One of our clients recently had a contract that expired and no one remembered that it needed to be reviewed and canceled before a certain date. The result of this was a $15,000 automatic renewal of their agreement for a software the company was looking to replace. Mistakes like this happen all the time in organizations of all sizes, with hundreds of files and contracts it’s difficult for most businesses to keep track of when things are due.
How can you avoid this problem?
A very effective way is through the development of an automatic program within a Document Management System, such as Laserfiche, to ensure that this will never happen again. The program would review all contracts within the repository folders and use the metadata to determine which contracts are coming up for review.
What was done for the client?
What we developed for our client was a workflow within the client’s Laserfiche system that would cycle through all the contracts. Based on the metadata information within those contracts the workflow would calculate when the contract needed to be reviewed by looking at the end date of the contract and the renewal period. All this information was previously stored with the document when the users imported it to Laserfiche.
The workflow would then generate an email to whomever created those documents with the list of contracts they were responsible to review. If there was no one connected to the document, the email would be sent to the person responsible within the department that the documents belonged to. These emails would be sent out on the 1st and 15th of each month, giving the responsible parties ample time to review and perform the necessary actions.
So make sure your company doesn’t experience any $15,000 or larger mistakes with a proper Document Management System.