Contract Toolkit was developed by practising commercial specialists who aim to stop the average 9.2% that is lost on large, complex contracts through poor processes (per the International Association for Contract and Commercial Management).
Contract Toolkit automatically digitises paper contracts and breaks it into individual clauses. This enables the crowd-sourcing of the management of every clause and obligation. It does this by assigning the most relevant person in either your or your supplier’s organisation to every obligation in the contract.
The status of every obligation can be seen in real-time in the dashboard which allows the board to monitor the performance of the contract, compliance and strength of the company’s relationship with the supplier.
You can choose to allow your supplier to access the system and, as a shared workspace for contracting parties, both can see which responsibilities have been assigned to whom and their real-time status.
It can be used to manage contracts with clients and subcontractors as well as suppliers.
Data protection and security is paramount and principally governed through a selection of user profiles. Executives see aggregated data for the whole organisation and can drill into individual records whereas a person managing only one or more obligations will see nothing but their own records with no access to a dashboard. Third-party users would only be granted access to their own records only.
Contract managers can manage their own contracts and can also supervise those being managed by junior staff with both sets of contracts visible separately on the dashboard. This supports on-the-job development and mentoring while protecting the performance of company contracts.
Operational managers often take on day-to-day aspects of contract delivery under the supervision of the commercial team and this is supported through the supervision mechanism. The excellent real-time visibility of due dates and deadlines enables timely action to be taken before it’s too late.
A forecast calendar allows senior commercial managers to assess the team’s workload and take action to re-balance as necessary to ease the pressure at busy times.
Every event in the life of the contract forms part of a historical record. Events such as change requests, claims and disputes and goodwill are recorded in respective registers and appear on the exec dashboard. It’s easy to see whether contract profitability is being managed adequately and even whether you are giving away too much for free.
The registers provide robust data for the preparation of renewal bids as well as for sustainable handovers from negotiation to delivery teams. It’s simple to move obligations and/or contracts from one owner to another and Contract Toolkit protects company memory as people change jobs or leave the organisation altogether.
Version 2 improved data navigation, added an export to excel function for all records and provided the ability to archive records by account, contract or individual event e.g. obligation, change request etc. The supplier/client/subcontractor account information was enhanced to allow more information to be added as well as new classifications to assist with segmentation. Dashboard navigation and performance was improved and mobile screens were added for light users such as obligation owners.