IJSRP, Volume 3, Issue 1, January 2013 Edition [ISSN 2250-3153]
Manju Pillai, Pramila Adavi
Contracting is an integral part of construction projects. Managing the contracts therefore is equally important for the success of any business process due to rapid increase in multiple contracts. The conventional method of managing contract involves risks and chaos which include inadequate information in contracts, inadequate delegation of authority and responsibility, fraud, theft, corruption, other unethical activities, communication gap, delayed financial decisions thus dampening the progress of the project, all due to manual intervention in managing contracts. This calls for a need of systematic and an effective method of contract management. This paper speaks about Intelligent Contract Management (automated contract management) which is an efficient, transparent and flawless concept of managing contracts. This technique will streamline the business process by reducing the time taken to create, review, execute and approve contracts, thus easing activities like tracking, central storage of contract documents, and reduction in disputes, minimize risks associated with manual data entry.
Contract management is an issue of strategic importance to both organization and to projects and through automated contract management technique; organizations can increase control, increase effectiveness, reduce cost and also provide strategic and competitive advantage. Key objective of automated contract management system is to ensure easy access to contract information to form flexible support for the contract workflow.