Money is the lifeblood of a business. And contracts are how you get the blood flowing.Which should emphasis the importance of reliable and secure contract management software. A leading contract management system makes sustainably growing your organization a reality not in the distant future: but today.
ContraxAware’s contract management software can save 96% of your organization’s time as it relates tocontracts.Our software helps every department in your organization, and can be tailored to the specific needs of each role.
The contract management software we offer is designed to be flexible enough to be configured for each department. Which helps increase the efficiency, decrease human error, and increase the profitability of each department.
The 6 ways contract management software helps with growth
There are six specific ways contract management software (CMS) will help grow your business:
1. Shorter approval timeline
ContraxAware’s CMS is designed to automate the entirety of the contract management process. This is done through customizable workflows which help to expedite review processes, which helps move the contract along faster.
With dynamic workflow to-do lists that can scanned quickly, you can gain a bird’s eye view of your company’s current state of affairs with all contracts. This information allows your contracts manager to keep in touch with relevant departments and ensure everything on track.
2. Increased visibility of contracts
With manual contract management it’s difficult to get a handle on the exact workload your company is currently doing. Which can make it difficult to know how many new contracts you can manage while still delivering to existing clients.
This is why a CMS is so valuable. It means you can have all your contracts in one centralized cloud-based database. Reporting and auditing workflows can be automated so all necessary departments, and clients have the information they need to continue moving forward.
And if any of your staff work remotely, all they will need are their logins to access the information from wherever they are. Which is especially beneficial for sales staff who will want quick and easy access to contract templates so they can quicklymove the sales process along.
3. Audit preparation is improved
ContraxAware’s CMS has a centralized portal with features like an audit trail so you are able to maintain contract history for auditing. Which some regulatory bodies insist companies maintain for their legal records.
Our CMS also enables you to create audit workflows so departments can be notified weekly or monthly to ensure the contract’s obligations are being met.
4. Renewal dates are never missed
There are two sides to renewal. Your client’s renewal of their contract. And your renewal with vendors.
You may be looking to change vendors, so it’s important you’re aware when renewal dates are coming up. Likewise, you want to ensure your clients are receiving everything stipulated in the contract to encourage them to renew their contract with you.
5. Improved management of documents
There are many benefits to having your documents in a centralized place.And there are many more for the centralized place being cloud-based.
The benefits include no more messy filling system, no worrying about running out of office space. And you don’t have to worry about losing contracts, or only seeming to have an outdated version.
With our CMS, you can keep track of, and store, old contract versions, while making sure only the finalized, approved one is informing the work is being done.
This saves a huge amount of time, and allows all your departments to be much more efficient in their use of time.
6. Scalable contracting growth
With a CMS, you don’t have to worry about physical storage space. You don’t have to worry about trawling through data to create reports and audit contracts. You don’t have to worry as much about human error and things being forgotten.
Contract management software automates, for each department, what can be automated. This allows people to do more meaningful work. So instead of so much time being spent managing a contract, that time can be better spent ensuring all the obligations of the contract are met.
The creation of templates, and automated workflows reduces human error and helps to speed up the entire contract lifecycle.
Grow your business with ContraxAware’s contract management
If you would like to know more about how you can grow your business with ContraxAware’s contract management, please contact us today.
Business growth with contract management software FAQs
What is the value in an online contract management application?
The value of an online contract management application is that it allows to you to more accurately, securely, and reliably manage thousands of contracts.Manual contract management relies on someone trawling through thousands of physical documents looking for the most recent version of the finalized contract.
Online contract management centralizes all contracts, making them easy to locate. Different departments will have different permissions allowing them to only access what they need, which reduces risks, and the chance of human errors.
What is a contract management growth strategy?
A contract management growth strategy looks at the impact your current contract management system has on your organization. It involves assessing the strengths and weaknesses and looking at how to optimise the system.
This can be as simple as moving from a manual system to an online one. Or, if you are already online, then it can look at a contract management software that does everything you need rather than using 3 or 4 pieces of software.Which makes managing contracts through their lifecycle easier. And it makes the whole process much smoother, predictable and successful.
How does contract management software ensure growth?
Contract lifecycle management software ensures growth by streamlining processes which previously seemed disconnected.
By having every stage of every contract’s lifecycle managed in one place it allows for the collection of data to improve efficiencies. It can help to save money by reducing costs and so increasing profit margins.
Contract management software is also easier to scale than purchasing more physical space. And with automated workflows, notifications, and messages it’s also easier to scale contract procurement and execution.