How to Solve Contract Management Problems
Not so long ago, I sent a copy of contract we have with one of our clients after a request from their office.
The office administrator acknowledged receipt with response below and I knew I was in business with this client for foreseeable future.
“We have been looking for this contract like forever, I owe you big time”
When contracts disappear, your organization suffers in one or many of the following ways?
- You miss deadlines that force you into a costly and unnecessary renewal
- You miss contract milestone leading to undesirable repercussion.
- Your team wastes valuable company time and resources looking for missing contracts or redoing them.
- Contracts are scattered across various desks and files
- You are not sure which version of contract is the right one.
- You cannot track the movement of contracts within the company
- Business rules and workflows are not followed when issuing contracts
Effective contract management can have a direct and positive impact on the health of your business. Unfortunately, many organizations that still leverage manual methods to manage their contracts face several serious problems that create risk, increase cost, and limit certain opportunities.
SRM contracts comes in handy to sort these issues with easy contract management solution that is easy to set up with no CAPEX requirements. We make contracts work for you!
Contract Management Software like SRM Contracts enables you achieve the following;
All your contracts are stored in a central location with ideal classification for ease of access from any part of the globe. In addition, you’ll have a digital record of every step in the contract lifecycle.
Manage Contract Renewals
With contract management solution, you can easily manage important contract dates, approvals, obligations, and auto renew clauses with automated alerts and reminders. You’ll never miss another date, deadline, or renewal.
Track key deliverables and milestones
Your company will be in a position to set up key deliverables including the time tracking of these deliverables and send auto reminders when close to pre-set deadlines to keep projects on time. Part of reporting is on red flags for missed deadlines forming an important KPI element for your vendors and staff.
Increase Visibility of Contracts
SRM Contracts software makes it simple to track and visualize the real-time stage and status of every contract through its lifecycle with active dashboard. You can quickly see what contracts are being requested, drafted, negotiated, approved, and executed right in the system. In addition, you will always know what contracts are active, pending, and terminated and who’s working on them.
Keep Track of Contract Versions
When using our platform for contract management, you will always know which agreement is the latest and approved version. Our software lets you manage amendments, addendums, and terminations with the click of a mouse through an intuitive contract options feature. It also auto-tracks the history of your agreements so you are always audit-ready.
Ensure Workflows and Business Rules are Followed
Intelligent contract management software gives you the ability to build workflows that always comply with your business rules. You can establish automated contract workflows ensure every step, review, and approval is followed. This eliminates compliance bottlenecks while moving contracts through your process quickly and efficiently.
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