The Effective Contract Management System
The Effective Contract Management System
Contents Introduction Contract Management Key Features Engaging Stakeholders ECMS User Roles EMCS – Your Contract Homepage ECMS Dashboard Ranking Assessment Performance Management Risk Management The Contract Register Document and Data Repository Reporting Summary of ECMS Benefits Contract Management Service 2
Many systems describing themselves as contract management systems are simply contract registers. An important tool for an organisation but recording contracts doesn’t mean they are being managed to maximise performance. At Contractswise we have used our years of experience of contract management in the private and public sectors to develop software that will support your organisation and your Contract Managers to maximise the performance of the contracts it awards and/or delivers. The National Audit Office’s good practice contract management framework states that significant service quality improvements and financial savings¹ are achievable through best practice contract management and recommends that an average 2% of a contract’s value is allocated to managing the contract. ¹ Aberdeen Group Research showed that leading practitioners of contact management achieved: 17% average contract savings compared to 4% for laggards 79% of spend under management compared to 45% 3 times more likely to be notified that a risk event has happened Maverick spend reduced from 22% to 19% 3
Contract Management Challenges Maximising contract performance Avoiding unnecessary costs Minimising risk Compliance monitoring Controlling costs Supplier management Stakeholder engagement Administrative overheads Maintaining audit trails Ad-hoc communications Lack of visibility Continuous improvement Contract administration Allocating scarce resources Solutions Contract dashboard Ranking calculator Performance management Risk management Milestone alerts Regular contract review Stakeholder engagement Cost monitoring Centralised document storage 4
Key Features Contract Register Ranking Decision Tool Contract information & file repository Supplier information & file repository Contract stakeholder identification Alerts & milestone reminders Permissions Opinion weightings Questionnaire to determine how important each contract is to the organisation Contract Performance Dashboard User configured Headline management information Drill down to contract detail Clear graphical display Risk Measurement Tool Stakeholders assess contract risks Stakeholders identify new risks Current risk status Target risk status Historical risk reporting Performance Measurement Tool Stakeholders score contract performance Stakeholders recommend contract improvements Manage contract KPIs 5
Engaging Stakeholders Contracts can have a range of stakeholders, each with a different view of a contract’s performance and risks. Stakeholder engagement is invaluable in maximising contract performance. ECMS provides a convenient way of engaging those stakeholders and recording their input. For Contract Managers ECMS supports them in their objectives to: Maximise contract performance Maximise contract value for money For other stakeholders ECMS provides: Ensure quality is maintained or improved throughout the contract A means to report contract life-cycle performance, risk and ideas for improvement Facilitate contract management during business change (enhancing Controlled access to the business agility and innovation) dashboard and contract information Reduce contract management administration A convenient method to ensure their opinions and Capture improvements for future concerns are recorded and contract implementation, enabling addressed. the development of best practice. 6
ECMS User Roles Roles are configured as part of ECMS set up. organisation’s structure Roles are flexible to match individuals’ areas of responsibility. Roles are assigned to ensure correct contract access permissions. Visibility of information is provided only to the correct contract stakeholders. ECMS can include both your internal and external contract stakeholders. ECMS - Your Contract Homepage The navigation point for access to your organisation’s contracts and all the features of ECMS. The ECMS homepage shows only the contracts that are relevant to the user. The homepage is designed for ease of use and provides a clear trail to navigate into and out of each part of the system. Most importantly, the homepage includes the ECMS dashboard – a graphical, at-a-glance view of the important indicators for your selected contracts. From the homepage the user is notified of system messages and any performance improvement or risk mitigation actions. 7
ECMS Dashboard A user configured graphical display for key contract stakeholders and business managers to monitor the performance and risk levels of contracts that are important to their business or to them as an individual. From the dashboard the user can view and access: Contract Ranking Performance scores Current risk levels KPI measurements Performance review actions Risk mitigation actions Contract reminders Contract performance and risk reviews Users can respond to actions and engage in a multi-user discussion to share views and agree solutions. 8
ECMS Dashboard What does it all mean? Ranking Score – how important each contract is to your organisation compared with all your other contracts. Performance Score – how well each contract is performing according to its stakeholders . Risk Level – The level of risks identified for each contract . KPIs – The Key Performance Indicators for each contract showing the current measured values and the target levels for each KPI and an indicator of the KPIs that are within or outside defined tolerances. There is also a compact dashboard view to allow visibility of more contracts on screen providing a quick survey of the overall contract performance and risk position. Drill down from the dashboard to access more details for each contract - provides ease of access for the most relevant information without complex searches. 9
Ranking Assessment Questions can be weighted according to their importance to your organisation. A questionnaire template helps you objectively determine a contract’s importance to the organisation and its complexity. The user can use pre-defined questions, add to these or define a new question set to tailor the Ranking review to fit your organisation’s particular circumstances. The questionnaire interrogates the Contract Manager to consider the impact upon the business of the contract failing in respect of key criteria. ECMS algorithms derive the Ranking score for each contract. The Ranking score is used to sort the order of contracts on the dashboard and used to suggest the frequency that risk reviews are conducted. The ranking focuses attention on those contracts that are determined to be most important to the business. 10
