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Contract Management Resolutions for 2021 [Modernize your contract management]

Contract Management Resolutions for 2021 [Modernize your contract management]

by admin
August 6, 2020
modernize your contract management system

It’s never too late to modernize how your organization manages its contracts.If you’re looking to bring your organization’s contract management processes into the future, ContraxAware has made it easy and straightforward for you.

Improving your contract management should be your number one resolution. And there’s no reason why you have to wait until next year to start.

Modernizing your contract management system can solve a host of problems your organization may be facing. It’s even possible you’re not aware that the problems are problems. Becoming used to the way things are often blinds us to problems, because we’re so solution orientated.

But what if you could streamline (that is, automate) most contract lifecycle management processes? What if you could permanently reduce human error by creating workflows that can be templated?

How much time would be saved if your team spent less time analyzing data and creating audits, and instead received these as often as they need them? How much time would be saved if contracts were sent out for e-signatures, and everyone was notified in real time, rather than waiting for the postal service?

All these things are possible when you modernize your contract management system.

3 key reasons to modernize your contract management system

Modernizing your contract management system has many, many benefits. Three of the key reasons why you want to move forward with a modern contract management system are:

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1.  Financial optimization

Financial optimization is the biggest reason organizations move to a modern contract management system.

Modern contract management software (CMS) can help to reduce legal fees, as well as stop unplanned renewals of unwanted services from happening.This ability to see where money is being spent is a huge advantage. Simply because by linking sourcing and contracting processes, it increases the likelihood of retaining a larger percentage of identified savings.

This is made possible by ensuring you’re buying from approved supplies for the necessary quantities at the pre-agreed prices. By keeping tabs on this, it helps to minimizemaverick, or “off-contract”, spending.

With contact management software, you can track delivery times, volume discounts, and rebates. The advantage of which is you are able to make sure any negotiated savings are captured.

2.  Operational and productivity effectiveness

Having a modern, centralized database of contracts provides you with better analytics and data.You can set up a CMS to track critical milestones and provide automated alerts and scheduled notifications.

Eliminating as many manual processes as possible, and keeping all your contracts in one secure cloud-based location, has three benefits. The first is greater control. Second is improved processes across a contract’s lifecycle. And the third is reliable workflow efficiency.

Managing contracts is a multifaceted process, and with some many steps in the lifecycle of a contract it’s important that all agreements and obligations are met. Which is where a modern CMS comes in. It allows you to properly monitor and track contracts to ensure all concerned parties are meeting their obligations.

The advantage of which is ensuring the accurate amount of revenue is met. This can have a significant (positive) impact on your organization’s bottom line. That is, the resulting return on your investment will—usually—be far greater than the cost of a modern CMS.

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3.  Risk reduction

If you want to reduce risk then you want to be able to operate and enforce the latest terms, controls, policies, and conditions of a contract. Add to that the need to comply with all the relevant regulatory bodies.

To do that you want a contract management system that automates, and helps you regulate compliance management. A CMS will help you demonstrate through audits and reports that your organization is being compliant with all parties involved in the contract.

Another way risk is reduced is through workflow procedures and processes that decrease supply risk and off-contract buying. This has the knock-on effect of increasing your spend leverage.Whichall adds up to an overall reduction in supply chain risks, and less costly but more valuable buys.

Want to improve your productivity and profit margins?

If you want to improve your organization’s productivity and profit margins, then using a modern contract management system is the best solution.

Modernizing your contract management system will help with growth. Which is possible by scaling contract management through a dedicated cloud-based CMS. This will drastically reduce management costs, allowing you to grow faster than if you were relying on a manual system.

If you would like to know more about how a modern contract management software can help your organization grow, please contact ContraxAware today.

FAQs about modernizing contract management

What are the benefits of centralized contract management?

Housing all your contracts in one place has several benefits. From being able to easily access all contracts both of clients and employees; to being able to easily manage each departments responsibilities through automation.

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This makes managing contracts much more straightforward, and reduces mistakes and risks that can occur as a result of human error.

Why is modernizing contract management necessary?

Modernizing your contract management is necessary if you are looking to grow your organization, reduce costly errors and risks, and generally optimize your organization’s financial situation.

A modern contract management system allows you to manage a wealth of contracts seamlessly. This is made possible through data accumulation and automation.

By having all your contracts in one place you are able to learn more and use that data to influence new contract negotiations, and the workflows that go into their execution, auditing, and renewal.

What are the advantages of modern contract management software?

The advantages of a modern, cloud-based contract management software area more reliable, secure, cost-effective way of growing your organization. Keep your departments and clients happy with dependable, automated, structured workflows that ensure nothing slips through the cracks.

Improve accountability, and minimize error through a modern CMS that will help to increase your bottom line. And make growing your organization that much easier.

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