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3 Easy Wins From Your First Contract Management Software Implementation

by Dermot Whittaker

While instant results are wonderful, most good business decisions require delayed gratification. Profits are always down the road, new hires need weeks to get up to speed, improved workflows take time to kick in. You may feel that change is always a slow and bumpy process. If so, you will be surprised by the immediate positive effects that contract management software has on your operation. This investment gives you valuable results as soon as it is installed. The right software program will deliver three easy wins that promptly improve your business while easing your professional burdens.

Accommodate Legacy Contracts

When you invest in contract management software, you are creating a permissioned repository that holds contract documents and lets users act on them whenever necessary.  In many instances, the software vendor will migrate legacy contracts into a new contract management system for you. Having this information stored in one software application benefits you in three ways:

  • When all documents are in one easily accessible program, management and staff save an enormous amount of time. No one has to manually search through computer files or actual filing cabinets to find contracts.
  • Business decisions will be better informed because employees can easily locate and study the relevant contract data, which means reports will be accurate and up-to-date.
  • All contracts will be more secure because they will be stored in a highly protected computer program with multiple back-ups, usually replicated across servers. Hackers will be thwarted, and no unauthorized person will gain access to a contract learn its contents.

An electronic repository also allows multiple contract managers to work with contracts without having the wait for another person to finish with them. Large enterprises often have teams of clerks completing work that involves hundreds of fully executed contracts – a logistical nightmare without a single electronic repository. With a repository, activity demanding contract review can move forward quickly with virtually no person-to-person coordination.

Increase Visibility of Milestones and Compliance Obligations

Even the most adept contract managers can overlook contract deadlines. When that situation happens, they can let lucrative contracts expire or undesirable contracts renew automatically. As a result, the company may lose valuable customers or hang on to unprofitable deals. Missed deadlines do more than hurt you with contract renewals: they can leave your contractual obligations late or unfulfilled. As a writer at Forbes noted, outdated operation tools are often at fault in these situations. Updating your process by using contract management software can keep your company functioning at a higher level.

With contract management software, you can set up email and calendar alerts for expiration dates, renewal dates, rebate thresholds, as well as major contract milestones. These alerts will keep you and your team from blowing deadlines and prevent possible long-term negative effects on your business. Plus, you can eliminate that nagging feeling that you are forgetting something important. The system will not let you forget.

Improve Operational Efficiency with Reports and Dashboards

Your software program will allow you to set up dashboards to meet your company's workflow needs and provide reports that deliver real-time insights. These configurations allow you to:

  • See a snapshot of the tasks that need to be completed –  both near-term and long-term. This feature makes it impossible for you and the rest of the team to forget your assigned duties and bring the contract process to a halt.
  • Provide the correct data to concerned executives who want immediate answers about the progress of the contract. They can check on the contract from wherever they are by using mobile computing devices.
  • Detect where your contract management is working efficiently and where it needs improvement, allowing you to quickly address the workflow issues.
The program makes the process more nearly transparent, so all  parties can track the contract and make certain that it is completed on time and meets company and compliance needs. Without this software, managers often do not understand why the contract is not progressing as it should. Without software, finding answers for colleagues means spending time on the phone tracking down in-process contracts. When companies use technology, problems are no longer hidden and can be promptly solved.

Other Benefits Await

Quick wins are nice, but contract management software also helps you in the long-term. By improving company efficiency, you will please your business partners and forge lasting relationships. Software improves workflow, speeding up the process and allowing you and your colleagues to take on more tasks and improve the company's financial picture. Employees are freed from repetitive and inefficient tasks and can focus on more high-value work.

Streamlined processes also mean you are better able to complete the contract process, which is beneficial to all parties. You are likely to finalize more agreements, keep the contracts you have, and bring in more clients.

Contract management software delivers an excellent return on your investment. Good things come to those who wait, but some good things can happen right away as well, particularly when you turn to quality contract management software.

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