Having a poor contract management practices can harm your organization\u2019s potential profits and increase your costs. While using the right contract management software can help your company run more efficiently, many decision makers and stakeholders still don\u2019t fully understand all of the pain points that poor contract management processes create. \n\n\n\nDemand for Personalized Contracts is Increasing\n\n\n\nContracting has always required a high degree of\norganization and a sharp eye for detail. However, modern contract management is\noften made more complicated by increased demand for personalized contracts. \n\n\n\nPersonalized contracts require collaboration between\ndifferent departments and the vendor or strategic partner. Many organizations\nlack efficient ways to manage this collaboration. Instead, several individuals\nwork off of different versions of the same file, often causing confusion and\ndelays. \n\n\n\nUsing contract management software makes version control simple and keeps everyone on the same page\u2014literally. \n\n\n\nCentralized Vs. Decentralized Contract Management \n\n\n\nWhen you have your contracts stored in a single\ndigital or physical location, it can be difficult for some team members to\naccess the contracts and supporting documents when they need them.\n\n\n\nIf the contracts are stored on the company server, a team\nmember working on an active negotiation away from the office may have trouble\ngetting all the information they need. \n\n\n\nHaving a secure cloud-based system allows authorized personnel\nin your organization to access the information and documents they need, no\nmatter where they are in the world. This allows you to move faster when you\nfind the right opportunity. \n\n\n\nDecentralized Contract Management Impedes Tracking \n\n\n\nBusinesses in 2019, manage more contracts than ever before.\nThis is fantastic from a revenue perspective. However, a decentralized contract\nmanagement process can undermine the profitability of some contracts.\n\n\n\nContract renewal\nopportunities are often missedBusinesses find\nit difficult to track specific contract milestonesPoor oversight\ncan lead to otherwise avoidable disputes\n\n\n\nSome contracts go through several version updates.\nSome also require workflow patterns to be changed to adhere to new contractual\narrangements. Sadly, decentralized contract storage and processing can make it\ndifficult to analyze the history of a full document and implement appropriate\nchanges in a timely fashion.\n\n\n\nDecentralized contract management creates information gaps and communication gaps. It leads to decision-makers not having the right information at the right time.\n\n\n\nContract management software powered by AI can send automated alerts that keep everyone posted of critical deadlines and allow managers to easily find the exact information they need to make the best decision for the company. \n\n\n\nGet online in minutes, implement in hours, realize ROI in weeks! Easy-to-use, helps you increase productivity, contracts & revenue. Available anywhere, anytime & on any device.Try a Free Demo today! \n\n\n\nDispute Resolution & Quality Auditing\n\n\n\nWhen you lack a centralized contract management system, it\u2019s almost impossible to perform a full audit of your contract processes. You cannot know how your individual contracts are performing against each other. \n\n\n\nEven worse, if you enter into a dispute, just\ngathering all of the relevant documents and communications can become a huge\ndrain on company resources, increasing your litigation costs. \n\n\n\nContract management software allows you easily run reports,\nso you can track different contract metrics. You can see at a glance if there\nis a systemic problem or if one contract is causing an unusual number of\nissues. \n\n\n\nSoftware also makes it easier for auditors and lawyers\ntoperform quality checks or to gather needed documents for a legal dispute.\n\n\n\nBecause AI and machine learning have come so far in\nthe last couple of years, there is no longer a viable business reason not to\ninvest in a cloud-based contract management system. \n\nContract management software makes every level\nof your organization more efficient and productive. It lowers contract\nmanagement costs and litigation risks. Using the right software even can boost\nyour profits and allow you to benimbler so that you can\nquickly move on new opportunities.