18-05-703 - Contract Management Lifecycle Software

AIMCo is a crown corporation established on January 1, 2008 and whose sole shareholder is the Province of Alberta. AIMCo was incorporated for the purpose of providing investment management services to certain Alberta public sector entities. AIMCo is one of Canada’s largest institutional investment managers and is responsible for the management of assets with a value of approximately $100 billion.

The current contract management process at AIMCo is time-consuming and manual. Most of the communication, review and approval processes happen via email or phone calls. The current contract management system (CMS) does not have any document management or workflow features, so it cannot be used for contract development. The system is updated with contract information after the contract is ready and signed by all parties (after the fact).

For contracts currently being executed, the information is replicated into many systems by many groups as the CMS is not integrated with any other system at AIMCo, which causes unnecessary duplication of efforts and inconsistencies. Business users and their needs vary by role and/or department, for example, Accounts Payable, Contract Assistants and/or Managers, and Procurement will each have a unique business function and need, however, all require access to the same business data.

Reporting capabilities are limited, which leads to the groups using other mechanisms (such as SharePoint repositories, Excel spreadsheets and emails) to maintain the information.