This is just one of many possible workflows. Of course if you make an error that could have been avoided by making this folder, it is going to be a little difficult to complain or ask for someone's help.
Makea folder with a name such as, JCC Digital Contest 2017 Q1.
Save the folder where you can find it. Of course, it can be nested within a more general folder, etc.
Place all saved elements relating to the contest in the folder. This includes images, text notes, screen captures, ideas, etc.
Make another folder named, Final Images or the like, and nest it within this folder.
Just submit the new image and request the Digital Contest Manager to delete the older one. If the filename changes you can specify the behavior by filename. If the filename does not change just request by relative date/time.