Quartz for Contract Performance Monitoring
Simplifying contract monitoring with DLT-based solutions
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Highlights
- With Quartz for Contract Performance Monitoring, organizations are connected to their vendors on a private permissioned blockchain ecosystem
- The solution helps maintain contracts in a tamper-proof manner, providing real-time updates to stakeholders
- Easy to integrate with organizations’ existing systems such as ERP, CRM, etc.
Quartz for Contract Performance Monitoring
Scalable, DLT-based solutions for contract performance monitoring
Abstract
Quartz for Contract Performance Monitoring leverages Distributed Ledger Technology to seamlessly connect organizations with their vendors and facilitate transparent and traceable contract processing and monitoring.
Challenge
Monitoring vendor contracts is becoming increasingly challenging for enterprises, especially when there are multiple vendors rendering services across different business lines. This is due to the complex clauses in the contracts, some of which could be unique to specific vendors. Hence, most organizations follow manual means to monitor adherence to contractual agreements/obligations and to implement necessary action in case of non-compliance, which is time-consuming and leads to operational inefficiencies. There is also a possibility of fraud as individuals could collude with their vendor counterparties. Merely automating contract clauses does not solve this problem due to the lack of trust and transparency with the vendors.
Solution
Quartz Smart Solution for Contract Performance Monitoring connects organizations to its vendors on a private permissioned blockchain ecosystem. The solution comprises of a private permissioned DLT (Distributed Ledger Technology) platform facilitating the integration, transparency, and traceability of all transactions in the ecosystem. The solution flexibly accommodates different types of contracts such as supply chain contract between seller and buyer, vendor contracts for milestone monitoring, as well as for invoice generation and payments instruction processing. Information is available in real-time to different stakeholders within the organization (for example the procurement / treasury department etc.), vendors, and banks. This saves time and cost due to reconciliation and minimizes the possibilities of fraud and errors in data.
Benefits
- Eliminating manual monitoring of milestones and payments, thereby increasing operational efficiency
- Auto-generated invoicing based on accurate and mutually agreed data
- Financial transparency and real-time data availability to relevant stakeholders (corporate finance, procurement, vendors, and bank)
- Elimination of fraud with complete audit trail made available to contracting parties
- Easy integration with enterprise and vendor systems using Quartz Gateway
- Co-existent architecture leveraging on-chain services for specific business processes
- Low-code, rapid development and deployment of smart contracts using Quartz DevKit
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