Many companies view contract management as an administrative headache. But, with strategic processes and implementation of best practices, contract management can become a competitive advantage.
How Better Contract Management Can Improve Your Bottom Line
Many companies view contract management as an administrative headache. But, with strategic processes and implementation of best practices, contract management can become a competitive advantage.
In fact, with the right system, contract management can add as much as 15% to your bottom line.
Contract management can help you both control costs and increase revenues.
Expirations, Renewals, and Renegotiations
Companies that lack a strategic approach to contract management leak money all over the place. Contracts with important customers expire without follow up, bad contracts with vendors automatically renew because of a lack of notice, and the company fails to re-negotiate for better terms.
If you had a cloud-based contract management system, you would receive automatic alerts about critical contract dates. You wouldn’t have to rely on someone checking the spreadsheet at the right time or someone remembering that an important contract expires sometime in the next few months.
A strategic approach to contract management allows you to proactively follow-up with important clients. You can easily stay on top of cancelling bad deals with vendors.
Contract management software also gives you easy access to data. You can leverage that data to secure better rates with vendors and your strategic partners.
Litigation Risk Avoidance
Nobody wants to get tangled up in a lawsuit. Even if you are in the right, a breach of contract dispute is expensive and time-consuming. It can cause you to miss out on other opportunities, and you may never recover damages you are owed.
Contract management software can help prevent contract disputes. Because you have easy access to the contracts, automated alerts, and powerful reporting features, you never have to miss a contractual date. You never find yourself accidentally in breach of a contract.
You also have the chance to see if a customer or vendor is failing to keep up their end of the bargain. You have a chance to reach out to the other side before things reach a crisis point. A good contract management system gives you the ability to see negative trends and to react before things get worse.
Compliance
Contracts are becoming increasingly complicated. Often organizations miss out on contractual bonuses or end up getting fined for failure to comply with certain contractual terms within the deadline.
Some companies have entire teams devoted to contract compliance issues.
A cloud-based contract management system powered by AI and machine learning can simplify compliance efforts.
You never have to miss a critical date again.
Automation
It’s no secret that automation is a powerful driver of lower costs and increased revenues. Contract management is no exception. Thanks to new advances in machine learning, contract management software is now more powerful than ever.
You can now automate basic contract drafting tasks, workflow, alerts, and much more.
Automation decreases errors and allows your team to work more efficiently. Instead of handlining simple, routine tasks, automation allows your team to work strategically.
Contract management isn’t about shuffling papers or busywork. It should be a part of your overall business strategy. If you have the right tools, contract management can make you a more agile, and more profitable business.
In fact, with the right system, contract management can add as much as 15% to your bottom line.
Contract management can help you both control costs and increase revenues.
Expirations, Renewals, and Renegotiations
Companies that lack a strategic approach to contract management leak money all over the place. Contracts with important customers expire without follow up, bad contracts with vendors automatically renew because of a lack of notice, and the company fails to renegotiate for better terms.
If you had a cloud-based contract management system, you would receive automatic alerts about critical contract dates. You wouldn’t have to rely on someone checking the spreadsheet at the right time or someone remembering that an important contract expires sometime in the next few months.
A strategic approach to contract management allows you to proactively follow-up with important clients. You can easily stay on top of canceling bad deals with vendors.
Contract management software also gives you easy access to data. You can leverage that data to secure better rates with vendors and your strategic partners.
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Litigation Risk Avoidance
Nobody wants to get tangled up in a lawsuit. Even if you are in the right, a breach of contract dispute is expensive and time-consuming. It can cause you to miss out on other opportunities, and you may never recover damages you are owed.
Contract management software can help prevent contract disputes. Because you have easy access to the contracts, automated alerts, and powerful reporting features, you never have to miss a contractual date. You never find yourself accidentally in breach of a contract.
You also have the chance to see if a customer or vendor is failing to keep up their end of the bargain. You have a chance to reach out to the other side before things reach a crisis point. A good contract management system gives you the ability to see negative trends and to react before things get worse.
Compliance
Contracts are becoming increasingly complicated. Often organizations miss out on contractual bonuses or end up getting fined for failure to comply with certain contractual terms within the deadline.
Some companies have entire teams devoted to contract compliance issues.
A cloud-based contract management system powered by AI and machine learning can simplifycompliance efforts.
You never have to miss a critical date again.
Automation
It’s no secret that automation is a powerful driver of lower costs and increased revenues. Contract management is no exception. Thanks to new advances in machine learning, contract management software is now more powerful than ever.
You can now automate basic contract drafting tasks, workflow, alerts, and much more.
Automation decreases errors and allows your team to work more efficiently. Instead of handlining simple, routine tasks, automation allows your team to work strategically. Contract management isn’t about shuffling papers or busywork. It should be a part of your overall business strategy. If you have the right tools, contract management can make you a more agile, and more profitable business.
