Contract management reporting
Timely and accurate data assists businesses to witness the trends, understand the market gaps and also predict financial future; but the data requires making sense to all those who demand it. Being the general counsel of your company, one of the most vital responsibilities that you have is to keep a track on the impending opportunities and risks of the portfolio of the company. Nevertheless, when a business has got large contract portfolios, keeping a track of the contract lifestyle from the start through compliance and renewal can easily become a burden without accurate reporting.
Regardless of the information which you need, from contracts which need signature to expiring contracts or definite contract values, it should be close at hand. With proper contract management reporting, you can obtain critical details on review dates of contracts, sort them according to the owner of the contract and also inform business decisions. Here are few reports which can be generated automatically through contract management reporting.
#1: Contracts which are about to expire
You will get an overview which comprises of all those contracts which are about to expire within the next 90 days. If you get the summary of the contracts which are all set to expire, you can make sure you start with a renegotiation before the notice period to secure reasonable terms. In case of the contracts which have automatic renewal, you should focus on the termination date rather than the date of expiry.
#2: Contracts with pending signature
There are certainly several contracts which have still not received a signature. If you get a list of these contracts which need a signature, you can recognize all the bottlenecks in the lifecycle of the contract. You can thereafter send timely reminders to the owners of the contract so that they can be followed-up on time for a signature.
#3: Contracts in draft
When you get a list draft contracts, you can exercise control on contracts before they get active. By running reports on contract drafts by department or owner, you can start off with reviewing terms of contract and also monitor compliance.
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#4: Inactive contracts
Did you know that legal issues can still arise several years post a contract has ended? If you have the capability to report inactive contracts for a definite time period which involved few specific counterparty, this can be necessary in getting a quick resolution and a positive result. This also helps you report on inefficiencies in workflow like payment terms or commercial limitations.
#5: Contracts which are active
When you have the overview of the contracts which are active throughout the portfolio of the company can offer insights into the responsibilities of the contract. In case you filter through a specific value like the type of payment, you can report key liabilities throughout the portfolio of the company.
As constant reporting can let you identify the possible opportunities and risks in your contracts, such contract management reports can even assist you in legal matters like claims, compliance and entity management.
