by using OMNITRACKER Project Management Center and OMNITRACKER Risk Management.
Once the requirements for your organization reach a certain level of complexity and severity, it makes sense to implement the areas of governance, risk management and compliance with one software solution. Due to the overlaps in content and the interaction between the individual areas, it makes sense to rely on an integrated GRC solution for software-supported implementation. This allows you to monitor your existing processes, structures, corporate values and IT infrastructure in the best possible way and optimize them with regard to all GRC aspects. The OMNITRACKER Governance, Risk and Compliance Center acts as an integrated platform that combines several management and control systems.