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Can You Track Your Contracts?
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Can You Track Your Contracts?

The contract continues its journey, which started from the origin of Contractus in Roman law, as a contract with another definition in our language. So, how controlled is the journey of contracts, which started from the dusty shelves of Roman history, in our digital world?
In our transforming world, the visible progress of digitalization in every field is changing our way of doing business day by day. We can make a difference at the point where we can transform and improve our business processes with innovative solutions. Our digital evolution, which has come to the point of "let's keep a copy in the digital environment" from written texts on paper, is preparing to break its ties with physical copies, which is the starting point this time, a simple but effective digital revolution.
Our Comex solution, born out of a need revealed by this transformation, with its simple definition, ensures that all your corporate contracts are managed with the required processes, starting from the moment of formation, and stored digitally with authorization levels determined by law, finance and manager approvals.
If we gather a little more focus under the headings;

Formation of the contract;

Contracts derived from different departments require approval from certain units within the institution such as Law, Finance, Compliance, and Corruption. In these processes, when interdepartmental communication is carried out via e-mail or physical copies, increasing costs are encountered in terms of both time and labor. With Comex, departments can create their contracts with Comex in accordance with the rules determined in-house, and then upload contract documents with certain template information such as contract party information, contract dates, and save them as drafts so that they can be easily accessed. At the same time, after the legal and financial information of the contract is entered by the user, it is sent to the relevant units for legal, financial and manager approvals, respectively.

Approval Steps;

The forwarded contract type becomes visible in the inbox of the user, which is defined to the relevant user in the legal department. After examining the contract in legal terms such as corruption, supervision and dominance, the legal unit can send it back to the department that created the contract with its comments for review and revision if necessary, or it can be approved and forwarded to the next finance unit. One of the needs mentioned at the point of emergence of the product was to measure SLA times at this point. It allows information on how long it takes to respond to contracts sent to the units for review, notifications and notifications in case of delays, tracking of approval histories and processes, and allowing relevant departments to measure their own performance. The finance unit can also examine the contract in terms of stamp duty, contract amount and taxation, either sending it back to the department with comments for revision or confirming it and forwarding it to the relevant department manager where the contract came from. After the manager checks, he sends a wet-signed copy of the contract to the relevant department manager, if necessary. In summary, contracts are finalized in an end-to-end process with expert comments and reviews. Flexible Features;
Relevant departments can request reminder information with an alarm system for contract renewals, if necessary. Authorized user operations such as editing all defined fields for contracts, adding new definitions, performance measurements, and process assignments can also be provided through a separate admin panel. Contract information and documents can be accessed by making searches with all defined search criteria, including searching the content of the uploaded contract documents. With enterprise application integrations, transfer of information to different systems and data up-to-date can be maintained. With the concept of wet signature being replaced by digital signatures over time, process approvals and documents can be signed with e-signature integrations and stored digitally.
Serdar Yusuf Gargili
Business Applications Assistant Manager - IBM