Specifically, effective contract management requires granular activities at each stage of a contract’s lifecycle. A manual system cannot support the associated intricacy. Organizations using spreadsheets for complex tasks and record-keeping, waste valuable resources on administrative work, inviting errors.
Now, for increasingly geographically dispersed team members, localized databases of contracts can easily lead to disparate data and inconsistent ways of working. The COVID-19 pandemic has impelled organizations to allow remote work for employees, a situation becoming a ‘new normal’ for many, meaning traditional paper-based contract management’s inadequacies will increase stress on proper functioning and management. Complicating these issues, while stakeholders expand and contract volume increases, enterprises must still meet stringent regulations or different compliance requirements, especially those within the healthcare, pharma, and financial services industries.
Enter TechCORE MSS.
TechCORE MSS helps clients by offering an Enterprise Contract Management (ECM) Solution that provides visibility and control over their contracts and processes. The solution addresses the requirements of diverse markets and industries, including IT, federal, healthcare, financial, insurance, retail, audit and accounting, realty, legal, and telecommunications. “ECM is synonymous to effective “program management,” critical especially on large, complex programs to deliver quality execution while ensuring each of the triple constraints (schedule, cost and scope) is maintained in balance and having systems in place to effectively manage changes of scope,” says Quanetta Lewis, TechCORE MSS President and CEO at. “TechCORE MSS leads, because with our 15+ years of Low code solutions, businesses gain quick wins in automating and simplifying business processes.”
Improving Every Facet of the Contract Management Lifecycle
TechCORE MSSECM Program Management Services offered include Project, Financial, Schedule, Quality, Data, Risk, and Change Management functions. They have developed a DCAA-compliant time/attendance solution called Employee Resourcing Application (ERA); Appian-based technology; Bluetooth enabled helping clients track time, attendance, location and more in a simple to use app; Compliance checks and balances demonstrated through compliance reporting. Their portfolio also includes their Appian based Contract Administration Management System (CAManS), as pictured, which provides full contract lifecycle management capabilities including acquisition, creation, distribution, decisioning, award, record management and maintenance of a contract.
In each, clients leverage the latest integration and digital transformation technologies automating processes using RPA and an API library allowing the app to connect to almost any data source.“We have extensive experience in helping clients reorganize their legacy systems to better centralize, manage, and monitor their contracts— without the internal bottlenecks, instability, and exposure to risk from manual intervention,” mentions Quanetta.
We have extensive experience in helping clients reorganize their legacy systems to better centralize, manage, and monitor their contracts
TechCORE MSS transforms enterprises using its innovation lab, a cloud-based Digital Transformation environment with various deployed ECM applications, Artificial Intelligence/Machine Learning (AI/ML) technologies, RPA technologies, and sample datasets representing clients’ environments. For example, for a commercial healthcare client, ML is used to make sense of terms and clauses from digitized contract text and AI techniques for Natural Language Processing (NLP) and Semantic Analytics for auto segmentation of Contract Clauses, Risk Identification, and Risk Management. TechCORE MSS’s solutions improve all facets of the contract management life cycle, such as data and repository management, workflows, and RPA, to scale contract management operations. This enables businesses to evolve to the next stage of contract legal operations. “TechCORE MSS’ ECM innovative approaches are applied to the contract lifestyle including contract request, authoring and review, negotiations and signing, and risk management and compliance to solve the clients’ ECM pain points,” says Quanetta.
Intriguing Instances of Client Success
Vermont Agency of Transportation, needing to manage construction contracts related to engineering financial management actively, was looking for a service provider who was responsive and reliable to conduct application improvements, resolve application issues, and readily available for on-demand application support services.
TechCORE MSS. working in liaison with Vermont Agency of Transportation, provided analysis and assessment for the data existing on their current contract management application. This spotlighted the gaps in functionality and requirements needed to launch the construction contracts’ financial management solution. TechCORE MSS consultants met the client to develop a project schedule and remediate any critical issues or risks with the application, then determined a user testing plan to gather initial solution feedback before training and launch. The consultants developed an automated process for the client during user training and supported training efforts where needed.
Always pushing, TechCORE MSS supported one of its manufacturing clients to build an innovative IoT solution. The company designed and implemented a Service Oriented Architecture (SOA) platform that employed the latest converging technologies like, Mobility, Cloud, AI/ML, Data Science, and Sensors.
"TechCORE MSS leads, because with Low code solutions, businesses gain quick wins in automating and simplifying business processes"
TechCORE MSS implemented 15 RPA digital workers to automate the ERP data extraction and interface with MS Excel and MS Access, produce daily reports, and perform validation checks. This ultimately helped in creating Journal Vouchers (JV) within the client’s database. Also, automation helped the manufacturer improve accuracy and reduce errors while increasing the speed of delivering their financial reports to executives. They saved approximately over 1400 manual hours annually. “Additionally, our team implemented a second RPA automation project for their human resources division. These automations are used to transfer data between two different HR systems whenever an employee receives a bonus or incentive,” adds Quanetta. “A third RPA implementation extracts information from email requests for recruiting and retention funds and check an HR billing system to ensure that there are available funds to disburse.”
In another high-tech innovation, TechCORE MSS team has developed a real-time AI vision-based solution for context setting detection, PPE compliance requirements, and temperature deviations. The solution is extended to a health risk-based profile in Phase 2 with the integration of wearables for critical health parameters. Also, it ensures improved safety of risk areas like quarantine facilities with proximity detection based on existing cameras within the hospital facility.
A Relentless Drive to Success
Such instances of client success always give TechCORE MSS the impetus to grow and help businesses accelerate cycle times and reduce operational costs. Its Center of Excellence (COE) Experts strive to unburden project managers and project teams with their knowledge, experience, and skill. The company also has a unique blend of socio/economic certifications allowing them to add content and technical knowledge and to add diversification to the prime contractor team for a competitive procurement advantage. Having a long history of working with multiple businesses enables TechCORE MSS to provide clients access to efficient ECM offerings that need to show participation with small-business and diversity-certified firms.
“ECM is crucial to a company’s ability to achieve its business goals. Unstructured contracts lead to damage of reputation, loss of trust, and even loss of clients. The correct use of ECM allows companies to earn back the time, money and resources lost by previously disorganized contracts. And when it comes to ECM, it is all about: DO IT - DO IT RIGHT - DO IT RIGHT NOW! And that’s where we excel,” concludes Quanetta.