Last updated on February 3rd, 2020 at 02:44 am
In the best-run companies, nothing is undertaken unless it will ultimately benefit the customer. Contract management often operates in a separate realm from the parts of the organization that are more directly customer-facing like sales and customer service.
But, having a more efficient contract management process directly benefits your customers. When your organization is using the right contract management software, your customer will enjoy a better experience with your entire organization.
Faster Contract Approvals
One of the most frustrating bottlenecks from the customer’s perspective is the length of time it takes for a contract to be approved.
Contract management software speeds up the contract approval process with the use of smart document management and automated alerts. Everyone who needs to sign off on a contract gets an alert the moment the agreement is ready for review.
The document can be pulled up in the contract management software in just a few clicks. There is no need to transport physical appears to different departments. Software eliminates lost paperwork.
Contract management software also makes it easy for the sales team to monitor the progress of the approval process. This allows them to give accurate updates to the customer.
Contract management software improves communication within your organization and between your organization and the client. Automated alerts notify your team before a critical deadline passes.
It allows your organization to be proactive in the management of the contract instead of reactive. Stronger communication and follow-up practices give the customer more confidence in your ability to execute the agreement.
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Contract management software allows your contract management team to spend more time managing contracts instead of chasing down physical contracts or crucial information.
The software is like a combination of a digital filing cabinet and an efficient virtual assistant. Automation, powerful search functionality, intuitive analytics, and cloud-based storage makes it easy for everyone in the company to have the information they need when they need it.
Everyone can get more work done in less time.
Fewer Compliance Issues
If there are no cracks, nothing can fall between them. Contract management eliminates many common contract management mistakes.
The software allows the contract management team to have more direct contact with the team responsible for executing on the contract. Deadlines never go by unnoticed because the automated alerts signal the contract manager to follow-up long before the deadline is reached.
This results in fewer compliance penalties and happier customers.
More Efficient Renewals
The last thing your customer wants is an interruption in your delivery. Inefficient contract renewals can wreak havoc on your customer’s supply chain and can crimp your cash flow.
Contract management software makes it easy to manage contract renewals. The system will generate alerts to review contracts set to auto-renew before the current contract expires.
It will also generate alerts for contracts that have no renewal date.
Your team will never be surprised by an expiring or a renewing contract. Customers will appreciate your proactive approach to the management of the deal.
Contract management software isn’t just a way to make your contract management department more efficient. It’s also one of the best ways to improve the service you deliver to your customers.