TrustHall - Contract Management System

Overview

Today’s businesses, operating in a co-dependent ecosystem, deal with a large volume of complex contracts and have to adhere to everchanging stringent compliance standards. Thus, an efficient contract management system is not just a good-have-tool rather a must-have system. Effective contract management has always been an uphill task for enterprises. According to online research, 10-15% of contract value and 9% of revenue is lost due to inefficient contract processes. With the impact of the pandemic hitting all industries across the globe, organizations are facing new and different contract management challenges in addition to the existing ones. Most businesses are now focusing on automation of the contract lifecycle. Digitizing contracts don’t have to be complicated! TrustHall by Vuram helps you automate your end-to-end contract lifecycle management in a simple way.

Challenges/problems TrustHall solves:

• Reduces contract risk with Doc AI capabilities that help organizations understand the clause differences and thereby improve negotiations
• Extract key attributes, categorize and classify contract clauses to automatically generate context-based clause comparison match scores
• Simplifies complex approval flows, hierarchy, department & organization structure with business-process-specific configuration options for business users that require very minimum efforts for additional changes to fit the application to the industry layer
• Establish CLM best practices and performance metrics even if your enterprise frequently manages a large volume of complex contracts with suppliers and customers
• Better contract visibility and performance tracking with a single view of all contracts and contract metadata in a unified interface
• Overcome the delay in the contract life cycle, lack of visibility on renewals & obligations, risk of regulatory compliance, and fragmented manual process

Key Features & Functionality

• DOC AI: Improve visibility and reduced risks with AI-enabled contract classification, data digitization & Extraction
• Efficient Workflow Management: Effortlessly create multiple approval groups for any contract type with configurable workflows & handle end-to-end contract life cycle.
• Speedy contract creation: Easily create contracts single/bulk, choose any available template, fill variables, and generate contract documents in no time.
• Clause and Template Management: Add terms and clauses to the templates and handle different versions, auto-update of terms and clauses. Add parameters to clauses, sections, and templates and generate values dynamically during contract creation.
• Centralized Document Storage: Create multiple contracts and store versions in dedicated folders. The system comes with the inbuilt capability to integrate with Sharepoint, Google Drive, etc.
• Configurable notifications: Get notified of any change made to the clauses and templates. Configure contract-specific notifications and reminders to avoid late contract renewals.
• Prebuilt reports: Get detailed reports on contract status, different contract types, date of expiry, contract cycle time, etc. 8. Multilingual Support: The application supports Spanish, Dutch, and English, and it is compatible with mobile phones, tablets, and desktops.
• Hassle-free Approvals: Edit, comment, or red line in the contract document during approvals and negotiation. Signatories can e-sign the contract documents.
• Contract search: Secured, searchable repository. Locate contracts better and faster with metadata, text search, and multiple language search
• Smart Admin Configurations: Complete control for admins with Configurable signatories, Email Template configuration, Site Branding configuration, Parallel workflow, etc.
• Multiple currency support: Configure a base currency, enables users to create contracts and view reports based on currencies configured by admin.

Benefits & Business Impact

Business Impacts:

• Reduced audit, admin & unplanned costs
• Improved revenue management
• Increased governance and compliance
• The accelerated pace of business
• Reduced financial and legal risks
• Strengthened business relations & reputation

Benefits:

• 100% web-based & secure - The solution can securely be accessed by multiple users
• Easy to adapt with agility - Easily integrates with existing systems to manage data and adapts quickly to diverse business needs
• Plug-N-Play solution - Gives a jump-start advantage to any enterprise by quickly adapting and customizing
• Highly extensible & Reusable - The solution can be extended to other functional areas with minimal effort due to its low-code capability
• Scalable & Integratable - Scale-up, Customize and add as needed by integrating with third-party systems
• Mobile-enabled & Globalized - The solution is mobile-enabled out of the box and comes with multi-language support.

2021 Solution Success Award Winner The Solution Success Awards recognize the best of the best partner solutions on the Appian AppMarket