Contract Lifecycle Management Solution
Designing, building and deploying a Python/Django and React.js application supporting IT supplier contract generation and management
Client
Tech Consulting CompanyUnited States
Project Duration
18+ months8 people
Client Challenge
The Client needed a contract management lifecycle software solution to streamline contract workflows to manage contracts, like: contract creation, contract renewal, contract negotiation, contract language reviews, and approval process.
Stratify Solutions is a US-based tech consulting company which supports corporate clients in their IT sourcing projects globally. The Client helps to identify vetted technology providers and infrastructure solutions as well review contractual terms and conditions on their clients’ behalf. The process ensures clients are offered solid services delivered on the basis of contracts that are best for the requirements and at optimal price.
The contract management software needed to provide competitive advantage contract data extreaction from large number of purchase requests, contract templates, and related documentation, like SLA agreements. Since documents originated from multiple suppliers, they often contain complex service terms expressed in tabular form. An effective OCR and document management solution was required.
Service Process
Working collaboratively with the Client to normalize the contract management processes and arrive with the concept for the contract lifecycle management software application. The process definition phase was followed by the creation of application mockups and the implementation of the design, which was elaborated later on in iterative product development.
Project Results
PDF documents are OCR and transformed into structured data records, which is stored in the relational database. The OCR tool based on AI dynamically learns document specifications as their processed volume in the system increases. It is possible to import multiple documents to the OCR tool and thus increase AI learning capabilities to recognize data that needs to be captured and manipulated in the process.
The contract lifecycle management solution streamlines the contract processes involved, and helps the Client to intake and manage their contracts within a searchable, centralized, secure document management. The contract management software developed has been designed so that it is easy to use, fosters collaborative work on the artifacts involved, while at the same time increases the degree of control and visibility.
Features
- documents OCR with deep machine learning
- PDF annotations, comparison and commenting
- central repository of contracts and purchase orders
- integrated communication with suppliers and clients via emails
- enterprise resource planning integration
Benefits
- standardized contracts negotiations process from start to finish
- significant improvements to contract management process
- versions control and comparison for legal team
- increase key contract terms visibility like renewal dates
- automated alerts for business users