There are a few characteristics that all companies have in common, regardless of size, sector, or location. For one thing, they are all contractually bound. If you believe that the same is true for your company, do you presently use a contract management system to handle your contracts?
You may believe that adopting a contract lifecycle management (CLM) solution such as ContractSafe is not for you since you are not handling hundreds of complicated contracts, and the bulk of your contracts are of the same kind. However, this is not the case. Complexity is just one of the difficulties that CLM is tasked with overcoming.
The arguments listed below will assist in demonstrating that you don’t simply want CLM; you definitely need it as outlined below.
- You will store your contracts and contract data centrally
Because you can’t afford to have all of your workers turn into researchers searching for crucial data and ignoring their regular duties if something like an audit occurs. By storing your contracts and any data they include in a contract management system, you enable the appropriate individuals to access the correct information at the right time.
A contract management system linked with master data and metadata will bring your essential data to the forefront and go a step further by assisting you in analyzing it, reviewing patterns, and identifying possible hazards (so you can avoid them). CLM enables you and your whole company to stop reacting inadequately and begin acting effectively, controlling the future of your business and the business connections that make it possible.
- Eliminate duplication of efforts
Is it beneficial for the business to have distributed data? No, not at all. The more chefs there are in the kitchen, the less work gets done, resulting in lower levels of efficiency and effectiveness. When you manually manage contracts, you allow for the duplication of efforts.
However, when you establish and modify the process of your contracts and contract management, you can delegate some responsibilities to those individuals or tasks in the workflow that you are prepared to perform. Lawmakers avoid financial figures, and accountants cease attempting to create legal text.
- Make contract execution easier
You, like most businesses, are probably used to writing contracts with the same terms, conditions, and legalese on a daily basis. A sound contract management system eliminates the time-consuming and repetitive procedure of signing the same contract over and over again using standard templates drawn from a previously approved library of paragraphs, language, and other languages.
Your contracts are mostly self-explanatory, and you make up for lost time rewriting contract data, searching for contract templates, and looking for the appropriate language.
- Boost the flow of contract information throughout the organization.
In many businesses, suppliers responsible for delivering essential contract information through the quotation process often cause the contracting process to be delayed. Companies that do not have an automated contract management procedure will not get the required data to contract on time.
If this is the case for you, turn to CLM to address your operational issues without slowing down your overall sales pace. It establishes the rules for how contracts move through the contract management system during usage (changes may be made afterward) and who must perform specific actions (input data, provide additional information, approve, refuse, etc.). With the assistance of warnings and notifications, all team members are ready to act when necessary, and all players are kept in the loop.
- Receive automatic contract renewal notices
What you don’t know about your contracts may be disastrous for your company, and enabling contracts to renew automatically without your awareness is pointless. Allowing such occurrences to go undetected costs you money by resulting in unacceptable terms, missed deadlines, lost business renewal chances, and payment mistakes.
Instead of attempting to decipher what happened in your sub-quarterly quarter, consider the CLM system, which allows you to create alerts and notifications based on data, rules, and dates. You can’t afford to miss out or show up unprepared for your crucial business moments again.
- The ability to look for and report on contracts and contract information.
Improved search capabilities should enable users to access contract information, such as the names of businesses and merchants connected with particular contracts, in addition to contract claims. The importance of statistical dashboard reporting cannot be overstated. The dashboard should provide complete information about all papers and deadlines. Furthermore, users should be able to export their full list of transactions, as well as the descriptions mentioned above, in an excel or CSV file.
The Last Word
When it comes to business solutions, contract management software enables you to do more with fewer resources. Efficiency, effectiveness, productivity, and profitability are all expected to be improved with these solutions, aiming to reduce risk and shorten the contract cycle. These are advantages and perks that any business needs!