Contract Management
How Contract Management Software Builds Better Partnerships
With new contract management software hitting the market every day, companies are continually restructuring their internal processes, making them quicker and more efficient. Businesses have quickly embraced programs that have helped streamline daily work processes (such as cloud computing software.) The adoption of such programs has increased, with 37% of US businesses already utilizing the cloud. This number is expected to increase to 78% by 2020.
We’ve seen that companies are ready to take the necessary steps to streamline their internal processes and make the workflow faster and more transparent; but what about managing contracts for sales processes and business partnerships? To some, a contract might seem like a piece of paper, but in modern day business, you might already know that it can make or break a partnership.
Handling business contracts
If documents and contracts deeply affect your sales cycle then it’s a sign that your business may benefit from contract management software. Whether it’s a quote, proposal, MSA or an NDA, paperwork (and time spent processing the said paperwork) shouldn’t slow down or stall your business. Manually managing contracts can lead to mistakes which in turn, may affect future business and company revenue. Companies are using contract management software to better manage the entire process and are closing deals much faster as a result. Here’s how contract management solutions can build and maintain better business partnerships.
Streamlined internal approval process
Instead of sending documents via email and waiting for approval, contract management software provides businesses with a complete workflow automation system that will drastically shorten (and automate) the process. The software minimizes back-and-forth communication, making the process easier for everyone involved. This is especially useful for businesses where contract approvals go through multiple levels of hierarchy.
Contract management tools help track the changes recommended and also makes sure that the final copy has been vetted and approved by all the stakeholders within an organization. This is especially useful for businesses where contract approvals go through multiple levels of hierarchy. Contract management tools help track the changes recommended and also makes sure that the final copy has been vetted and approved by all the stakeholders within an organization.
Better communication
Instead of sending frequent emails that may cause confusion and frustration, contract management software assists in keeping everyone in-the-know about each pending contract. According to Laura Fagundes, the Director of Marketing at ContractWorks, customized alerts are the most important features of contract management tools.
These alert notifications notify stakeholders each time a contract is due for renewal or has been requested to be modified by one of the stakeholders. This helps businesses avoid contract oversight, especially when they handle hundreds of contracts each month.
Improved tracking
Businesses typically have signed contracts with dozens of vendors,each one revised and renewed annually. A contract management platform gives businesses the ability to generate reports in real-time, which not only gives your company a bird’s eye view of the status of the contracts but also helps you pinpoint necessary changes with every renewal.
Collaboration capabilities
Generally speaking, contracts are drafted by legal representatives from each party in the partnership and then further reviewed and edited by the various departments within each organization. Contract management software makes collaboration easy by keeping stakeholders in the loop of the latest changes to the contract along with other details such as pending approvals, due date, etc.
On-demand accessibility
Despite what contracts dictate, businesses still deal with partners who need to alter an agreement due to changing circumstances from time-to-time. Long gone are the days where teams were tasked with scouring through dozens of folders to find the one contract that deals with such circumstances. With a contract management application, finding the relevant contract is just a click away.
Choosing the right contract management software
There are an overwhelming number of contract software tools available on the market today, and it’s pretty easy to get frustrated trying to figure out where to start. The best way to identify the right tool for your needs is by listing the exact requirements that your contract software must solve — and creating a shortlist from there. Adding a contract management solution to your list of business tools will not only speed up your day-to-day workflow, but it will also make it easier to manage all your business partnerships.
With all of the benefits that contract management software has to offer, don’t you think it’s time to find the right platform? Get started today and download your FREE report.
[Image courtesy of Pexels]
- Consultant
Anand Srinivasan
Expert in Cloud and Network Consulting
