Current market trends are pushing businesses to expand their services, which means there is an increasing reliance on outsourcing business operations. If your business or organization outsource any element of your company, from management to manufacturing or from tech support to human resources, then you will understand how complex outsourcing contracts can be. There are often long negotiations, resulting in large amounts of Master Services agreements, Local Service Agreements and schedules. If you don’t have an automated system in place, and are still manually managing these obligations, then you may be realizing how inefficient and unreliable this can be. Especially in regards to compliance, where mistakes can have significant financial ramifications for your company and its reputation.
If you are looking to implement a better system for your outsourcing management issues, then Outsourcing Value Management software provides the ideal solution. At Symfact we are the only company that offers management software specifically targeted to help your business increase productivity and accuracy when dealing with outsourcing agreements.
In this article, we’ll go over some of the advantages implementing Outsourcing Value Management can have for your business or organization.
Control, Access & Visibility
The sheer amount of documentation required for each obligation or contract is the main reason manually managing agreements often falls short as a system. Especially for larger businesses and organizations who rely on outsourcing a huge amount of their operations. Each of those obligations has their own set of requirements and clauses such as time frames, formats, deliverables, locations and even people. All this data can be lost in amongst the amount of paperwork and shared document sites. Manual managing your obligations can rely over-heavily on spreadsheets, which can often fail to take into account all the specifics and level of detail needed for outsourcing agreements. If you already have an automated contract management system in place, then this can be better, but still lacks the fine details and reporting required to ensure the correct compliance for each agreement, resulting in loss of revenue due to reputation damage and penalties.
By offering a central repository in our Outsourcing Value Management software, you can store all obligations and the associated data and documents in an easily accessible, single storage location. Our software can use metadata to search through documents, helping employees find the correct information far more easily than if they had to search through the physical paperwork. This can be important for any obligations that may need substantiating, as well as knowing the source of any contract documents.
One of the tools that can prove useful in our management system is Clause and Obligation Level Control. This means that each obligation within an agreement can be managed separately on its own merit. This helps improve the definitions and refinement of detail in each obligation and what is expected and required of both parties involved in an outsourcing agreement; supported by data and documents that are easily accessible. This gives the maximum amount of visibility which in turn enables not only better control, but also can increase the efficiency of the day-to-day governance of your business.
Another useful tool as part of our Outsourcing Value Management software is document hierarchy support, enabling you to maintain specific relationships between master service agreements, local service agreements and schedules of work. By separating these in order of importance, it reduces the amount of time needed to find any supporting documentation, improving productivity and ensuring a higher level of accuracy.
When dealing with outsourcing agreements, the chances are that there will be sensitive and confidential data you may want to restrict access to. Especially with regards to compliance with data laws. Or maybe the other people involved in the agreement may want an assurance of privacy. To ensure a level of security, our Outsourcing Value Management software has a permission-based access control interface. Giving you control over the sensitive information your employees have access to and imposing restrictions at any point where necessary. This helps protect both employees and your business and reduces your liability.
The management software we provide at Symfact is on a browser-based platform, enabling access anywhere you have an internet connection. Having all the information on obligations and contracts available online with an advanced search functionality reduces the risk of human error and gives constant access to precise information to all your employees, an essential asset given the increase in employees working from home due to the global pandemic.
Communication, Connecting and Reporting
Keeping on top of your obligations as well as trying to create custom reports and managing workflows and operational data can prove time consuming. As well as ensuring compliance and managing risk across all contracts. However, you can use our Outsourcing Value Management software to control and report on hundreds of obligations and by automating this process you reduce the risk of human error and loss of crucial documentation and data that could cause harm to your business reputation and revenue.
There can be a lot of people involved when creating outsourcing agreements so accurate communication is key when dealing with any obligations within any agreements. With Outsourcing Value management software, you can create all your agreements and communicate them to any essential parties, whilst tracking any changes made. By using e-signatures and receiving approval notifications, you can ensure the contract process isn’t slowed down by paperwork. By automating this process, you can vastly reduce the amount of time it takes to approve and implement an outsourcing agreement whilst improving your communication can help with accuracy and refine the expectations of all parties involved.
Another useful feature of our Outsourcing Value Management system is the ability to have a complete overview and control of your outsourcing landscape. Automated reporting tracks and analyzes important information and with complete revision history, you can see how contracts and obligations have changed over time. You can also keep on top of all management and processes by using the custom reports feature, which allows you to analyze operational data, workflows, information and documents.
Due to the different obligations within an agreement, and the huge amount of supporting documentation required for each agreement, auditing and compliance can be a minefield when manually dealing with outsourcing agreements. It can prove time consuming and complicated for any compliance officers or members of the team tasked with ensuring all obligations are met. There are several tools within our Outsourcing Value Management system that can help streamline the process and help employees ensure compliance.
Due to having a minimum of two parties involved when outsourcing, it is imperative that you can easily track any changes made to any part of an agreement. This is especially vital if the other party has access to the agreement on your system. Everything needs to be accountable. Thankfully, every action made in an Outsourcing Value management software system is fully tracked in the audit logs, along with a time stamp and the user’s information.
Trigger based alerts is a tool provided by most management systems that becomes an essential asset when dealing with outsourcing agreements, due to the different levels of detail and obligations required. You can use this tool to configure and track important data, events and timeframes and set alarms and notifications, ensuring nothing ever falls under the radar and you won’t suffer negative consequences for non-compliance.
As an added feature you can have incident capture and reporting suites. This ensures all incidents are stored and automatically assigned for investigation, whilst analysis tools can assist with legal protection for you during the lifetime of your outsourcing relationships. This helps you manage issues quickly and with the least amount of disruption to the running of the business.
Configuration & Integration
Thanks to cross-platform XML architecture, our software can integrate with a range of different management systems and software including most ERP’s, CRM’s and accounting packages. Existing tools that are already being successfully utilized within the company can also be retained and implemented into the Outsourcing Value management system. Our software also has a Microsoft Word extension, which allows you to edit obligations and contracts from both Microsoft Word and directly from the system.
Our Outsourcing Value management software is also fully configurable and can be scaled in regards to the size and requirements of your business as well as being able to adapt to any business processes or framework.
No matter where your business is based in the world, or what global market your business wants to be part of, you can be assured that our system can be configured for multiple languages, locales and currencies, so multi-site installations are not a problem. This is ideal for businesses that have contracts and obligations around the world and that operate across countries.
If you think this Software could help your business deal with Outsourcing Value Management as well as your governance, risk and compliance by reducing risk and increasing efficiency and productivity, then please contact us here at Symfact today.