Also, electronic storage is often hampered by the fact that it is bound to a specific location, and the lack of a data structure can make it difficult to retrieve documents. For example, it may be the case that a piece of mechanical equipment is linked to its – or supposed – guarantee with total uncertainty.
Contract management has never been easier
The contract management module of the CAFM system provides an immediate solution to the problems mentioned above. On the one hand, the services bind data to location and object, and on the other hand, several options help to make each file available with a few clicks. Among other things, the system’s efficient file structure, search options and Digital Twin technology are worth mentioning.
The last of these must be highlighted a little more, as Digital Twin is a truly unique solution for contract management. It allows you to move virtually around a building, making it easy to find assets. As soon as you click on one of them, you can instantly access each document that was previously attached to the data table. This could be a letter of guarantee, for example, which you then no longer have to search through the records.
How the app works in practice
Suppose we want to prepare a rental management. In such cases, we must also consider that there are other issues involved. For example, utility bills may be relevant. A simple contract management system is designed to manage contracts and their contents, as well as the terms and conditions and, where appropriate, the different contract statuses. In addition, this can be fully customised, as it is up to the client to decide which processes will depend on the status, conditions or content of the contract.
Even in the simplest case, a contract has several characteristics. These include, for example, the contracting parties, the different terms and conditions, and so on. The content of contracts can vary greatly from one contract to another. These contract items can be easily and transparently managed using the application. It is possible to overview all the data without having to consider different types of objects. We have everything in one place, so we can easily calculate any contract costs, compare and link them even at different times or periods.
Simple contract management
Digital Twin, the unique solution
All features in one place
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Further facilitations in contract management
In addition to the contract costs, we must of course also deal with terms and conditions such as notice periods or even the time for extending the contract for each of our documents. These are kept in a separate “event log” so that we can recalculate them at any time according to the contract parameters and conditions. This means that we will always know what to do about which contract and when.
To make sure you never forget an important date, you can set alerts, either by uploading lists or generating events. This can be thought of as an option, for example, to send an email to the persons concerned that a contract will expire in 3 months. This way they will not forget and will take care of the administration in time. If necessary, this reminder can also be sent automatically if the person concerned has not taken the necessary action within a certain time.
For more complex workflows
The situation is slightly more complex when we want to work on contracts with status. For example, a difficult pitch is when new contract items cannot be easily set up for a contract that has been released or billed for the first time. In such cases, we need to create a contract addendum in a “real life” way, before adding new items, or changing or adding to existing items.
However, the method described above can also be used to manage more complex processes. In addition, you can always see the full history of each contract, thanks to the ubiquitous timeline.