Simplifying large-scale contract management by providing intensive tracking and reporting of manual labor, equipment, and machinery.
Context & Challenges
Infrastructure service providers are facing contract management challenges while scaling due to using antiquated technology for projects such as shutdowns, turnarounds, and outages. These inadequate systems leave teams spending excessive amounts of time disputing information and claims, which hinders their ability to achieve maximum efficiency and possible profit margins, coupled with the following issues:
— In-house scheduling teams and on-site administration teams have limited real-time connectivity;
— Customer disputes can take several weeks due to the lack of verifiable data for both parties;
— Lack of a multi-party data and infrastructure layer for sharing information (such as qualifications, training, equipment maintenance histories, etc.) across various parties for specific project needs; and,
— Significant burden for administrators and contract managers to reconcile data in complex contracts.
In order to successfully and efficiently manage large maintenance contracts, service providers are exploring the benefits of STRATO Mercata.
An immutable ledger built on STRATO Mercata for automating and streamlining the collection, processing, and validation of data on complex maintenance services contracts provides the following key benefits:
✓ Real-time alignment on time, cost, and schedules to allow fully-informed decision making;
✓ Validates claims data using smart contracts to resolve discrepencies and generate automated workflows;
✓ A neutral infrastructure between all parties involved, allowing for greater transparency, saving time, and reducing human error; and,
✓ Secure and verified ‘single source of truth’ for data associated with the contract.
As a result, users have better administration of project milestones and improved communication with necessary business groups. From a cost perspective, internal costs and fees are mitigated, disputes are eliminated, and payment cycles are sped up.