Electronic contract management is a game-changer, as it empowers companies to process and monitor contracts efficiently, optimise costs, and mitigate risks. With such a system in place, businesses can rely on a centralised system accessible from any part of the globe to sign, view, or review contracts. Various establishments offer digital contract management solutions, but some ‘manage’ to stand out and stay ahead in the game. Remy InfoSource is one of them.
Founded in 2002, this Singapore-based company specialises in contract life-cycle management, eTendering, document management, and cloud collaboration through their distinctive and disruptive iSpec platform. Their commitment to automation and efficiency was demonstrated by their early adoption of concurrent document editing, a feature that has been available on their iSpec platform since 2006. This allows multiple users to collaborate and edit documents in real-time over the internet, further enhancing their ability to deliver high-quality results quickly and efficiently.
Remy InfoSource believes that simply digitizing procurement and contracting processes will not guarantee improved efficiency. Easy access to crucial information and streamlining procedures while adhering to compliance standards are critical. Therefore, they adopt a hands-on approach and consider their customers’ real-life challenges to provide practical solutions instead of leaning on theoretical models.
Remy InfoSource has been at the forefront of digitization, cloud computing, data analytics, cybersecurity, and collaboration efforts with suppliers to heighten efficiency, minimise errors, increase accessibility, and automate processes.
It is not enough to have and store data as legacy systems do; a company must be able to comprehend and contextualize it. Remy simplifies the management of complex projects by providing contextual access to project information through iSpec, improving the user experience and enabling people to understand the details and reasoning behind decisions. The platform offers tailored insights and reminders, enabling you to take proactive actions and make informed decisions.
iSpec offers enhanced contract visibility by storing all contracts in the cloud and providing easy access through a user-friendly web interface. The dashboard lets you filter contracts and eliminates the risk of duplication or using the wrong version. The role-based permission system enables concurrent editing and approvals and provides a comprehensive audit trail and version tracking for transparency and accountability.
iSpec’s standout feature is its in-system email tool. The system enables internal communication as well as external collaboration with suppliers, legal council, and other stakeholders during the creation of the master document as well as tendering, contract negotiations, and project management. This collaborative feature has several advantages. For example, it records all activity during the creation of the master document, it controls and contains internal and external communication within the platform throughout the contract creation process, and compiles documentation when the agreement relies on the RFT. Further, it is accessible for tender evaluations, clarifications, and negotiations while simultaneously boasting full traceability, ease of audit and probity, and ease of retrieval in the event of discovery or Official Information Act requests, as all correspondence is embedded in the contract at the section it relates to.
The contract administration process in iSpec is designed to uphold governance and risk policies and ensure procedural compliance. The system provides a master library of pre-approved documents, which can be customized to meet the specific requirements of a contract or tender. The role and permission management system governs access and editing rights to clauses, giving it an edge over Word, Excel, and other attachments that have to be uploaded into a system. The use of selectable items in templates allows for flexibility in contract preparation.
Additionally, iSpec excels in managing contract changes, renewals, and terminations with its audit trail. The system securely stores data in a centralized database and captures all email correspondence embedded in the contract in context, improving efficiency and reducing the risk of error.
All in all, iSpec is a game-changing platform that has transformed how companies conduct their contract evaluation processes. Leveraging its powerful features has simplified and streamlined the work of project teams. iSpec enables immediate price and compliance evaluation, allowing professionals to quickly identify areas of non-compliance or partial compliance that require further clarification before the evaluation can be completed.
iSpec’s advanced capabilities are designed to improve the accuracy, thoroughness, and efficiency of the evaluation process. For example, the platform allows for separate technical and commercial evaluation teams, with evaluations structured to be either simple or complex, incorporating weighted-score evaluation criteria.
The power of iSpec was evidenced in the productivity gains of DP World, a leading global port operator. DP World successfully increased the number of concurrent projects a single project manager could handle, from 5 to over 30—a staggering 500% improvement. Moreover, DP World has leveraged iSpec for 17+ years, testifying to its efficacy and impact.
SABMiller, the world’s second-largest brewer, is also no stranger to the effectiveness of iSpec. They implemented iSpec as their tender, bid, and contract management system with a centralized master library of financial, legal, commercial, and technical documentation, plus past project and bid documents from vendors. As these are visible to all authorised users, there is no duplication of work or wastage of time and costs. iSpec ensured that tenders could be prepared and published in a single day, compared to the earlier timeframe of two weeks.
“At the forefront of the rapidly evolving technology landscape, we continuously evaluate new possibilities to enhance functionality and drive efficiency. Our unwavering commitment to organic growth has propelled us forward, but we are now exploring the possibility of partnering with strategic investors to expand our reach and stay ahead of the competition,” said Pieter Boshoff, the CEO of Remy InfoSource.
Their team embraces a practical approach to procurement, characterized by continuous improvement and efficiency. They closely monitor and analyze their customers’ daily operations, looking for ways to streamline processes and eliminate inefficiencies. As a result, they have successfully automated many tasks and reduced the time and effort required for repetitive research, reducing the likelihood of errors.
Remy InfoSource’s commitment to building lasting relationships with their customers sets them apart and drives their focus on delivering outstanding customer service, rather than just making a quick sale. Their reputation for exceptional support is unparalleled in the industry. As a nimble organization, they respond quickly to customer needs and implement meaningful changes to meet their evolving requirements.