Did you know that you no longer have to try to keep up with reporting dates, deliverables, renegotiation deadlines and special approvals manually? Some of your peers have discovered recently that they already own and can leverage policyIQ to bring automation to contract administration, vendor management and other, similar processes.
While we’ve seen a surge of expansions in this area, we recognize that many current policyIQ customers are simply focused on their particular process and how policyIQ is meeting that specific need. Keep in mind that you can not only spread the wealth, but also share the cost by employing policyIQ as your go-to tool for bringing automation throughout your business. Everyone is dealing with contracts or agreements in one form or another. We have been hearing from customers with a range (and a combination) of needs.
Repository – on one end of the spectrum, organizations are looking simply for a centrally accessible and secure platform to house their contracts. By placing them in policyIQ, rather than simply in Folders on your Shared Drive or in a file sharing system, you can review sets of agreements with common attributes. For example, you may wish to review agreements with a particular party or originated from a particular department, or those associated with a specific facility or piece of equipment.
Data Room – some organizations wish that they did not have to send so many emails with attachments to a range of contracted parties and stakeholders. Furthermore, they are frustrated by having to routinely inventory their inbox for replies from those parties and are feeling insecure about sending such sensitive information via email. policyIQ provides a platform for performing due diligence on agreements and provisions, while allowing organizations to securely share information with outside parties (tracking the others’ activity all the while).
Review and Approval – do you still pass documents around via company mail or find yourself having to wait until a person in the chain of approvals gets back in town to move the review process forward? You can break free from your manual and hard-copy processes! Approvers can get to the contracts and related documentation from any place that they have an internet connection. They can respond to an email notification indicating that it is their turn in the process. Voila—just saved you many days of waiting (and that translates to $)!
Monitoring – In addition to using the power of policyIQ’s database to concentrate on agreements of a certain type or with a certain party, you can home in on those with impending milestones, deliverables, reporting dates, upcoming renewals, high financial risk, and so on (the sky’s the limit, as these possibilities are customizable by you). Forget those days of picking through the pile of papers on your desk or clicking on every folder in the hierarchy trying to find the relevant documents.
Communication – All of this readily accessible information is really nice. What’s more? policyIQ has a number of communication features built-in that help to ensure that you will actually stay on top of this information and the tasks associated with it! Any time a contract or supporting information is handed off to another person, the user can systematically notify all or specified stakeholders. There are automated notifications related to oversight and maintenance of information and a wide world of Custom Alert options that can spur someone to take action triggered by a date, status, dollar amount, hand-off, milestone or any other variable that you decide to track. You can even direct these communications to third parties who are not policyIQ users—powerful and helpful!
We’re ready to show you how!
If you are among those who, up until now, had no idea that policyIQ was capable of serving you in this way, now you can take steps to work smarter and more efficiently. We have written, recorded and person-to-person guidance available to help you get started. The next time you notice that you’re about to dive into one of the manual and time-consuming tasks that we mentioned above…reach out to us, instead. You’ll be relieved that you did!