In most organizations, business contract management is handled across various departments: Sales, Finance, Legal, Fulfillment, sometimes even more. The analog manual process involves business contracts stored in file cabinets in one department or another. Often an old contract is used as a template for the new contract. Tracking service level agreements to make sure all deliverables were met may be hit or miss. Unless you can afford to hire an administrator to manage the contracts, it is usually a haphazard contract management process.
Dave is the new hotshot salesperson on the team. It’s rumored that he actually did sell ice in Alaska. He is bringing in new contracts and driving everyone crazy because our contract management system is out of sync. Compliance changed all contracts due to safety concerns at the beginning of the year. Dave is working with an old contract he found in his sales files. It means every contract that he has produced is out of compliance. Even worse, suppliers, contractors, and others will need to sign new, updated contracts. To a salesperson, this is like being banished to purgatory. The whole negotiating process may start over if a new contract is produced. This challenge doesn’t happen if your team is using contract lifecycle management software.
Welcome to the world of contract management software. A new salesperson joins the team. He or she can access a contract template that is compliant and approved by legal. Legal created the template that is housed in your cloud-based contract management solution. Contract creation happens by accessing your dashboard on your laptop, tablet, or mobile device. Your contract repository is no longer a physical file cabinet. You now have the power track version control, not with a WORD document search, but with intelligent contract management software that will find whichever version you want or need.
Most of us concentrate on the final cost in a negotiated contract. Every contract has customizations that the software can alert you about. From service level agreements to renewals and terminations, every deliverable could make or break your bottom line. With a contract management solution that is easy to use, your contract portfolio is securely accessible in a cloud-based environment. Some contract management platforms are the digital manifestation of traditional, physical storage. That’s not what your company needs. Most business users need a contract lifecycle management solution that provides them with more!
Contract Lifecycle Management Software
Contract lifecycle management software will help your team be more productive. Your supplier risk management team will never be caught with an expiring contract, nor the costs associated with that challenge. Imagine your legal team is no longer bogged down, creating contract templates or one-off customizations. Saving time and increasing productivity with contract management software will positively impact your bottom line.
The new hotshot salesperson can immediately locate the old contract. Your contract management software will alert him or her to any deadlines that were not met. Are you due a refund for underperformance? With your new contract management processes in place, you are alerted to any challenges before the contract even expires. Your hotshot salesperson has the leverage to negotiate from a position of knowledge. Your supplier management team can make recommendations concerning any business that has a contract with your business. They will immediately know if this partner met their contract promises.
Not only does contract management extend through various departments in your business, but also your supplier’s extended team. The contract negotiation process with CLM Software ensures that your team and the supplier know what is expected on all sides. Approval workflows provide an audit trail for the contracting process. Our user interface is intuitive and easily integrated into your existing contract lifecycle management solution.
Your team will be alerted to the renewal process, deliverables, challenges, and suddenly instead of a manual analog paper process, your team is free to consider the entire contracting process. Would software as a service save money? Are the cycle times for this entity out of the norm? All of these answers can be easily found with a contract management platform. Are you ready to join the 21st Century? Get started now!