Tackling a Pain Point in the Commercial Real Estate Industry – Contract Management

Client’s Challenge:

Al Rafay Consulting’s (ARC) client, in the commercial real estate industry, struggled with their contract management process. Using emails and different excel files to track, collaborate, revise, approve, and sign contracts, the client’s dated process was ineffective and prone to errors and delays. Contract management was a roadblock to optimization as more time was being spent on administrative tasks than getting signed contracts to help grow their business.  

Additionally, different regional administrative teams that were dedicated specifically to contract management used different processes to manage, track, and collect data for their contracts. With different processes and templates to track contract status reports, it led to inconsistencies in how their data was stored. During their quarterly calls, the regional admin teams struggled to merge their reports to gain a holistic understanding of contract status analytics. Due to low visibility and collaboration and high engagement with non-value-added tasks, Al Rafay Consulting stepped in with their Contract Automation & Management Platform, CAMP. 

Client’s Goals and ARC’s Solution:

The client’s goal was to not only streamline their contract management process but to create a global solution for one of the most important processes in their organization. With over 40 different contract types and over a dozen different departments involved with each contract, the manual and inconsistent efforts were in deep need of a solution refresh. ARC’s product, CAMP, was the perfect solution for their challenge. With this built-in tool, the client was able to explain their needs and process to ARC’s experts to create a secure contract management solution that was customizable, specific to each contract type. 

CAMP is a tool that allows the client to automate and track the review and approval process of their contracts within the lifecycle. Once a contract is requested by a department, it goes into CAMP and the workflow for that specific contract type begins. The tool automatically sends the contract to the right stakeholder for review and approval, depending on what step in the contract lifecycle it is in. If the stakeholder has a comment or needs to revise the contract, they can easily do so within CAMP, and all necessary stakeholders will be notified. For example, if the contract was sent to the risk team for review and they found an error that needed to be corrected, they can directly leave a comment. Their contract are then automatically routed to the needed department and resource for their approval. This not only reduces the number of their manual emails being sent back and forth, but it guarantees that the contract’s review process is following compliance requirements. 

Additionally, now that the process is standard across all regions, all the data being tracked is in one location, with filters and exporting tools to effectively analyze contract lifecycle data.   

Results & Summary

After CAMP was successfully implemented, ARC’s client averages approximately 500 contracts per month, through their new automated system, proving to be a critical investment for them. By partnering with ARC, the client is now able to automate their contract management system, reduce non-value-added work, stay in compliance, easily track data, and enhance their visibility and collaboration. Through custom workflows, the contract lifecycle is now a seamless process that is no longer a bottleneck in their business’s growth and progress. 

Schedule a Consultation to Learn More:Interested in learning more about CAMP and how it can transform your business?  Contact us at contact@alrafayconsulting.com