Contracts tend to grow in numbers over time in businesses. With contract management, contracts can be streamlined, organized, and stored in a central repository. With time contracts tend to clutter up and have been kept way past their time of its contract life cycle.
AT AEREN LPO, we help you in carrying out full contract audits and data cleansing which leads you to have:
- Contracts analyzed to the objective they are created between the parties and re-evaluated whether it still serves the purpose.
- Tracking of dates of the contracts through templates and eliminating contracts that have outlived their value.
- Every contract will be duly audited and assessed for the value it is providing across the parties.
- Brings to light any terms or conditions not put in place and executed.
- Checks for renewing contracts to current times rather than when it was made.
- Integrating new compliances that have been modified or added from when it is created.
- Removing outdated clauses and updating them with new regulations.
- With consideration with the COVID-19 pandemic, contracts can be audited to accommodate new changes required to be made with the time.
- Identifying and correction of any inaccurate clauses or date errors in the contracts.
- Extract the relevant data from the contracts to understand the contracts better.
- Data cleansing increases contract quality and hence increases the overall value of contracts.
- Your contracts will be held only with the highest quality clauses and compliances.
- Identifies duplicate records in your contracts and removes them to eliminate redundancy and save time.
- The contracts in the central repository will become s=in a single standardized format post data cleansing and audit.
- Any inconsistencies in the contract will be identified and rectified thus promoting continuous improvement in the business.
- Incomplete contracts will be replaced and modified accurately your reflect the business terms.
- Creating audit reports based on your business timelines quarterly,bi-annually, and yearly.
A complete contract audit ensures the contracts are good in delivering their value to your business. The auditing process will be following ISO certifications.