Performance Management Performance measurement is made up of qualitative and quantitative information. ECMS automatically prompts stakeholders to complete a simple and very quick performance review. A Contract Manager can edit, delete or add performance review questions and revise the review schedule if necessary. All contract stakeholders are requested to score the contract performance and provide commentary on their perceptions of the performance of the contract. Guidance on scoring helps ensure reviewers are consistent in the application of scores. Performance review has been deliberately designed to be a quick process in order to ensure stakeholder buy-in and cooperation. The stakeholders’ scores are weighted and collated into an overall performance score, displayed on the dashboard. Previous Performance review inputs and scores are available for ease of reference. 11
Performance Management KPIs: Key Performance Indicators can be set up with the current measured values, target values, acceptance criteria and KPI grouping from the contract. The KPIs are readily accessible from the dashboard. Updating KPI values is quick and simple. Actions: Performance improvement actions can be assigned to an individual or groups of stakeholders. The Contract Manager can track the discussions and agree solutions with the stakeholders to ensure improvements are implemented. Historic reporting of Performance scores allows the tracking of Performance through the life of the contract. 12
Risk Management Stakeholders may enter risks for consideration at any time, and will be prompted to suggest risks according to the risk review schedule. Each registered risk is assigned one or more stakeholders for future risk reviews. A target level of acceptable risk can be indicated to show the tolerance level for risk in the contract. The default frequency for risk review is driven by the Ranking score, or may be set as required. Once reviewed and collated an overall risk indication for the contract is displayed on the dashboard. Each stakeholder is prompted to list their perceived risks in the contract along with their indications of likelihood and impact. This ensures all views of risks are taken into account. All suggested risks are reviewed by the Contract Manager. Risk mitigation actions can be assigned to an individual or groups of stakeholders. A Contract Manager can track the discussions and agree solutions with the stakeholders to ensure improvements are implemented. 13
The Contract Register To ease the set-up task, ECMS can bulk upload your existing contracts database. ECMS includes a template list of fields for the contract register. This may be tailored to fit the organisation’s required information and users can define additional fields for specific purposes. The Contract Register can be sorted, searched and filtered by each field to highlight contracts and contract groups of interest. To simplify workload, low value or low ranking contracts can be set as “unmanaged”. Unmanaged contracts do not prompt reviews and are not displayed on the dashboard. This focuses management resources on the most important contracts. The stakeholders for each contract are selected and notified of their inclusion within the contract stakeholder group. Users are alerted to key milestones and contract reminders in their ECMS calendar and by e-mail. The Contract Manager can review the opinion weightings for the stakeholders for each contract and, if necessary, shift the weightings to fit the stakeholders’ positions. 14
Document & Data Repository ECMS provides safe and secure storage for all your contract documentation and supporting information. ECMS includes a corporate document store for important templates and documents that are relevant for all contracts. Includes full data back up. Unlimited storage for any file or document type. Folder format to match your organisation’s file storage structures. Only accessible by the correct contract stakeholders. A single point of reference for all contracts, schedules and contract related documents for ease of access, reducing administrative workload and supporting contract review and audit. 15
Reporting ECMS has a standard list of reports available that includes: Contract register Contract performance reports – top performing, worst performing, highest risk. Historic performance review comments Risk registers Historic risk review comments Actions and outcomes 16
Data Security ECMS is designed for full data security and user permissions management. ECMS is hosted in a highly secure location in the United Kingdom. Contractwise’s Effective Contract Management Services are certified for 'ISO27001 - Data Security' by a UKAS accredited organisation. 17
Summary of ECMS Benefits Maximise contract performance Comprehensive risk management Maximise contract value for money Facilitate continuous improvement Reduce contract management administration Engage automatically with stakeholders Easily accessible dashboard showing contract performance and risk Access to all information in a secure cloud location Unlimited document storage High levels of data security A cost effective contract management solution* ( *ECMS is available at a tiny fraction of the 2% recommended by the NAO) The National Audit Office’s good practice contract management framework states that significant service quality improvements and financial savings¹ are achievable through best practice contract management and recommends that an average 2% of a contract’s value is allocated to managing the contract. ¹ Aberdeen Group Research showed that leading practitioners of contact management achieved: 17% average contract savings compared to 4% for laggards 79% of spend under management compared to 45% 3 times more likely to be notified that a risk event has happened Maverick spend reduced from 22% to 19% 18
Contract Management Service ECMS includes as standard: All the functions described in this brochure Unlimited number of users Full ECMS set-up and configuration support, including user training Contract management advice, support and benefits monitoring. ContractsWise can also provide strategic and operational procurement support. ContractWise’s Effective Contract Management services are certified to ISO27001:2013 – Data Security. For public sector customers ECMS is available through the Crown Commercial Service’s G-Cloud framework. 19
info@contractswise.com www.contractswise.com tel: 01684 219100 Copyright Contractswise Ltd 2018 20
The National Audit Office's good practice contract management framework states that significant service quality improvements and financial savings¹ are achievable through best practice contract management and recommends that an average 2% of a contract's value is allocated to managing the contract.
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