Last updated on November 4th, 2019 at 04:10 pm
Times have changed and it might be time to change how you do contract management.
We live in the 21st century, and our businesses ought to reflect the same. In today’s times of ever-increasing competition, it is important that we keep up with the pace, and ensure that there is little or ideally, no room for error. This is true for both, our business models as well as our business practices. While we can’t always do much about our business model, we can always amp up the methods to meet the current standards.
A large number of businesses have now adopted numerous changes such as automation of processes, incorporation of software for essential functions such as:
- Customer Resource Management
- Human resource management to generating salaries
- Managing production cycles to ensuring efficient
- Supply chain management
However, a large majority of businesses still rely on manual contract management. This is most likely because some businesses are not aware of the consequences of or the value that contracts can bring to your bottom line. The importance of managing and realizing gains through proper contract management can be quite surprising to some.
Manual Contract Management Issues
To begin with, one of the first steps involved in the contract process is the actual authoring of the contract. Many companies still create their contracts manually, which can not only lead to numerous errors but can also increase workload. The author of the contract has to read, re-read and proof-read multiple times, to ensure that the text accurate. This process is not just about checking the spellings and grammar, but also about the format, terms, duration and legalities. The constant checking and rechecking of the contracts may lead to multiple versions or reiterations. At one point or another, this process may become difficult to keep track of and may lead to confusion.
While this entire practice inherently seems to be cumbersome, what makes it genuinely inefficient is the fact that it can take up a significant amount of staff-hours, thereby proving to be a costly affair.
Once signed and execution, the contract can also be entirely difficult to manage.
Manual management of contracts may lead to MISSED:
- Commitments and obligations, which can lead to penalties.
- Opportunity, such as taking advantage of discounts and rebates.
- Renewal, which can lead to contracts being ended when you still need them.
- Cancellation deadlines that lead to automatic renewal of a contract you don’t want or need anymore.
Each of these can affect your bottom line, not to mention can be embarrassing.
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Automate Enterprise Contract Management Software
Finding this all a bit similar to what goes on in your business, every time a new business, a new supplier, or a returning customer comes on board? If so, it is probably time for you to bring about a radical change, by automating the process of contract creation, negotiation, and execution. For all you know, an efficient contract management software can help you churn out flawless contracts in no time. Such software can assist you with :
- Creation of contracts using a pre-approved contract template
- Standardization and compliance of all your standard business contacts
- Secure storage of contracts
- Enhanced visibility of the contracts while centralizing their access
- Speed up productivity by automation of approval, execution, and renewal of contracts
- Efficient management of important dates and milestones
- Analysis and reporting on contract types, language, processing.
- Stay aware of deadlines, renewals, expirations and any other contract obligation.
We bet you are incredibly enlightened by the extensive scale of positive change and efficiency that a simple contract management software can bring to your business! If you agree, don’t wait any longer and adopt this much needed technological shift. Reap the many benefits that a Contract Management System can provide, now and into the future. After all, taking your business to the greatest heights possible is all about leaving no stone unturned.